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Blockchain and IoT: A Solid Technological Duo

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Blockchain and IoT: A Solid Technological Duo

Wondering what can be the benefits of combining Blockchain with IoT? Well, we have got you covered. This article talks about how Blockchain can help IoT and talks about some of the popular use-cases of Blockchain and IoT. 

Table of Contents 

  • Overview of Blockchain and IoT 
  • How Blockchain can Help IoT
  • Applications of IoT and Blockchain
  • Concluding Lines 

Overview of Blockchain and IoT 

Blockchain is a peer-to-peer(P2P) decentralized distributed ledger technology that enables data to be exchanged among multiple parties without involving any third-party intermediary. It has the potential to offer transparency, immutability, security, and privacy and is expected to bring radical changes in a broad range of industries, including business models and operating processes such as payment, accounting, and auditing.

IoT, on the other hand, is a mechanism or interconnection between ordinary computing devices and objects that allow them to receive and transmit data over the internet. IoT devices are known to open up infinite opportunities for businesses to run smart operations. 

Now comes the question of why does the IoT ecosystem need a Blockchain? The answer to this is straightforward. IoT devices suffer from various shortcomings such as lack of compliance in the manufacturing stage, security holes in the device updates, vulnerability to DDoS attacks, etc. Thus, for transforming their operations in terms of accountability and security, enterprises and organizations can send their IoT data to an immutable blockchain ledger for added accountability and security. 

Are you looking for Blockchain Certifications? Your search ends here!

How Blockchain can Help IoT

Before discussing how Blockchain can help the IoT ecosystem, it is crucial to note that IoT devices are powered by centralized servers, which won’t be enough for long-term solutions. 

 Thus, if IoT devices want to reach their full potential, they must move away from the centralized servers and switch to the concept of decentralization. Unlike the internet alone, Blockchain is decentralized, distributed, open, inclusive, immutable, and secure, giving unprecedented capabilities to create and trade value worldwide.

Let’s delve deeper and explore how Blockchain can help IoT.

  • Brings Trust

As we know, with Blockchain, there is no centralized server in control of your data; thus, technology maintains a complete level of trust. Thus, with the help of Blockchain in IoT, any party can get the true form of trustless connectivity.

  • Cost-Efficient 

Additional safety is one of the prime reasons for high costs. Since IoT devices are prone to vulnerabilities and DDOS attacks, they require additional security mechanisms, which of course, comes with high costs. But Blockchain and IoT can manage everything on their own without any issues, reducing the additional cost associated with security. 

  • Streamline Processes

Blockchain in IoT can streamline the entire process without involving any third-party intermediaries. Moreover, Blockchain’s smart contract functionalities help smart devices to monitor themselves and work independently.

  • Applications of IoT and Blockchain

Now, as we have understood how Blockchain can help the ecosystem of IoT, let’s explore some of the applications of IoT and Blockchain.

  • Blockchain in Agriculture

The combination of Blockchain and IoT has the ability to completely transform the food processing market, from farm to grocery store to home. By installing IoT sensors in the farming area and sending data directly to Blockchain can bring transparency and security and can overall transform the food supply chain. 

  • Tracking Components and Maintaining Compliance

The ability to track components that go into an aircraft or automobile is critical in terms of safety and regulatory compliance. IoT data stored in Blockchain enables all the involved parties to see component provenance throughout a product’s life. 

  • Healthcare 

Maintaining privacy is crucial, especially in the healthcare sector, as there are possibilities of counterfeit medicines. Thus transparency and traceable nature of Blockchain, along with the embedded IoT sensors, can help monitor and trace the shipment of drugs right from their origin to the supply chain destination.

Apart from these, the Department of Homeland Security is leveraging Blockchain and IoT to prove that the broader surveillances’ information is legit. Also, Maersk is working with IBM and utilizing Blockchain and IoT to change how the global supply chain works.

Want to know more about Blockchain and its use-cases in various domains? Get started today as a Certified Blockchain Expert!

Concluding Lines: Are there any Prerequisites?

