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Central Bank Digital Currency and Financial Stability (CBDC) | New Forms of Digital Money

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Firstly, let’s start by explaining Central Bank Digital Currency, i.e., CBDC, which necessarily denotes the fiat-like currency of a nation. These are mostly present by making utilization of electronic records or digital token to represent the virtual form.

It has been years since digital currencies have started dominating the complete framework, just like some cryptocurrencies such as Ether and Bitcoin, which have encountered steep rise as well as a downfall. Amidst all of these, they had been in talks. Digital currencies work on a DLT referred to as blockchain technology.

Central Bank Digital Currency and Financial Stability (CBDC) | New Forms of Digital Money

Understanding CBDC

The blockchain for digital currencies has owed to magnum opus popularity in years, all thanks to its characteristics of decentralization and non-regulated nature. Bankers started to see this as a plausible danger to the old-style banking mechanism that is not only different from it in terms of functioning but also is different in terms of its decentralized and regulation-free nature. The traditional banking system works under the discretion of a primary authority like the central bank.

Now the cryptocurrencies that are available by newer sources or most unreliable sources raise the senses of awareness about the chances of thefts, scams, and hacks. And this lack of clarity is the reason for which there is no suitable reserve maintenance to back up the valuations of cryptocurrencies.

Now, seeing the inclination of these cryptos, central banks around the world are planning to launch their cryptocurrencies. Their version of cryptocurrencies will be monitored by the corresponding centralized banks of each country, and they are termed Central bank digital currencies. The base of the digital money will also be controlled by the CBDC. And this will be funded by monetary assets like foreign currencies or gold.

CBDC with blockchain for virtual currencies has the potential to bring ease and security of cryptocurrencies into one place. In this type of currency, the top authority in banking of the countries has all the responsibility and is liable to every action.

Could this adoption of CBDC bring Financial Stability?

Thus, it is much clearer now that CBDCs have the capability to provide what other cryptocurrencies are offering but in a more different way. It is providing virtual money with safety, accessibility, security, and transparency.

With the presence of a blockchain wallet for digital currencies, the public now has the power to access the lawful tender, even when you don’t have money. With the help of CBDC, both cash and cryptocurrency will be recognized as a legal mode of payment.

With the growing number of years, the usage of notes is gradually decreasing, as now people are more used to payment options like cards, contactless payments, and cryptocurrencies. There have been several negative cases concerning cash, although they are not excluded by central bodies.

So, now CBDCs will speed up the process of making society a cashless one. And with the declination in swipes with card-based transactions, it is presumed that people are rapidly adapting to novel approaches for making finance-related transactions.

Blockchain for financial stability can be considered as a viable option these days for making payments because it is government-regulated. The central bank’s digital currency gets completely aided and governed by the central bank, which raises the assurance and credibility of cryptocurrency. Now, these types of assurances are growing the hopes of companies that are using the technology of blockchain to invest freely.

Traditionally for making cross-border-based payments, RTGS infrastructure is mandatory for banks to offer interbank commitments. The most advantageous side of CBDC is that it can be used in making cross-border-based payments. When it comes to cross-border and interbank-based settlements, the CBDC is highly credible.

The current traditional set-up of banking lags in its efficiency of offering cross-border-based payments. Limitations like time lags even can result in exposure to several risks. But on the other side of the coin, the CBDCs are filled with several advantages like providing zero counterparty credit risk, anonymity, and 24hours accessibility.

But legalized wholesale-based CBDCs might fail to provide efficiency over the existing traditional banking set-up, as it needs to evolve furthermore.

Can CBDC Help in Improving Payment Systems?

More enhanced productivity in payment transactions is one of the plus sides of CBDC because it has a more reliable security set-up that can be utilized in the making of retail and also large-value-based payment mechanisms.

Now talking about the retail payment option, where it will further improve their payment efficiency, CBDC will get longer hours for settlements with quicker settlement in terms of wholesale and interbank payment systems.

Conclusion

Thus, the central bank, digital currencies, and financial stability can be considered to hold a firm position in the near future because it is faster and safer. With the up-gradation in its systems, it holds the potential to overtake the current banking set-up.

