Blockchain Consultants

Blockchain Transformations Done Here

voting

A Beginner’s Guide: Hedera Hashgraph Vs. Blockchain

by

Hedera Hashgraph Vs. Blockchain

Wondering how Hedera Hashgraph differs from Blockchain technology? Well, you have landed on the right page. This article explains what Blockchain and Hedera Hashgrah is and how they differ. 

Table of Contents 

  • What is Blockchain Technology?
  • What is Hedera Hashgraph?
  • How It Differs From Blockchain?
  • Concluding Lines

What is Blockchain Technology?

Before we move on to understand Hashgraph, we just need to get a glimpse of what Blockchain is all about and why it is so hyped? 

So, Blockchain is a peer-to-peer, decentralized distributed ledger technology that maintains the history of transactional data (records) without involving any third-party intermediaries. As the name suggests, in Blockchain, the key concept is the blocks where records are stored safely, and there is no way data can be changed or forged in any way. Its ability to offer complete transparency, immutability, privacy, and security makes it an exceptional technology, but it has some drawbacks too. One of the notable problems that the current Blockchain-based solution is the transfer speed associated with them. Like for instance, Ethereum Blockchain allows 15 transactions per second, whereas Bitcoin allows only 5 transactions per second. Moreover, sometimes, Blockchains can be slow and cumbersome, especially when the user number increases on the network. 

What is Hedera Hashgraph?

Hedera Hashgraph describes itself as the only public decentralized distributed ledger that utilizes the fast, fair, and secure hashgraph consensus mechanism. 

Just like Blockchain, Hashgraph is another DLT devised by Leemon Baird and licensed under the Swirlds Corporation. In fact, it is an improved version of distributed ledger technology that offers security and decentralization by utilizing hashing. Here it is important to note that Hedera is unique and capable of achieving the same result as the most ubiquitous public blockchains, but in terms of energy efficiency, stability and security, it is way better. 

The best part is that, unlike Blockchain, Hedera can process thousands of transactions per second, and thus it doesn’t suffer from the speed difficulty.

Hashgraph lacks a chain of blocks, and to improve its overall efficiency, Hashgraph uses two algorithms, such as Gossip about Gossip and Virtual Voting. 

How It Differs From Blockchain?

Bandwidth and Transaction Speed

Unlike a traditional Blockchain that utilizes Proof-of-work(PoW), which selects a single miner to choose the next block, Hashraph uses gossip-about-gossip and virtual voting as consensus mechanisms. By utilizing these consensus, the hashgraph comes to a consensus on the validity and the consensus timestamp of every transaction. And if the transaction is valid, the state of the ledger will be updated in order to include the transaction with 100% certainty. 

Hashgraph technology is known to provide almost near-perfect efficiency in terms of bandwidth usage and high transaction speed (because transactions can be processed in parallel) compared to the traditional Blockchain. 

Blockchain has a transaction speed of around 100 to 1000 based on protocol implementation like ethereum, hyperledger, etc., whereas Hedera can support 500,000 transactions per second.

Transaction Cost 

When it comes to transactional cost, Hedera Hashgraph outperforms compared to Blockchain. Hedera’s transaction fees are under 1 cent, whereas in Bitcoin, an average transaction fee keeps fluctuating and is around 14.84 (at the time of writing).

Due to its advantages over Blockchain, Blockchain Experts and technocrats believe that Hashgraph could be the next wave of blockchain technology, allowing developers to create apps with high speed, reliability, and security.

 High Computation Power and Electrical Supply

Another advantage of Hedera over Blockchain is that it does not need high computational power and high electrical supply, unlike Blockchain, where mining for the cryptocurrency is power-hungry, involving heavy computer calculations to verify transactions.

Hedera Hashgraph is Fairer 

Hedera proves to be fairer than Blockchain as miners can choose the order of transactions, can delay, or even stop from entering the block if required. But Hedera uses a consensus of timestamps, which prevents people from changing the transaction orders.

Are There Any Drawbacks?