From the above discussion, it is clear that undoubtedly Blockchain and IoT are good technological combos, but some of the prerequisites must be met. Like for instance, the willingness of companies to collaborate, despite their different interests, the integration of the Blockchain platform in business operations, the right choice of platform protocol, the technical re-alignment towards use cases, and, most important legal regulations that allow the facilitation of Blockchain platforms in the Internet of Things industry.

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

Blockchain and IoT: A Solid Technological Duo

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Best Blockchain Courses for Blockchain Development

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Best Blockchain Courses for Blockchain Development

Want to become a Blockchain Developer but don’t know how to get started? Well, we have got you covered. This article enlists the best Blockchain courses for Blockchain development and guides how to become one.

Table of Contents 

  • Why Learn Blockchain Development 
  • Top In-Demand Blockchain Certification Courses
  • Concluding Lines: How to Learn Blockchain Development

Why Learn Blockchain Development

Since its introduction in 2008, Blockchain has continued to gain a reputation and has become increasingly useful in a lot of sectors. Along with having its application in cryptocurrency, technology is also proving to be useful in almost all sectors such as governance, supply chain, healthcare, cybersecurity, logistics, and many others.

If you are wondering why you should learn this emerging technology, here is a list of compelling reasons.

The top-most reason for learning this technology is that there is a high demand for Blockchain Professionals.  If you think you have the right skill sets to work in this space, you might be able to swim in the sea of high packages jobs. 

The other reason is that it is a cutting-edge technology that has the potential to revamp almost all sectors, including finance, supply chain, retail, eCommerce, and others.

Multiple career options and high ranking salaries are other crucial reasons why you should learn development in this space. It has been found that the salaries of professionals and experts are comparatively high due to their extreme shortage.

Top In-Demand Certification Courses

  • Certified Blockchain Developer

A Certified Blockchain Developer(CBD) is a professional who understands this technology profoundly and can build Blockchain-based applications. CBD is exhaustive training, an exam-based program aiming to impart in-depth practical knowledge in this space. A developer specializes in creating and implementing technical solutions with Blockchain Technology.

The course helps in building your own Blockchain with acquired knowledge, helps you learn Solidity language & multiple technology-based developments, and grasp the in-depth understanding of this technology, smart contracts & how it works, and much more.

  • Certified Hyperledger Developer

The Certified Hyperledger Developer Training is excellently designed and carefully curated by experts to render a profound understanding of Hyperledger Fabric and Composer. This certification equips individuals with the essential knowledge and expertise to work as a Hyperledger Developer. The training covers the introduction to Hyperledger Fabric, concepts and fundamentals of the fabric architecture, how to design the framework of Hyperledger Composer, and its application lifecycle management, and much more. The course helps you build your Private-Permissioned Blockchain businesses with acquired knowledge.

  • Certified Corda Developer

A Certified Corda Developer is one who possesses immense skill and knowledge in helping enterprises build interoperable Blockchain networks, thereby providing the luxury of carrying out business transactions over a private and secure network. 

The course covers the fundamentals and requirements of Corda, how to craft a Corda network, and you will learn all about the tools, plugins, and languages that are a prerequisite for crafting a Corda node and network. Moreover, you will get in-depth knowledge of structuring, creating, building, debugging, and signing of a CorDapp.

  • Certified Quorum Developer

Certified Quorum Developer certification is designed to render knowledge on Quorum from very basics to advanced level. The certification covers topics such as Quorum ecosystem, Quorum Network, Quorum Transaction processing, and privacy, Quorum Contracts, Quorum consensus, Setting up a quorum environment, and more.

Quorum development is a highly sought after skill as Quorum addresses specific challenges to Blockchain technology adoption within the financial industry. The certification course helps you prove your skills as a Quorum Developer and enhance your knowledge of Quorum, thus helping individuals in beginning a rewarding career as a Quorum Developer.

  • Certified Solidity Developer

    A Solidity Developer is one who uses the object-oriented Solidity language to build and deploy smart contracts on ethereum based applications. It is an exclusive exam-based certification, developed with the aim to offer a comprehensive knowledge of smart contract development through solidity.

A Solidity Developer is one who uses the object-oriented Solidity language to build and deploy smart contracts on ethereum based applications. 