Central Bank Digital Currency and Financial Stability (CBDC) | New Forms of Digital Money

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50,000 electric vehicle charging stations in Europe to offer crypto payments

Two payments firms have partnered to roll out crypto payments across 50,000 electric vehicle (EV) charging stations in Europe.

The partnership is between Irish e-commerce and mobile payment solutions firm HIPS Payment Group Ltd and Vourity, a Swedish firm that specializes in unattended payment facilities such as EV charging stations.

The integration of crypto payments with charging stations will occur over the next three years starting from November 2021.

The firms haven’t revealed which cryptocurrencies will be supported yet, but Vourity has dropped a pretty strong hint that Ethereum is likely to be among the first after it released an image of a payment terminal with an ETH logo on it. Ethereum is moving to the much more energy efficient Proof-of Stake consensus mechanism in the next year, which could mitigate any backlash among environmentally conscious EV drivers.

“We are currently evaluating what cryptos/coins we will support. It will be converted to fiat,” stated Hans Nottehed, the CEO of Vourity.

Vourity payment terminal, with an ETH logo

Crypto payments will be integrated with Vourity’s EV charging stations by connecting to the blockchain via Hips Merchant Protocol’s native protocol token Merchant Token.

Back in May, HIPS Payment Group launched the HIPS Merchant Protocol, the HIPS Merchant Protocol Gateway, and its governing Merchant Token.

The protocol was built on Ethereum and Solana in May 2021 and plans to expand support to Cardano in the future.

“With near real-time transaction speeds, in addition, the Hips Merchant Blockchain is designed for merchant transactions regardless if they are mobile, instore or e-commerce and utilizes the interchange concept from the payment card industry,” HIPS noted in May.

Related: Blockchain-based EV charging trial gets $1M from Canadian government

EV crypto innovation

Tesla famously did a U-turn on accepting Bitcoin (BTC) payments for vehicles, with Elon Musk noting the firm won’t change course until the mining sector is at least 50% powered by clean energy. Other EV-focused firms have sought ways to innovate using  “clean” crypto mining and adoption.

At the beginning of this month, Canadian light EV manufacturer Daymak announced an upcoming EV set for 2023, that is fitted with a crypto mining rig that can mine Bitcoin and other cryptocurrencies while it’s charging or parked.

In March, Stellantis, the parent company of European car manufacturer Fiat, partnered with Kiri Technologies, to promote an “eco-driving style,” by rewarding Fiat EV drivers in cryptocurrency via Kiri Technologies’ KiriCoin.

In that same month, Volkswagen Group Innovation, the research department of German car Volkswagen, announced a partnership with Energy Web, a non-profit organization focused on open source energy transition.

The duo teamed up to research methods of using EV’s and charging stations as part of the power grid using blockchain.

Jesse Morris, the chief commercial officer of Energy Web, spoke with Cointelegraph and emphasized the benefits of tracking the integration between EVs, charging stations, and power grids using blockchain.

Morris mentioned that during times of local grid congestion, Volkswagen drivers could be incentivized not to charge by being paid out in crypto or fiat. Additionally, utility providers could pay EV drivers to store energy during times of excess generation on the power grid.

50,000 electric vehicle charging stations in Europe to offer crypto payments

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A big raise of $105M by US miner to recycle waste coal into crypto

The US miner company Stronghold announced a total raise of 105 million dollars to support techniques to recycle coal waste during bitcoin mining. 

The huge raise became possible as the Bitcoin community is becoming more and more environmentally conscious. 

The announcement of Tesla regarding resuming the bitcoin payments has compelled the Coal-powered mining industry to consider environmental aspects of the processes.

Stronghold, a digital mining firm based in Pennsylvania, has recently shared a statement to the news media that the company’s very first power generation infrastructure, “The Scrubgrass Power

Generation Plant” uses coal waste to produce energy in order to mine cryptocurrencies such as bitcoin. The

The company also mentioned that the scale of power generation by the Scrubgrass power plant situated at Venango County is equivalent to a big-scale hydropower generation plant.

The waste coal that the Stronghold company recycles is assumed to be the result of coal mining operations in the 19th and 20th centuries. The power generation methodologies of the company enable it to restore vast regions of land that were previously wrecked due to the coal acid drainage (AMD) caused by the accumulation of coal waste.

