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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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Enterprise meets DeFi: Organizations work toward adopting blockchain tech

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Decentralized finance is quickly maturing. While the total value locked in DeFi is over $45 billion, financial institutions and large corporations are starting to implement DeFi concepts to automate business processes. This is known as “enterprise DeFi.”

For instance, invoices and other financial products can be tokenized to ensure that transactions are valid and should be processed for payment across multiple parties. Coke One North America is one of the first large corporations to demonstrate this.

CONA is leveraging the Baseline Protocol — a project that coordinates confidential workflows between enterprises using messaging, zero-knowledge cryptography and blockchain — to tokenize invoices. CONA aims to “baseline” its entire supply chain by giving internal bottlers and external suppliers access to a private, distributed integration network.

Through use cases like CONA, such solutions are quickly gaining traction. There are also a number of vendors entering this infrastructure market including Provide, an enterprise middleware provider, and Big Four firm Ernst & Young. Most recently, ConsenSys — one of the leading blockchain software companies — announced plans to use Baseline Protocol as a solution for its enterprise clients, further demonstrating the importance of enterprise DeFi adoption.

How ConsenSys plans to drive enterprise DeFi

Specifically, ConsenSys Codefi — ConsenSys’ fintech suite that connects financial use cases to blockchain counterparts — will soon offer a baseline-compliant solution for its enterprise clients.

Didier Le Floch, institutional products and engineering lead at ConsenSys Codefi, told Cointelegraph that while the Baseline Protocol was developed by EY, ConsenSys and Microsoft, Codefi has been taking steps to ensure that its products will eventually be fully compatible with it:

“We want to enable the use of digital assets and the financing of those assets for payment use cases. These use cases will generate maximum business value, combining automation of business processes and payments using things like stablecoins, for example.”

In order to achieve this, Floch explained that the Codefi tech stack will be combined with the Baseline Protocol to deliver an effortless user experience for cases such as financing supply chains. Floch remarked that this is a first step in the right direction, as Codefi strongly believes that the enterprise sector will soon converge with the DeFi market: “There will be ebbs and flows, and it will be a journey with various steps, but we’ve already seen the promise of this convergence in the DeFi market.”

To his point, MakerDAO — the protocol behind the stablecoin Dai — announced support in June 2020 to use non-crypto-native assets, such as invoices and music streaming royalties, as collateral for its Dai stablecoin. Maker also voted to support a protocol from blockchain startup Centrifuge to bring real-world assets on its platform. Known as “Centrifuge Chain,” this is built on Parity’s blockchain development framework, Substrate.

Asset originators can use the Centrifuge Chain to mint nonfungible tokens of real-world assets, converting them to ERC-721 tokens. These assets can then be added to Tinlake, which is Centrifuge’s Ethereum-based DeFi protocol for decentralized asset financing.

A Centrifuge spokesperson told Cointelegraph that the company is currently working with MakerDAO to bring New Silver, an online real-estate lender, on to the Maker platform as an asset originator. As such, NewSilver would be the first asset originator using Tinlake to get to the MakerDAO executive vote, ultimately allowing asset originators to generate Dai as a credit facility.

DeFi protocol Aave also introduced a diversified money market to support real-world assets back in October 2020. According to the Aave blog post, this money market would make it easy for the Aave community to onboard real-world assets into the protocol, allowing investors to lend against assets, such as invoices, real estate and inventory finance. “Right now, it’s at a small scale, but there are DeFi lending protocols already taking steps to incorporate real-world assets into their protocols,” said Floch.

Breaking down barriers hampering adoption

Many enterprise DeFi concepts are still in early development, as a number of barriers exist. For instance, there are concerns regarding publicly available sources to determine the price of collateralized assets. Furthermore, many DeFi protocols venturing into the enterprise space only allow solutions for borrowing in crypto, which may be unappealing to mainstream organizations. Moreover, paying transaction fees in cryptocurrency may also be problematic for enterprises that typically deal in fiat payments.

Floch explained that Codefi’s use of Baseline Protocol is intended to address these concerns. For example, he noted that there will be an “Infura ITX” integration that will enable corporations to pay gas fees in dollars rather than Ether (ETH) when using the Baseline Protocol. Since the platform leverages the Ethereum network as its mainnet of choice, or as a common frame of reference for complex workflows, this integration will ensure a better user experience overall.