Certified Solidity Developer Certification is an exclusive exam-based certification, developed with the aim to offer a comprehensive knowledge of smart contract development through solidity. Earning this certification will entitle you to become a smart contract developer, which is an extremely in-demand skill in the international job market.

  • Certified Smart Contract Developer 

A Certified Smart Contract Developer is a skilled professional who understands and knows deeply what Smart Contracts is and how to create them wisely over any Blockchain platform by programming it over Solidity. This certification offers exhaustive training & an exam-based program that aims to provide proof-of-knowledge of the certificate holder in the development phases of Smart Contract creation. This certification will work as a bridge between resources & businesses (employees, consultants & advisors) to give enterprises confidence in the quick hire.

Concluding Lines: How to Learn Blockchain Development

Learning in this space has been made easy. All thanks to tutorials and online platforms. There are various ways to learn this technology like you can enroll in Blockchain Council and become a Certified Blockchain Developer.  

Backed by the extensive practical-based sessions, Blockchain Council offers online training and certifications to aspiring trainees to render the desired competence to have a successful career in this space. This online platform  offers the most in-demand certification, specifically in the crypto and Blockchain field. Attending webinars and joining Blockchain communities can also prove to be helpful.

If you want to get started with Blockchain, get started today!

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

Best Blockchain Courses for Blockchain Development

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Use Of Blockchain In Corporate Reporting

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Use of Blockchain in Corporate Reporting

Wondering how Blockchain can be useful in corporate reporting? Alright, you have landed at the right page. In this article, we will explain what are the challenges in corporate reporting and how Blockchain can fix them.

Table of Contents 

  • What is Blockchain?
  • Challenges in Corporate Reporting
  • How Can Blockchain Help?
  • Conclusion: Does Blockchain Faces Any Limitations? 

What is Blockchain?

A blockchain is a shared database, or you can say a distributed ledger that creates a permanent record of transactions. It is a P2P decentralized distributed ledger technology whose purpose is to establish trust among untrusted parties by mitigating third-party involvement. Provided it has been designed and implemented correctly, it offers complete transparency, immutability, security, and privacy, unlike traditional databases. There is a myth-buster surrounding Blockchain, and that is all blockchains are the same. While many of the well-known blockchain iterations are undertaken on public ledgers, businesses are leveraging Blockchain uses private, permissioned chains to provide greater confidentiality. Technology has become the latest disruptive force that financial and reporting executives are considering when building their long-term plans. 

Challenges in Corporate Reporting

Corporate reporting is a process to create trust and transparency in a company’s financial position through strict rules, regulations, and corporate communications ways. A fundamental component of reporting is an annual corporate report intended to give well-defined information to all involved people about a company’s actions and financial performance during the prior year.
Now, as we have understood the concept of corporate reporting, let’s figure out a few of its challenges.

  • Making corporate reporting engaging and flexible in a multi-stakeholder situation.
  • The expense and sophistication of transaction documentation and consolidation across multiple groups.
  • The challenge of finding a single source from which users can receive accurate, prompt reporting from companies across various jurisdictions and businesses.

How Can Blockchain Help?

As Blockchain is a P2P, distributed ledger, it allows every transaction to be spontaneously accessible to all the network participants. Having such a ledger ensures that records can never be destroyed/modified. 

The current corporate reporting system includes production, auditing, distribution, and consumption, and Blockchain can prove to be helpful in all these processes.

Production and Consolidation
The production phase includes recording and aggregating transactions and consolidating the desired information. The cost and difficulty of tracking and aggregating transactions from different entities from jurisdictions and consolidating the details are included in the processing of financial information. But Blockchain can provide a viable solution by providing a single structured location that enhances accessibility. 

Moreover, there can be issues with the difficulty of integrating financial details from multiple entities. This is because the process by which accounts are consolidated can be difficult, expensive, and time-consuming. For consolidation processes, blockchains could offer efficiency and reliability by acting as a central state ledger.

Auditing
Financial statements prepared by the companies need to be audited, and users have to trust the accuracy of that information as with the traditional process, the concept of trust is central. Due to its decentralized nature, Blockchain can prove to be helpful in confirming the accuracy of all transactions and balances by offering complete transparency. Technology also ensures that all the transactions stored on the network cannot be tampered and thus builds trust automatically into the company’s accounting process.

