Showing posts with label Blockchain. Show all posts
Showing posts with label Blockchain. Show all posts


What is Blockchain and how does it work?

Posted By: Arin Dey - February 28, 2021
Blockchain and Cryptocurrencies are trending topics across social media and the web. Even people who have never heard of cryptocurrency, let alone understand how it works, are talking about them. And for weeks now, some of my colleagues and friends have been bugging me to explain these terms. Everyone, it seems, is eager to learn more and so I’ve penned this explainer on blockchain technology -- using almost no technical terms for those looking to attain a more general understanding of what Blockchain is and how it works.

What is Blockchain and how does it work?

Instead of finding solutions or use-cases of Blockchain technology, let us first understand the problem that Blockchain can solve. 

Let us imagine a situation: Dave is your friend. He is travelling overseas, and on the fifth day of his vacation, he calls you and says, “I’ve been robbed. Could you please send me $2,000 so I can buy a plane ticket home?”

As a friend, you assess the situation and agree to send the amount requested. So, you reply, “Sending right away, Dave.”

You may call your bank and raise a request, “Please transfer $2,000 from my account to Dave’s account.”

Your account manager replies, “Yes, I will do that now.”

Your account manager opens your bank register, checks your account balance to see if you have enough balance to transfer $2,000 to Dave. You have plenty and, thus, he makes an entry in the register like the following:

February 28, 2021

#--------------- Transferred------------ $2,000------------- Dave

You may call Dave and tell him, “I’ve transferred the money. You may withdraw the amount $2,000 now from your bank.”

In this example, you and Dave both trusted the bank to manage and transfer your money. In this process, there was no hard copy of bills used to transfer the money, just an entry in a register. that neither you nor Dave controls or owns.

This is the “problem” of the current system: we depend on individual third-parties to establish trust between ourselves. But, you might say, we’ve been depending on middlemen to establish between different parties for ages. Why is it a problem?

The problem here is that they are one, and only one, authority here. Anytime that single point of contact may go corrupt without your knowledge. Imagine these situations:
The register in which the transaction was logged becomes corrupted.
The bank mistakenly writes $4,000 on the register instead of $2,000.

So, with that in mind, let’s think out of the box now! Is there a way to maintain the register amongst ourselves instead of someone else doing it for us? Or, put another way, Is it possible to find a system where the transfer of money will happen without needing a bank? is the answer to this question. It is a method to maintain that register among ourselves instead of depending on a bank or another third party to do it for us.


Blockchain In Mobile Application Market [Infographic]

Posted By: Arin Dey - November 15, 2019
Blockchain technology has gained huge popularity in very less span and people started terming it as one of the most reliable and secure technologies developed in this century. Blockchain not only does it supports a wide range of functionality and applications, but it also offers the impenetrable security and automation which made this technology to sit on the top. Considering these factors, we can say that this technology has the potential to serve in complicated industries such as mobile app development. To get a detailed understanding of how blockchain will help in developing mobile applications, we first need to know the advantages that it can bring to mobile app development.

Blockchain In Mobile Application Market

App approval
At present, there are two major app providing platforms available for the users and developers, Google play store and Apple’s App Store, and these two platforms have the authority to make their own choice regarding the approval of apps on their platform. Though the approval process is unpredictable, undisclosed, and complicated, and in several other scenarios these providers act completely unfair to newer developers. With the implementation of blockchain, apps would be verified and approved using a genuine developer eminence system and also by considering the ratings given by users. This keeps both app developers and users on side of profits.

No Middlemen
One of the most popular features of blockchain is its decentralized nature. When transactions processed they are recorded, and no single institution or organization owns the record. All related parties have access to the data and see accurately when and how a payment or transfer was processed.
This data is not stored at a single location, it is distributed across several computers, or nodes, across different locations which makes it less vulnerable to manipulations or hacking. The allocated, decentralized nature reduces the need for an intermediary middleman to transfer apps between developers and users.

Blockchain will solve in-app purchase issues
Even though smartphones are widely used in this generation, there are still so many users who lack the means to conduct an in-app purchases as they don’t have access to payment methods like e.g. credit cards. Even if a user has a credit card with him, this whole payment process is subject to the huge possibilities of fraud because to make a transaction users has to go through the app store charges, gateway charges, card-processing charges, and bank transfer charges. Because of so many steps involved in a payment, a developer will only get a share of 70% from the amount paid for the app. With the help of blockchain, apps reward coins will be used to make payment to the app store, and a whopping 85% share would then go to the developer.

If transparency is absent in transactions, it becomes complicated for any app developer to implement a duty correctly and thus fulfill the idea. As we know blockchain is an open-source network and people consider it as genuine means to get access for everyone who is present in the network. They can swiftly and effectively find the record of all its transactions, private and financial information, and data in real-time.

Data Security
The primary advantage of the path breaking blockchain technology is that it keeps the applications in a secured and safe manner. Blockchain uses the most advanced cryptography. And the concept of this
technology is to design app in a way that it has the potential to offer the highest level of safety with the strengthened encryption.

Blockchain In Mobile Application Market [Infograhic]

By seeing the above mentioned points, we can come to a conclusion that the execution of the blockchain technology in mobile application development will have tremendous advantages. To give you detailed knowledge of “Blockchain In Mobile Application Market”.

Source: AC Market.Biz

How Blockchain Work [Infographic]

Posted By: Arin Dey - March 30, 2018
Blockchain is a type of data structure that identifies and tracks transactions digitally and shares this information across a distributed network of computers, creating in a sense a distributed trust network. The distributed ledger technology offered by blockchain provides a transparent and secure means for tracking the ownership and transfer.

 Below is a simple flow diagram that shows how blockchain works.

Source: Bitcoin: A Peer-To-Peer Electronic Cash Systems

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