AMD can be described as a cycle in which snow or rain gets mixed with the sulfur elements of the coal waste. This poisonous mixture then runs into water passages, thereby affecting marine life. Stronghold company has shown a desire to donate rehabilitated lands back to regional communities.

Statements from the Co-chairman of Stronghold 

In his recent interaction with the news media, Bill Spence, co-chairman of stronghold company, has said that the poisonous gases from burnings of coal waste have always been a devastating issue for Pennsylvania, his home-state, since the past hundreds of years.

He continued by saying that they only utilize advanced crypto mining procedures with an aim to remediate the unpleasant effects of coal mining operations of the 19th and 20th-century in many of the environmentally overlooked areas of the United States.

Furthermore, the Stronghold has given out an estimated report regarding cryptocurrency mining done by the company; the report states that they eliminate around 200 tonnes of coal waste for every cryptocurrency it mines. 

Conclusion 

Till present, Stronghold has reportedly restored Pennsylvania land of around 1000 acres that were previously enlisted under the category of unusable lands by working in a coalition with some active regional environmental authorities. Not only has the company successfully removed more than 98% of NOx, mercury, and SO2 emissions, but also the company’s production procedure generates fly ash that can be employed as a fertilizer.

By 2022, Stronghold strives to get 28,000 plus cryptocurrency miners operational and is planning to have facilities with the potential to generate more than 200 megawatts of electricity.

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

A big raise of $105M by US miner to recycle waste coal into crypto

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What is Hyperledger fabric in Blockchain: A Complete Guide

Hyperledger Fabric is a customizable architecture-based framework for distributed ledger applications that provide high levels of privacy, robustness, customization, and scalability. It’s built to facilitate pluggable versions of various elements and manage the intricacy and subtleties’ financial ecosystem. 

To better understand how blockchains function and the unique characteristics and elements of Hyperledger Fabric, we suggest that first-time users read the rest of the explanation beneath. 

We’ll lead you through all that you require to understand about Hyperledger Fabric, like what it is? How to launch your first application on it? In this Hyperledger Fabric article. Let’s begin the report right away.

If you’re already acquainted with blockchain and Hyperledger Fabric, proceed with Getting Started and then move on to the demonstrations, technical requirements, APIs, and other resources.

Table to Contents:

  • What is Hyperledger in Blockchain?
  • What is the need for Hyperledger in Blockchain?
  • The Architecture of Hyperledger Fabric System-
    • Assets-
    • Chaincode-
    • Ledger-
    • Security-
    • Consensus-
    • Confidentiality-
  • What do you mean by a Blockchain?
    • Distributed Ledger –
    • Consensus-
    • Innovative contracts-
  • What are the advantages of Blockchain?
    • The Chain’s Accuracy
    • Transactions in Confidentiality
    • Reduced Costs
  • Now let’s see how to develop an application using HyperLedger Fabric System.
    • STEP 1
    • STEP 2
    • STEP 3
    • STEP 4
  • Conclusion

What is Hyperledger in Blockchain?

The Linux Foundation (the same corporation behind the Linux Operating System) launched the Hyperledger blockchain initiative in December 2015. This project was established as a core for both the collaborative production of fully accessible blockchain technology and distributed ledgers.

What is the need for Hyperledger in Blockchain?

Hyperledger was founded to advance the discovery as well as the adoption of cross-industry blockchain systems. It is backed by major corporations such as IBM and many others across a wide range of sectors, including finance, IoT, banking, industry, etc. 

One thing to keep in mind is that Hyperledger was designed to assist and stimulate the advancement of blockchain technology, not any particular cryptocurrency. 

Blockchains can transform online transactions by fostering faith, openness, and trustworthiness, as per the Hyperledger webpage. It was created solely to fulfill that ability. Around 100 companies, comprising industry titans like Nokia, IBM, and Samsung, are part of the Hyperledger blockchain, which meets every month to supervise the development of prospective blockchain frameworks. This Hyperledger neither has any nor will have its coin. It is a vital thing to keep in mind about Hyperledger.