Hashgraph is an innovative technology, but there are some drawbacks. The first and the foremost limitation is its acceptance as it has been deployed in a private and permission-based network and needs to be tested in a public network. Blockchain Experts believe that Hedera Hashgraph’s technology is fascinating, but it is exceptionally intriguing, whose effectiveness can only be realized until it is opened to the public and implemented on a non-permission-based network.

Concluding Lines 

This has brought us to the end of our discussion. Hope you have gained a clear understanding between the Hedera Hash graph and Blockchain technology. 

If the domain of Blockchain interests you, you can get enrolled in Blockchain Council and become a Certified Blockchain Expert. 

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

A Beginner’s Guide: Hedera Hashgraph Vs. Blockchain

Source

Which Industries Have Adopted Blockchain Technology?

by

Which Industries Have Adopted Blockchain Technology

Are you a Blockchain enthusiast? Wondering which industries have adopted Blockchain and how? Well, you have landed on the right page. This article enlists top industries that have adopted Blockchain for good. 

Table of Contents

  • Top Industries Leveraging Blockchain Technology 
  • Concluding Lines: Is Blockchain a Room for Development?

Top Industries Leveraging Blockchain Technology 

The majority of people understand Blockchain in relation to cryptocurrency. However, a number of mainstream industries, including finance, supply chain, gaming, and others, have started to use blockchain technology without any digital currencies. 

Let’s have a look at how such industries are using Blockchain for their operations. 

Finance 

Finance is one of the most crucial applications of Blockchain. In fact, it is easy to see how Blockchain’s properties make it ideal for financial applications. Banks and other financial institutions are already using Blockchain for seamless cross-border payments, clearing settlements, digital identity management, and for other varying purposes. By offering decentralization, immutability transparency, and security, it can facilitate international payments and help perform worldwide financial transactions. By removing irrelevant intermediaries, it can simplify the entire transaction process and allow instant payment solutions globally. 

AIB, Bank of Cyprus, China Banking Association, DNB, and many others are using Blockchain. 

Want to become a Certified Blockchain & Finance Professional? Why wait? Get started today!

Supply Chain 

As various top companies have started realizing the potential of Blockchain, they have started implementing it for real-time data access, privacy, traceability, and auditability for their supply chain management.

For instance, Walmart, a well-known American multinational retail corporation, is utilizing Blockchain technology to add transparency, reliability, and traceability to its food supply ecosystem by digitizing the entire food supply chain process. Similarly, De Beers, the world’s biggest diamond producer by the value of its gems, is using Blockchain to track every natural diamond from the mine to the retail counter.

Apart from this, FedEx, United Parcel Service(UPS), and others are using this technology for their efficient supply chain.

According to the WEF study, Blockchain could contribute to a $365 billion savings by reducing food loss and waste in the food supply chain by 2030. 

As demand for Blockchain professionals is increasing in the Supply Chain Industry, become a Certified Blockchain & Supply Chain Professional today!

Gaming Industry 

Blockchain has entered the gaming industry as well, and it is positively profiting both developers and gamers by providing a reliable and secure environment for developers with encryption techniques to secure crypto transactions. Also, with the concept of tokenization, it is enabling gamers to buy and sell game assets securely. Moreover, smart contract functionalities enable players to transfer all their in-game assets to their public addresses, thus providing complete control over digital assets.

Unlike traditional games, where powers are in the hands of players where they can abruptly shut down games, blockchain-based games give much access and control to players over their games.  

Age of Rust, Crypto Space Commander, CryptoWars, Gods Unchained are some of the interesting Blockchain-based games. 

Pharmaceuticals

Blockchain technology continues to attract attention in the pharmaceutical domain. Amid the COVID-19 pandemic, government institutions globally have incorporated Blockchain technology. Blockchain can help in maintaining a supply chain visibility, providing real-time logging and data visualization of disease spread, early detection of epidemics, verifying communities and workplaces that are risk-free from the coronavirus outbreak, and much more. 