In addition, Floch mentioned that ConsenSys’ open-source zero-knowledge proof library, known as “gnark,” will be leveraged to ensure enterprise data remains private, yet verifiable.

While notable, Codefi’s implementation of the Baseline Protocol isn’t the only solution intended to solve the challenges related to enterprise DeFi adoption.

For example, EY has been heavily involved in the blockchain space, specifically in terms of enterprise DeFi development. Paul Brody, global blockchain lead at EY, told Cointelegraph that the firm has been working on DeFi enabling solutions since 2016, with the goal of making the inputs and outputs of enterprise business processes tokenized and then transactable:

“This means purchase orders, invoices, receivables, inventory — everything in traditional business-to-business processes should be ready to integrate into a DeFi ecosystem.”

Of course, Brody is aware of the challenges regarding this vision, noting that the first element to be tackled is achieving an acceptable level of privacy for enterprise users. Once this is accomplished, Brody explained that necessary standards need to be established where bodies, such as the Enterprise Ethereum Association, can be key partners in the pursuit of these goals.

Brody further mentioned that as an industry auditor, EY will not be offering financial services involving DeFi. Rather, the firm is devoted to ensuring that enterprise clients will be able to plug their business operations into existing DeFi solutions. For example, Brody explained that EY’s Network Procurement solution is designed to manage purchase orders and fulfillment, which would allow enterprises to exchange tokens for purchase orders, contracts, invoices and inventory transfers. “As soon as we see standards we can leverage, we hope that our enterprise users will be able to take advantage of these markets,” said Brody.

Institutions show interest in DeFi?

In addition to a growing number of enterprise DeFi solutions in development, there is now interest in DeFi from large organizations and financial institutions. This was recently demonstrated by the leading digital currency asset manager, Grayscale. On Feb. 26, 2021, the firm announced consideration to offer investors access to DeFi assets, including Aave, Compound’s COMP, MakerDAO’s MKR, Reserve Rights (RSR), SushiSwap’s SUSHI, Synthetix Network Token (SNX), Uniswap’s UNI and Yearn.finance’s YFI.

Although this is separate from enterprises using DeFi protocols to find real-world assets, Floch noted that this demonstrates more institutional players are ready to invest in prominent DeFi protocols:

“For institutional customers of Grayscale to start investing in those tokens is definitely a sign that they’re getting more comfortable with Defi, while understanding the value of those protocols (asset management, collateralized lending and trading automated in smart contracts).”

Enterprise meets DeFi: Organizations work toward adopting blockchain tech

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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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Tezos gets new oracle through Wolfram Blockchain Labs integration

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Wolfram Blockchain Labs, the cryptocurrency-centric division of popular computing engine provider Wolfram Alpha, is adding support for Tezos on its platform, providing a two-way interface with the blockchain.

Announced on Monday, the integration adds support for Tezos blockchain data within the Wolfram Language, which allows developers to obtain analytical data from the blockchain. The language specializes in advanced statistical queries that analyze smart contract activity, and the integration primarily aims to ease the deployment of smart contracts on Tezos.

In addition, Wolfram Blockchain has developed an oracle for Tezos that would supply its smart contracts with data available from Wolfram Alpha. The data also includes the pricing of assets, one of the primary use cases for oracles today. This would make Wolfram the third oracle provider on the network, following Chainlink and Harbinger, a Tezos-native solution.

Wolfram Blockchain collaborated with TQ Tezos, one of Tezos’ ecosystem development companies, for the integration. The company said that the oracle contracts were formally verified through the Mi-Cho-Coq framework developed by Nomadic Labs. Formal verification allows creating a mathematical proof guaranteeing that a certain program behaves correctly. Tezos is specifically focusing on making this process easier, sharing the focus with Cardano, another project supported by Wolfram Blockchain.

Recently, Tezos has made a number of moves aimed at attracting smart contract developers and decentralized finance projects. In November 2020, a network upgrade reduced transaction fees by 75%.

The Wolfram integration adds an important component to a smart contract developer’s toolkit, simplifying analytics for smart contracts. Still, the integration remains in its early stages and has a relatively basic set of features. The CEO of Wolfram Blockchain, Jon Woodard, said:

“We have plans to extend these capabilities in several key areas within the Tezos ecosystem: analytics, computational facts delivery and blockchain educational information.”

