The Year of Blockchain & Its Frameworks – Blockchain a very strong backbone for businesses – Stuart Haber and W. Scott Stornetta authored a paper in 1991 detailing the preservation and protection of past data through the use of cryptography. This can be called a foundation of Blockchain.
Blockchain success starts here
Blockchain – A new approach/tool to manage/monitor financial/non financial transactions or simply track your digital assets whether tangible or intangible and proof of authenticity for the records or simply measuring the trust in the information . In this article, the idea is to draw a coarse sketch of an inflated scenario of
- How Blockchain at foundation layer of fintech may interact with us in the future?
- How much trust blockchain can build in its data records / ledger? i.e measurement of trust
- How this combo warrants or perhaps mystify the two superpowers? i.e Validity, Governance and Reliability
Virtually anything of value/information can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved. In nutshell crypto and blockchain are closely related, but they are not the same. We are about to enter in the new era of blockchain i.e blockchain 4.0
What is Blockchain Technology? How one blockchain can have Infinite possibilities & opportunities in hand in this red ocean market world.
The blockchain is an emerging technology and at a nascent stage with huge potential to improve the ecosystems around and grow itself. The state of blockchain has too many constraints and limitations as of now and the biggest one is interoperability among different systems.
Intelligence with Blockchain as a backbone
In order to have a strong, robust, intelligent and secured innovation hub or powerhouse lab with smart setup and built-in artificial intelligence is the key success factor of today’s technology business. Without such efforts, it would appear like joining blocks without reference of the previous block. When we look at the leading blockchain tools, open-source, platforms, and ecosystems the count can be big but to keep it short will just target on Ethereum, Hyperledger Fabric, Solana, Polka, Stellar etc.
In other words, a blockchain is essentially a type of distributed, shared, immutable database–a way to store information. It makes the process of storing/recording information and tracking it in extremely secured and safe environment. As we all now the business runs on information and if the quality, authenticity, accuracy is on the high level then its the best. What makes it different from a traditional database is that it is designed to be a store of information that is shared and owned by the entire network.
Points to Note:
All credits if any remains on the original contributor only. We have covered all basics around data analytics for digital businesses with blockchain. In the next upcoming chapters will talk about implementation, usage and practice experience for markets.
Books + Other readings Referred
- Research through open internet, news portals, white papers and imparted knowledge via live conferences & lectures.
- Lab and hands-on experience of @AILabPage (Self-taught learners group) members.
Feedback & Further Question
Do you have any questions about AI, Machine Learning, Data Science or Big Data Analytics? Leave a question in a comment or ask via email. Will try best to answer it.
Conclusion– Blockchain allows you to transform your business and digitise transaction workflows. Finally, as a result of this cutting edge technology importance; businesses can’t ignore blockchain any more hence it’s here to stay and grow.
This technology has been referred to as the next revolution and although it’s only in the early stages for now. Blockchain technologies record promises, trades, transactions or simply items we never want to disappear, allowing everyone in an ecosystem to keep a copy of the common system of record. It allows businesses to transact more smoothly and efficiently. To discover the power of business blockchains and distributed ledger technologies; you might have to wait for the next blog post.
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Categories: Artificial Intelligence