In 2020, several government institutions made announcements regarding plans to adopt DLT for multiple use cases, including the healthcare space. For instance, recently, it was announced that Cyprus’s Mediterranean Hospital utilizes the VeChain platform to store its COVID-19 vaccination records. Similarly, in November 2020, it was announced that South Korean hospitals aim to usher in the new healthcare era by utilizing Blockchain technology. 

Looking for the best Blockchain Certification? Get enrolled and become a Certified Blockchain & Healthcare Professional now!

Voting 

Blockchain can play a significant role in voting as well. It can help in maintaining digital identity, prevents hacking and fraud, and allows anonymous voting. Moreover, Blockchain-based voting eliminates electoral malpractices like manipulations, tampering, recording errors, etc.

For example, South Korea has considered moving to the Blockchain for security reasons. Similarly, it was announced that the Indian state of Telangana is developing a blockchain-based electronic voting system to facilitate remote voting. Apart from this, Russia, the United States, and many others have already used a blockchain electronic voting system. 

 Concluding Lines

Of course, these aren’t the only industries that are exploring Blockchain, but the ones that have taken active steps towards near future implementation. If you are interested in learning more about Blockchain technology and its use-cases, check out the best Blockchain Certification courses at Blockchain Council and become a Certified Blockchain Expert.

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

Which Industries Have Adopted Blockchain Technology?

Source

Soccer fan tokens on the march as Poland’s biggest club adopts crypto

by

The spread of blockchain-based soccer fan tokens across Europe continued on Feb. 22, as Poland’s most successful soccer club partnered with sports fintech firm, Chiliz.

Legia Warsaw, which holds the record for the most number of Polish league championship wins, will launch a token on the fan engagement and rewards platform, Socios.

The $LEG fan token is expected to launch in the coming months and will grant supporters voting rights on various club decisions. Token holders will also be eligible to take part in exclusive games, competitions and VIP experiences. The supply of $LEG fan tokens will be capped at five million.

Legia Warsaw joins 21 European footballing giants to have created fan tokens on the Socios platform recently. Major soccer institutions such as Lionel Messi’s F.C Barcelona, Cristiano Ronaldo’s Juventus, and Zlatan Ibrahimovic’s AC Milan have all launched club-based fan tokens on the Chiliz blockchain.

CEO of Legia Warsaw Dariusz Mioduski appeared optimistic about interacting with the new technology offered up by blockchain and tokenization.

“Pioneering solutions and new technologies, which additionally give our fans unique opportunities to actively participate in the life of our club, are the exact direction in which we want to develop,” said Mioduski, adding, “We believe that the potential of the most popular sports brand in this part of Europe, which Legia Warsaw undoubtedly is, will allow Socios.com to gain many fans not only in Poland, but also in the international arena.”

The CEO and founder of Socios.com and Chiliz, Alexandre Dreyfus, welcomed Legia Warsaw onto the Socios platform and anticipated it would increase overall fan engagement.

“Very soon Legia fans all around the world will have a new way to get closer to the club they love and will be able to influence the team in polls, access VIP rewards, exclusive promotions, chat forums and much more on Socios.com,” Dreyfus said, adding, “We’re sure $LEG Fan Tokens will be a massive hit with fans and become a very powerful new engagement tool for the club.”

Soccer fan tokens on the march as Poland’s biggest club adopts crypto

Source

Top 30 Hyperledger Interview Questions for 2021

by

Top 30 Hyperledger Interview Questions for 2021

Are you planning to prepare yourself for Hyperledger interviews and become a successful Hyperledger Expert? You have landed on the right page. This article talks about the top interview questions so that you can mentally prepare answers for them.

Excited? So let’s get started.

Table of Contents 

  • Top Hyperledger Questions You Should be Prepared for 
  • Concluding Lines: How to Learn and Become a Certified Hyperledger Professional 

Top Hyperledger Questions You Should be Prepared for 

  • What is Hyperledger?