Moreover, Blockchain can help with the validation and verification of transactions, tracking ownership of assets, providing traceable audit trails, and enabling automated audit processes.

Distribution
Companies are required to distribute information to their regulators, the markets in which they operate, and they have regulatory filing requirements for various parties across different jurisdictions. Blockchain’s use in distribution could improve accessibility and immediate filing of multiple requirements of reporting at national and international levels.

Consumption
Companies want to access distributed information freely and smoothly. Blockchain technology intends to reduce the cost of reporting and act as a corporate communication platform that enables analysts, investors, and others to consume the information efficiently and effectively.

Conclusion: Does Blockchain Faces Any Limitations? 

Corporate reporting is basically an entity-based concept. But challenges remain in terms of costly yet inefficient reporting, error, and manipulation issues. Traditionally, where there has been a demand for aggregate systems, this can be done by requiring specific reporting by aggregating participants’ reporting information to generate a single report, which is possible with the help of Blockchain.

But a single-entity blockchain, however, may suffer from various challenges. Foremost, there is no advantage unless the technology is chosen widely, and for its widespread adoption, there is a need for standardization, and sadly, at present, there is no standardized blockchain. Various chains are set up and function differently, which is not effective for investors. Compatibility is needed for investors, so they will not want to find out how different blockchains operate. 

For achieving Blockchain’s standardization to support interoperability and data exchange among participating parties, more collaboration is needed. Apart from this, scalability and the need for regulations are other issues that Blockchain has to deal with. 

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

Use Of Blockchain In Corporate Reporting

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Success Story : Sebastian Melbye

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“The Certified Blockchain Expert (CBE) has helped me understand a much wider aspect of Blockchain and given me many new ideas that I would like to work on in the near future as my understanding of Blockchain develops,” says Sebastian Melbye, who successfully completed his certification course from Blockchain Council.

Sebastian believes that Certified Blockchain Expert (CBE) Certification has motivated him to continue learning about this growing and beneficial technology.

Over the last four years, he has been working with Tesla in Oslo Area, Norway. Presently he is working as an advisor, EHS-representative, and the Administrator of the Working Environment Committee. He has also worked as a Service Support Specialist and Service Assistant at Tesla.

Talking about his educational qualification, he is completing his bachelor’s in Applied Data Science from Noroff University. Being a technocrat, Sebastian holds various certifications, including Code In Place, introduction to Python – Stanford, Electrostatic discharge, ROV Introduction, Working Environment Course, to name a few, along with Certified Blockchain Expert.

Now that he has completed his certification course from Blockchain Council, when asked about her takeaways from the online training, he replied that “I found the part where Blockchain in the Food Industry and Real Estate will benefit the world quite fascinating, as it is amazing to see how much safer these sectors will become when adopting the Blockchain technology. Generally, the new payment systems without third parties taking large fees and direct transactions give me many creative ideas for the future.”

Initially, Sebastian was struggling to fully understand how Blockchain works and how it can be implemented in different sectors. After going through the Certified Blockchain Expert certification, he feels more confident within the blockchain domain.

Overall, Sebastian seems satisfied and confident with the online Blockchain training as he mentions, “I truly enjoy innovation, and I have become highly interested in Blockchain Technology. I hope to develop myself and one day create something that will benefit the people of the world.”

Success Story : Sebastian Melbye

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A Quick Guide to Fungible Vs. Non-Fungible Tokens

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A Quick Guide to Fungible Vs. Non-Fungible Token

This article will help you in distinguishing what are Fungible and Non-Fungible Tokens (aka NFTs, aka nifty), illustrating their pros and cons. 

Table of Contents 

  • What are Tokens? Why do we Need Them?
  • What are Fungible and Non-Fungible Tokens
  • Fungible Vs. Non-Fungible Tokens 
  • Few Use Cases of Non-Fungible Tokens 
  • Concluding Lines 

What are Tokens? Why do we Need Them?