Wolfram Blockchain Labs is also exploring the possibility of becoming a Tezos “Baker,” its term for stakers. The blockchain is one of the largest by amount of capital locked in staking.

Tezos gets new oracle through Wolfram Blockchain Labs integration

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Blockchain Developer: Responsibilities, Skills, Salaries, and Tips to Become One

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Blockchain Developer Responsibilities, Skills, Salaries, and Tips to Become One

Are you a Blockchain enthusiast? Want to become a Blockchain Developer and upskill? You have landed on the right page. This article talks about the responsibilities, qualifications, salaries of a Blockchain developer and teaches how to become a successful developer.

Table of Contents 

  • Who is a Blockchain Developer?
  • What are the Roles and Responsibilities of a Blockchain Developer?
  • What are Skill Sets Required?
  • How Much They Get Earned?
  • Concluding Lines: How to Become One?

Who is a Blockchain Developer?

A Blockchain Developer is one who understands Blockchain technology profoundly and can build Blockchain-based applications. He/she specialize in creating and implementing technical solutions for organizations with Blockchain Technology. 

What are the Roles and Responsibilities of a Blockchain Developer?

The key responsibility of a developer is to analyze requirements, design secure blockchain technologies, develop application’s functionalities and finally build and launch a blockchain network.

Apart from this, their other responsibilities include:

  • Blockchain Developers need to collaborate with managers and engineering teams in order to understand the requirements and envision functionalities.
  • Brainstorm and help create application features and interfaces with new tools and technologies using programming languages.
  • Create and build infrastructure, and apply the latest security measures to protect digital transaction data against cyberattacks and other malpractices.
  • Maintain and extend current client-side and server-side applications.
  • Optimize and secure blockchain-based applications by integrating the latest tools and technologies.
  • Documenting the entire blockchain development processes. Document new solutions as well as existing ones.

What are the Skill Sets Required?

Now, as we have understood who is a Blockchain developer and what are their roles and responsibilities, let’s have a look at the skill sets required to become one. 

Blockchain Fundamentals

In order to become a successful Blockchain professional, one needs to understand and learn what its fundamentals are. Blockchain fundamentals include understanding how the technology works, its benefits and use-cases, what are smart contracts, concepts of networking, cryptography, etc.

Extensive Knowledge of Data Structures and Programming Languages

Since Blockchain has a complex structure, it is essential to understand and learn data structures

along with advanced cryptography for building a secure and immutable system. Also, one should consider learning a few programming languages such as Java, Solidity, C++, Python, JavaScript, Ruby, C#, etc.

In-depth Understanding of Blockchain Architecture

A Developer must have an excellent understanding of the working of a Blockchain and its architecture. Right from understanding its architecture basics to understanding the tools required, one must gain an in-depth understanding of everything related to Blockchain architecture.

Learn Blockchain Security 

One must gain a thorough understanding of Merkle Tree, cryptographic hashing, private key, and public-key cryptography, and much more. Learn about Blockchain’s inherent security features and associated risk, and understand the best security practices for Blockchain infrastructure. In order to become a Blockchain developer, one must know how to mitigate Blockchain security risk.

How Much They Get Earned?

The salaries of Blockchain professionals are skyrocketing. In fact, it is the most demanding skill at present. But to earn high salaries, it is important to have the right skills in the Blockchain space. Other factors that contribute to salary are how much experience one holds and their job location. Blockchain Council, a globally-recognized online platform known for imparting world-class training in Blockchain space with its own market research, found that people with the right skills and certification, on average, make 30% more salary compared to equivalent job profiles.

According to Glassdoor, the national average salary for a Blockchain Developer is $1,01,689 in the United States, and the national average salary of a developer is ₹5,07,137 in India. Glassdoor also reports that the average salary for a Blockchain Developer is £50,137 in London, UK.

Concluding Lines: How to Become One?

Becoming a professional in this domain has become much simpler now, all thanks to tons of online learning material. If you are planning to start a career in the Blockchain space, now is the perfect time to get into Blockchain development.

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 the Blockchain space. Blockchain Council offers the most in-demand certification, specifically in the crypto and blockchain field. It is one of the most renowned names for certifications & training in Blockchain and related fields worldwide.

So what are you waiting for? Get enrolled in Blockchain Council and become a Certified Blockchain Developer today!

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

Blockchain Developer: Responsibilities, Skills, Salaries, and Tips to Become One

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