It is an open-source global collaboration that helps in creating and developing enterprise-grade and distributed ledger frameworks to support business transactions and to advance cross-industry blockchain technologies, hosted by the Linux Foundation.

  • Is Hyperledger public or private?

It is a private blockchain. 

  • Enlist projects under the Hyperledger umbrella?

Hyperledger Fabric, Hyperledger Indy, Hyperledger Burrow, Hyperledger Iroha, Hyperledger Sawtooth, Hyperledger Besu, Hyperledger Caliper, Hyperledger Cello, Hyperledger Explorer, Hyperledger Avalon, Hyperledger Quilt, Hyperledger Ursa, Hyperledger Aries, Hyperledger Transact, and Hyperledger Grid. 

  • What are the major goals of Hyperledger?

  • The main aim of this technology is to create an enterprise-grade, open-source, distributed ledger framework to improve business transactions.
  • Next is to provide a community-driven, open infrastructure that is supported by technical and business governance. 
  • It aims at educating the crowd about the market opportunity for blockchain technology.

  • Distinguish between Hyperledger and Ethereum.

The major difference is that Ethereum is a public blockchain, whereas Hyperledger is permissioned and private. It is designed to create an enterprise-grade, open-source, distributed ledger framework to improve business transactions. Ethereum, on the other hand, runs the Smart Contracts on the EVM for applications that are attributed to being decentralized and are for mass consumption. Hyperledger is for a B2B business, whereas Ethereum is a B2C business. Another difference is that Ethereum utilizes Solidity programming language, whereas Hyperledger utilizes Golang. 

  • What is Hyperledger Fabric?

Fabric is one of the blockchain projects within Hyperledger that has a ledger, uses smart contracts, and offers a system by which participants can manage their transactions like other blockchain projects. It has a private and permissioned network whose modular architecture maximizes blockchain privacy, flexibility and eases decision-making capabilities.

  • What is Hyperledger Sawtooth?

Sawtooth is an open-source platform, a blockchain suit for developing, running, and creating new distributed ledgers. Sawtooth’s architecture is believed to be flexible and modular. It separates the core system from the application domain so that smart contracts can specify the business rules without needing to know the underlying design. This project aims at keeping ledgers distributed and making smart contracts safe for enterprise use.

  • What is Hyperledger Indy?

Like other Hyperledger projects, Indy is also a distributed ledger that comes with reusable components along with several tools and libraries, explicitly designed for identity-based solutions. It is a group of tools, libraries, and further components for digital identities rooted in blockchains.

As it offers an identity-based solution, that means one will have complete control over their identity, and no one can control it. This project is interoperable with other blockchains and also can be used standalone, powering the decentralization of identity.

  • What is Hyperledger Iroha?

Iroha is a distributed ledger software that offers varieties of libraries for developers, provides role-based access control, offers simple deployment and maintenance, and works on improving reliability, performance, and usability. 

  • What is a Hyperledger Quilt?

It is a Java implementation of the Interledger protocol. This project enables crypto and fiat payments across any payment network. It provides an implementation of all core primitives required to send and receive payments in a ledger-agnostic style. 

  • What is the Hyperledger Transact?

Hyperledger Transact is a library that aims to reduce the development effort in writing distributed ledger software by providing a standard interface that let’s execute smart contracts, including all aspects of scheduling, transaction dispatch, and state management.

  • What is Hyperledger Besu?

It is an open-source Ethereum client developed under the license of Apache 2.0 and uses java programming language. Besu is an enterprise-focused initiative that can be run on either of the networks, i.e., public and private permissioned networks, along with test networks such as Rinkeby, Gorli, and Ropsten.

  • What do you know about Hyperledger Fabric 2.0?

Fabric 2.0 has introduced various features in its latest version. These are as follows: 

  • Decentralized governance for smart contracts 
  • New chaincode lifecycle
  • New chaincode application patterns
  • Automated checks
  • Decentralized agreements
  • Private data enhancements 
  • New smart contract launcher
  • Decentralized ordering service
  • Introduction of fabtoken
  • Multiple chain codes on a channel
  • Performance enhancements

  • Can you name some of the top healthcare projects powered by Hyperledger?