In the world of cryptocurrency, tokens are the king. A token is a thing that serves as a tangible representation of a fact, quality, and can be anything of value. Tokens are not limited and restricted to one specific role; rather, they can fulfill several roles in their native ecosystem. Tokens can serve various purposes; for example, it can act as a gateway to the decentralized applications(DApps). Moreover, they can also qualify the holders to have certain voting rights. Fungible tokens are entirely exchangeable with each other, and one example of fungible assets are fiat currencies. Non Fungible tokens have burst into the mainstream due to the sudden popularity of crypto kitties, a virtual cat collectible game. 

What are Fungible and Non-Fungible Tokens

As we have already seen what are tokens, let’s delve deep to explore both the types of tokens.

  • Fungible Tokens 

Due to decentralization, security, immutability, Blockchain is considered to be the perfect technology for managing all types of digital assets. But with such interchangeable tokens, this would not be possible. Such tokens work fine for cryptocurrencies, and in fact, fungibility is the fundamental feature of any currency.

Such tokens are built in such a way that each fraction of a token is equivalent to the next. For instance, Bitcoin, the most popular cryptocurrency, is fungible, which means one Bitcoin is equal to one Bitcoin, and it’s equal to all other Bitcoins. Such tokens are assumed to be interchangeable and divisible too. 

In simpler words, these are types of cryptographic tokens that are basically identical or uniform and can be interchanged with other fungible tokens of the same type without any issues. Such tokens relate to the things we use every day, and it applies to real-world well as digital assets.

  •  Non-Fungible Tokens

Non-fungible tokens are special tokens that represent unique, collectible items. They are unique in the sense that they cannot be split or exactly changed for other non-fungible tokens of the same type. You can consider NFTs as tokens with no fungibility that offer a variety of unique opportunities for using blockchain technology.  Crypto Kitties is the most popular example of non-fungible, collectible tokens.

Every CryptoKitty is unique, and no two CryptoKitties are the same; these are impracticable to break a CryptoKitty into smaller pieces, trade them, and reassemble them to create an equally valuable CryptoKitty, unlike fungible assets like Bitcoin.

Fungible Vs. Non-Fungible Tokens 

Now, as we have understood what the two types of tokens are, let’s understand the fundamental differences between the two. 

Fungible are Interchangeable
As we already mentioned, such tokens are interchangeable and can be exchanged with any other token of the equivalent kind. For example, fiat currencies are fungible. For example, $50 notes are interchangeable with other $50 notes. Similarly, one Bitcoin value can be exchanged with other Bitcoin, which makes no difference for holders.

Non-Fungible are Non-Interchangeable
Unlike Fungible tokens, such tokens are non-interchangeable as they cannot be replaced with the non-fungible token of the same type.

Fungible Tokens are Divisible
These tokens can be divisible into smaller units, and one can get any number of units, and it does not matter to holders as long as the value remains the same.

Non-Fungible Tokens are Non-Divisible
These tokens cannot be divided in any sense.  

Fungible Tokens are Uniform
Each token is different from all other tokens of the same type. 

Non-Fungible Ones are Unique
All tokens of each type are identical in specification, and each token is identical to each other. 

Few Use Cases of Non-Fungible Tokens 

Crypto kitties were the first use case of non-fungible tokens. But the invention of such tokens has taken the world of Blockchain by storm. Non-fungible tokens have numerous use cases across various domains. Just like crypto kitties, such tokens can be used to create entirely new types of collectibles. Not only this, these tokens have their application areas in KYC procedures, voting & elections, loyalty programs, art, real-world assets, virtual assets, copyright, supply chain tracking, medical data, and more.

Concluding Lines 

As the world is becoming more and more digital, NFTs can present a viable solution for tokenizing ownership and property. These tokens allow proper digitization and storage of real-world assets while keeping them safe at the same time. Thus, NFTs are going to gain more popularity very soon.

The exciting potential of blockchain technology has transformed how businesses and industries function, paving the way for blockchain professionals. If you want to learn more about Blockchain technologies and become a Blockchain Professional, enroll in Blockchain Council today and get certified.

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

A Quick Guide to Fungible Vs. Non-Fungible Tokens

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