This directly addresses Hyperledger’s purpose: developing robust industrial applications using blockchain technology while remaining apart from the digital currency creation process.

The Architecture of Hyperledger Fabric System-

In this part of the article, we will learn about the design of the Hyperledger Fabric System.

Assets can vary from the physical (property investment and equipment) to the immaterial (software and trade secrets). By using the chain code transaction process, Hyperledger Fabric allows users to alter assets. 

In the Hyperledger Fabric system, assets are portrayed as a series of key-value pairs, with state changes registered as exchanges on a ledger path. Binary and JSON representations are available for assets.

  • Chaincode-

Chaincode is the commercial concept software that defines one or multiple assets and the transaction methods for managing the purchase (s). The criteria for accessing or changing key-value pairs or any other dynamic database entries are enforced by Chaincode. Chaincode operations are started with a transaction idea and run against the ledger’s existing state information. The implementation of Chaincode generates a collection of key-value writes that can be sent to the system and implemented to the ledgers of all users.

All value changes in the fabric are recorded in a sequential, damage-resistant ledger. Chaincode abstractions (‘transactions’) supplied by interacting parties cause state shifts. Every transaction generates a collection of asset key-value pairs that have been created, updated, or deleted in the ledger. 

A blockchain is used to store permanent, sequential records in blocks, and a database file is used to keep track of the present fabric state. Each channel has only one ledger, which performs an error handling check is conducted before adding a block to guarantee that the conditions of assets that were fetched have not altered since chain code processing time.

  • Security- 

Hyperledger Fabric is the foundation of a transactional system in which all members are acknowledged. Cryptographic licenses are related to businesses, networking equipment, and application developers or client apps via Public Key Infrastructure. As an outcome, data access management on the system and channel stages can be regulated and managed. In this way, it makes it secure. 

  • Consensus-

Consensus has gradually been associated with a specific method within a particular target in distributed ledger architecture.  On the other hand, consensus entails more than just responding on transaction execution, and this distinction is underscored in Hyperledger Fabric by its central position in the whole transaction pipeline, from request and approval to ordering, verification, and pledge. In a word, the consensus is the total authentication of the accuracy of a group of transactions that make up a block.

  • Confidentiality-

Hyperledger Fabric uses an unchangeable ledger and a chain code that may edit and alter the present state of objects. A ledger can operate within the range of a channel — it could be broadcast throughout the existing system or privately run to include precisely a limited number of users. 

After all these situations, these parties will make a different channel, isolating and segregating their transactions and the database. A chain code can only be deployed on peers, which needs the information to the asset states to execute reads and updates to overcome situations that seek to fill the space between complete transparency and confidentiality.

When companies on a network want to maintain their transaction information secret, secret record keeping is being used to store it in a personal library that is logically independent of the channel record and available only to the allowed group of companies. 

In this way, the channels help keep away transaction process from other networks, and the collections maintain the secrecy of the information. 

What do you mean by a Blockchain?

The blockchain contains certain parts like – distributed ledger, consensus, and innovative contracts.

Now let’s see how these parts work.

  • Distributed Ledger – 

A distributed ledger has been at the core of a blockchain network, and it tracks all of the network’s transaction activities. Because it is repeated across multiple network users, each of those who collaborate in its upkeep, a blockchain ledger is generally defined as decentralized. We’ll learn how decentralization and partnership are essential characteristics that reflect how businesses transfer products and activities in everyday life.

Furthermore, to be decentralized and collaborative, the data collected to a blockchain is available only when using cryptographic methodologies that ensure that once a payment has been introduced to the ledger, it could not be altered. This feature of “immutability” makes it much easier to identify the authenticity of details because individuals can have the proper information that has not been modified after the transaction. It’s for this reason why blockchains are often referred to as “proof systems.” 

  • Consensus-

Consensus is the procedure of maintaining ledger transactions synchronized throughout the platform, ensuring that ledgers only refresh when the relevant users confirm transactions. That is when ledgers make changes in their information. They usually update with the actual transactions in the very same sequence. 