  • MELLODDY Project
  • Axuall Project 
  • MyClinic.com
  • KitChain 
  • Verified.me 

  • What are the Nodes and Channels in Hyperledger Fabric?

    The communication entries in Hyperledger are nodes, and the subnet of a Hyperledger network is known as the channel. 

  • Chaincode is written in which language?

It is written in multiple languages, including Golang and Java SDK. 

  • What are the types of nodes in Hyperledger Fabric?

There are three types of nodes:

  1. A client that submits a real transaction-invocation and broadcasts transaction-proposals to the ordering service.
  2. A peer node is a node that commits transactions and maintains the state and a copy of the ledger.
  3. Ordering-service-node is a node running the communication service that implements a delivery guarantee.

  • Explain Hyperledger Burrow?

Burrow is a fully-fledged blockchain node and smart contract execution engine that focuses on simplicity and speed. Burrow runs and executes Ethereum Virtual Machine and Web Assembly (WASM) smart contracts and are synchronized using the Tendermint consensus algorithm. It is an open platform that is mainly optimized for public and permissioned Blockchain; however, it can also be used as private blockchains.

  • Explain the RBFT consensus mechanism, which is used in Hyperledger Indy. 

RBFT stands for Robust Byzantine Fault Tolerance (RBFT) and is inspired by Plenum Byzantine Fault Tolerance (Plenum). It has a pluggable election strategy, and it is set to a permissioned, voting based strategy by default. All instances do ordering, but the requests ordered by the master instance are actually executed. This consensus provides Byzantine fault tolerance. The only drawback is that the more nodes that exist on the network, the more time it takes to reach a consensus. 

  • Does Hyperledger use Proof-of-Work?

No, it does not use Proof-of-Work consensus, and this is the reason why it is fast and energy-efficient as well.

  • Explain what Hyperledger Explorer is?

This is a user-friendly web application tool that provides enterprise-level visualizations that helps decision-makers through intuitive graphs, tables, etc. It is used for viewing or invoking transactions and other crucial information stored in the ledger.

  • What is Hyperldger Caliper?

Caliper is a Blockchain performance benchmark tool for Besu, Fabric, Ethereum, and FISCO BCOS networks that allows users to measure the performance of a blockchain implementation with a set of predefined use cases. 

  • What is Hyperldger Cello?

Hyperledger Cello is a blockchain provision and operation system that aims to serve as the operational dashboard for Blockchain, which reduces the effort required for creating, managing, and using blockchains. 

Moreover, Cello manages the complete lifecycle of blockchain networks, supports customized blockchain network config, and extends with advanced features as well. 

  • What is Hyperledger Grid? 

Grid is a supply-chain-centric reference implementation solution. This project provides a set of modular components for developing smart contracts and client interfaces and also showcases how to combine components from the Hyperledger stack into a single, effective business solution.

  • What is Kafka in Hyperledger Fabric?

 It is a permissioned voting-based consensus mechanism where a leader does the ordering, and only in-sync replicas can be voted as a leader.

The advantage is that it provides crash fault tolerance, and finality happens in just a few seconds. The major drawback is that it is not Byzantine fault-tolerant, which prevents the system from reaching an agreement in the case of faulty nodes.

  • Mention some of the applications of Hyperledger Fabric.

  • Supply Chain Traceability 
  • Digital Identity
  • Real-estate Transactions
  • Music and Media Rights and much more.

  • What are the advantages of Hyperledger?

  • Permission membership
  • Performance, scalability, and levels of trust
  • Data on a need-to-know basis
  • Rich queries over an immutable distributed ledger
  • Protection of digital keys and sensitive data
  • Modular architecture supporting plug-in components

  • What is solidity? 

Solidity is an object-oriented programming language for writing smart contracts for several different Hyperledgers platforms.

  • What is Hyperledger Aries?

Aries is an infrastructure for peer-to-peer(P2P), blockchain-routed interactions. This project helps in the exchange of blockchain-based data that facilitates interoperable interaction between several distributed ledger technologies and other blockchains and supports P2P messaging in various situations.

  • Which is the best Hyperledger project according to you?

While all the projects are geared towards industrial use, selecting the appropriate framework is a matter of choice that varies as per business needs. Each frame has its features making it more beneficial for one niche while less serviceable for others. 

Concluding Lines: How to Learn and Become a Certified Hyperledger Professional 

If you are looking to upskill yourself in this technology, we are here to help you learn and become an industry-ready Professional. The certifications provided by the globally renowned online platform, Blockchain Council, give an in-depth knowledge of all the frameworks of Hyperledger.

The platform is known to provide the two most in-demand certifications, such as Certified Hyperledger Developer and Certified Hyperlegder Expert.

Certified Hyperledger Developer Training is excellently designed and carefully curated by experts to render a profound understanding of Hyperledger Fabric and Composer. Beginning right from the basics of Hyperledger Fabric to the fundamentals of Fabric architecture, the course covers all theoretical and practical aspects of this technology. 

Talking about Certified Hyperledger Expert, this certification will cover all the details regarding the architecture of Fabric and composer and will also help you to understand the hyperledger family, so you can begin building blockchain applications on top of the hyperledger platform.

So are you ready to open the world of excellent career opportunities in the Blockchain domain? If yes, why wait? Get enrolled in the Blockchain certification and become a Certified Blockchain Expert. 

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

Top 30 Hyperledger Interview Questions for 2021

Source

AC Milan Launched its Fan Token to Enable Fans to Vote on a Soccer Club Motto

by

AC Milan Launched its Fan Token to Enable Fans to Vote on a Soccer Club Motto

According to the latest announcement, AC Milan, a professional football club in Milan, Italy, enables its fans to use Blockchain tokens to vote on the soccer club motto. 

Announcements read that AC Milan, in partnership with Blockchain firm Chiliz has launched the ACM token for its fans with a team motto poll that will see ACM holders create and vote on a motto to inspire players for the rest of the 2020/21 Serie A playing season.

It has also introduced a rewards app named Socios.com, enabling fans to purchase ACM Fan Tokens directly on this app and access multiple benefits. Such benefits include voting rights in club polls, VIP rewards, super-fan recognition, club & sponsor promotions, digital collectibles, games, and chat forums.

AC Milan Partnership with Chiliz Seems a Perfect Fit 

Chiliz and Socios, before helping AC Milan in launching their fan token, launched several tokens for multiple sports clubs and organizations, such as FC Barcelona, Juventus, and Paris Saint-Germain. 

In January 2021, AC Milan officially announced its plans to launch Blockchain-based fan tokens in a bid to reach 450 million fans amid lockdown. 

As a part of development, the report states that the inspirational first poll, scheduled for the next week, will provide over 500 million AC Milan fans with an opportunity to support their favorite football stars.

Mauro Tavola, Partnerships Director at AC Milan, expressed his views regarding its partnership with Chiliz. He stated that his team is delighted to activate the partnership with Chiliz, allowing more than 500 million fans to have their voices heard.

Alexandre Dreyfus, CEO and Founder of Chiliz and Socios.com mentioned that “AC Milan have become the latest giant of the sports world to launch a Fan Token on Socios.com, creating an amazing opportunity for their massive global fanbase to get closer to the club.

It was also mentioned that AC Milan joins 20 major sporting organizations that have partnered with Socios.com, including FC Barcelona, Juventus, Paris Saint-Germain, and many others, and more significant clubs are set to launch Fan Tokens soon.

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

AC Milan Launched its Fan Token to Enable Fans to Vote on a Soccer Club Motto

Source

Blockchain Governance in Estonia may be Inspiration for the Entire World

by

Blockchain Governance in Estonia may be Inspiration for the Entire World

This article talks about how Estonia has implemented the Blockchain for various purposes, especially in governance, creating inspiration for the rest of the world. 