  • Innovative contracts-

A blockchain network includes intelligent agreements to offer regulated accessibility to the ledger to ensure the continuous updates of records and permit various ledger functions (transactions, queries, and so on). Smart contracts could be developed to allow users to perform some features of transactions mechanically and be a crucial method for encrypting data and preserving it clear across the system. 

For instance, a smart contract may be designed to specify the pricing of transporting goods, with the price changing based on how speedily the product delivers. When both clients accept the conditions and are documented down in the ledger, the relevant payments are sent immediately once the goods are received.

Afterward, you’ll know more about ledgers, smart contracts, as well as consensus. In the meantime, it’s OK to consider a blockchain as a standard, duplicated payment platform that is only updated via intelligent contracts and kept continually synced by a collaborative procedure known as consensus.

What are the advantages of Blockchain?

  • The Chain’s Accuracy 

A network of hundreds of computer devices approves payments on the blockchain system.  This virtually eliminates human intervention in the authentication process, providing in lower human mistakes and a more reliable collection of data. Even if any of the computers on the system makes a technical fault, it would only affect one blockchain record.  To transmit to the remainder of the blockchain, that mistake would have to be committed by a minimum of 51 percent of the network’s machines, which is nearly impossible in a vast and developing network like Bitcoin’s.

  • Transactions in Confidentiality 

Numerous blockchain networks function as open databases, allowing anybody with internet service to access the network’s recent transactions. Because users have accessibility to transaction details, they do not have access to personal information about the people conducting the payments. It’s a frequent misconception that blockchain networks such as bitcoin are private, but they’re not.

  • Reduced Costs 

Clients typically charge a bank to authenticate a trade, a registrar to endorse paperwork, or a preacher to marry them. The blockchain removes the requirement for third-party authentication, as well as the fees that come with it. Once businesses receive credit card transactions, they must charge a small price to banks and payment service providers to handle the operations. On the other side, Blockchain has no centralized power and only has a small number of transaction costs.

In a nutshell, blockchain networks help decrease the time, expense, and danger involved with confidential data and operations by coordinating the corporate network via a shared ledger while also boosting trust and transparency. You now have a better understanding of what blockchain is as well as why it is helpful. There are numerous other variables to consider, but they all connect to the basic principles of data and process exchange.

Now let’s see how to develop an application using HyperLedger Fabric System.

The first step is to construct and deploy the network. Your application will be useless without a functioning network. For installation, you can follow an online guide. To go to the repository containing the prototype network, run the below command when everything is done. 

cd fabric-samples/first-network

Then, to execute the network, apply the byfn.sh script. Running this system will improve network connection and deploy critical components such as containers, peers, chain code, and other tools that will aid the other processes. 

Now it’s time for creating artifacts for creating this run the given command. After that, hit “Y” when prompted for verification. 

.byfn.sh generate

In this step, we will power up the network. To enable additional peers to connect to the network, this will start all of the parts, including chain code and containers. To activate the network, enter the following command: 

./byfn.sh up

The next step will be launching the network. To start the network, run the following code :

./startFabric.sh javascript

Now you will have everything you need to construct your application once the network is launched, from orderers to peers to certificate authorities.

Conclusion 

Our Hyperledger Fabric post has finally come to an end. The Hyperledger Fabric framework and blockchain technology possess the potential to transform a  variety of sectors throughout the globe.

This article showed you how to get started with the Hyperledger Fabric framework and how to develop the application. Apart from this, this article also clarifies Blockchain and its advantages. If you want to learn more about building an actual business software or application, go for a complete online or offline course. If you’re going to open a Hyberledger, always choose a reputed, well-established website that offers handy features. One such website is Blockchain Council which we recommend to all the users.

What is Hyperledger fabric in Blockchain: A Complete Guide

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Hyperledger Fabric: Most Essential Features & Applications You Need to Know

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We get to see countless tools and frameworks being included in the field of Blockchain technology as it continues to expand. Hyperledger is one such popular Blockchain framework.

It consists of uncountable tools to streamline the development process of Blockchain applications and systems through improved collaboration between developers and businesses working with the technology of Distributed Ledger.

We are going to cover up everything about Hyperledger fabric in this article.

What is Meant by Hyperledger Fabric?