Table of Contents 

  • Estonia: The First Digital Republic in the World 
  • Tiger Leap for the Development and Expansion of Internet Network
  • How the Estonians Way of Voting is Unique 
  • Other Ways Estonia is Utilizing Blockchain
  • Concluding Lines 

Estonia: The First Digital Republic in the World 

Estonia is a small nation in the Baltic region that offers the most widespread governmental online services in the world. Right from voting to healthcare and tax returns, the small nation has persistently adopted the concept of digitization. And this is the reason it is recognized as a ‘digital republic.’ Since 2005, the citizens of the nation are able to cast their vote digitally, and surprisingly, Estonia has digitized 99% of its public services, including tax returns, voting, healthcare treatments, and much more. In an era when trust in government services is declining, Estonians have a higher level of trust in their government and parliament than the EU average, according to the Eurobarometer study conducted back in 2014. 

Estonia is implementing Blockchain technology for governance, and this is the reason why it outperforms compared to other countries in terms of online governmental services. 

Want to learn Blockchain technology and become a Certified Blockchain Expert? You are just a click away!

Tiger Leap for the Development and Expansion of Internet Network

The invention of a digital society started in the year 1997, when only 1.7% of the world’s total population had access to the internet. The government of Estonia envisioned creating a digital society where all citizens would be technologically educated, and governance would be automated, decentralized, transparent, and secured. Keeping in mind the aims, the government launched a project called Tiigrihüpe, also known as ‘Tiger Leap’ in 1997, spending heavily on development and the expansion of internet systems and creating a knowledge-based society. Within a year, almost all schools gained internet access, and by 2000, Estonia became the first country to pass legislation declaring internet access as a basic human right for all citizens.

In 2001, Estonia created X-Road, an anti-silo data management system to enable both public and private organizations to share data securely without worrying about privacy. But this effort was dissipated as it was seen that X-Road experienced various cyber-attacks. This presented a need to adopt more powerful and advanced technology such as distributed ledger technology that is resistant to cyber-attacks. Thus, keeping in mind, the nation became the first country in 2012 to use blockchain technology for governance purposes.

How the Estonians Way of Voting is Unique 

Estonia is considered to be a world leader in electronic voting. This is because, since 2005, Estonians are able to cast their votes irrespective of their geolocation. Where most countries are still only contemplating the possibility, Estonia has already implemented a remote voting system using Blockchain for voting purposes. 

The tiny Baltic nation of Estonia has redefined its ‘Estonia’s i-Voting system’ that allows citizens to cast their vote from a remote location using a government-issued smart card. Unlike traditional voting mechanisms, this voting system offers a simple, elegant, and secure solution and is currently used by 46.7% of the population.

This system allows Estonia citizens to log on with their digital ID card and cast their votes multiple times during the pre-voting period, with each vote canceling the last, empowering voters to change their voting decision later. This unique solution has safeguarded Estonian voters against fraud and other manipulations. It was stated that while using this electoral system, the total time saved in the last elections was 11,000 working days.

Other Ways Estonia is Utilizing Blockchain

Apart from voting, there are other ways the tiny nation is utilizing DLT. Deploying Blockchain not only ensures protection against cyber attacks or any kind of future attacks but also poses other benefits. For instance, instead of filling the different forms with the same personal information when they need to access public services, citizens only need to input their personal information once with Blockchain. This is because technology ensures that data is immediately accessible when required.

Moreover, citizens have a valid digital ID, and they have full control over their information, ensuring that no one can access their personal data beyond what is approved by them. This is facilitated by Blockchain technology.

If you want to gain an in-depth understanding of Blockchain technology and become a Certified Blockchain Developer, we are here to assist you!

Concluding Lines 

From the above discussion, we can conclude that the Blockchain governance of Estonia may be an inspiration for the entire world. The future of Blockchain is near, and if implemented on a global level, we will experience a world full of transparency and trust. 

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

Blockchain Governance in Estonia may be Inspiration for the Entire World

Source