One of the popular and widely used Blockchain frameworks is Hyperledger Fabric, similar to the concept of Hyperledger Sawtooth technology.

Being an enterprise-class framework based on DLT, it focuses on aiming to offer versatility and modularity. The modular architecture of Fabric can be out to diverse uses in the industry of the technology of Blockchain.

Hyperledger Fabric: Most Essential Features & Applications You Need to Know

The core feature of Hyperledger Development:

Hyperledger Fabric development offers various features as described below:

  • A consensus of plug-&-play is featured by Hyperledger Fabric.
  • It supports Solidity and EVM.
  • It offers enhanced flexibility to data privacy. It performs the process of data isolation through “channels” and also leverages ‘collections’ of private data.
  • Hyperledger Fabric is incorporated with permission and highly modular architecture.
  • The smart open contract control model of Hyperledger Fabric contributes to flexibility.
  • The lower latency of confirmation makes it preferable.
  • Hyperledger fabric supports query-able data.
  • It supports continuous operations, along with an asymmetric version of support and rolling upgrades.
  • Multiple language-based smart control support for coding languages like JavaScript, Go, and Java is available.

The organizations (referred to as members) that come along for building a consortium together set up the permission Blockchain network, Hyperledger Fabric.

The architecture of network-within-network is probably the finest characteristic of Fabric. Although network members keep intention for collaborating, they keep up discreet relationships in the network because every member organization needs to hold their privatized data securely.

The network’s every member organization makes a setup particularly for their peers participating in the said network. Cryptographic elements like Certificate Authority are used to configure the peers.

Clients in the organization send transaction invocation requests to peers. They leverage the REST web service or Fabric SDK and communicate with the network of Fabric. The transaction invocation request is triggered by the chain code already installed in peer nodes.

All peers preserve only one ledger on every channel to which they subscribe, as the network of Fabric is contingent on DLT in the Hyperledger Blockchain framework. The peers in the network of Hyperledger play different roles, unlike Ethereum. Following are the types of peers:

  • Anchor peer: While configuring a channel, a single or a bunch of anchors are simultaneously configured. The endorser sends an update to anchor peers regarding the transactions. The anchor peer receives it and sends the update to various other peers. Anchor peers come with a discoverable feature and thus can be effortlessly found out by any peer.
  • Endorser peer: These nodes simulate the outcome of a transaction besides validating it and executing the chain code. But these peers cannot update the ledger.
  • Orderer peer: These peers act as the chief interaction channel of the network. An Orderer peer makes the block followed by sending it to different peers. It maintains a constant ledger set in the network.

Applications of Hyperledger Fabric:

The applications of Fabric in Blockchain Hyperledger platforms are described below:

  1. Diamond Tracing:

The diamonds pass through multiple hands during extraction and mining. And it is prone to fraud and double-dealing. So, strict measures are required. The Hyperledger Fabric allows miners, retailers, separators, and exporters to develop a consortium. The Fabric keeps the whole process transparent by recording and tracking every transaction.

2. Digital payments:

Hyperledger being a decentralized private network of Blockchain, it allows secure transactions. Fabric focuses on making the financial sector’s Interledger. It facilitates easy carrying out of transactions via similar channels. It encourages communication amongst various international payment systems available worldwide.

3. Digital identity:

Cybercrimes and data breaches are growing. And the companies are concerned about the security of their network and credentials. Blockchain technology is now incorporated to boost this safety.

4. B2B contracts:

The automation of contractual agreements is enabled, as Hyperledger Fabric allows enterprises to codify the business contracts. It also facilitates safety and security. The network-inside-network architecture of Fabric makes sure that sensitive and confidential data of B2B contracts are safe and secure.

5. Food supply chain:

Fabric is used to form consortiums by the food production companies and sector. This enhances the entire process of food supply and gains customer trust. Regardless of the time, the data of the food supply chain, its history, and the present location of a food item can be accessed.

Conclusion:

The above-mentioned features and applications of the Hyperledger framework signify that it holds a robust capability for the technology of Blockchain. Thus, Hyperledger development tools can be used for making efficient and powerful non-monetary and industrial applications.

Hyperledger Fabric: Most Essential Features & Applications You Need to Know

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