blockchain Tag

The year 2019 will be  a busy and exciting year, as key new technologies begin finding their way into real, useful applications. The smartphone will still be our central tech device by the end of next year, but as augmented reality and wearables progress, we’ll sense more and more that a new paradigm in personal computing is around the corner. That will be helped along by enabling technologies such as 5G networks, which will be stretching far and wide by the end of 2020. And, artificial intelligence will become infused in all kinds of products, allowing gadgets and services to subtly begin to anticipate our wants. The smartphone will still be our central tech device by the end of next year, but as augmented reality and wearables progress, we’ll sense more and more that a new paradigm in personal computing is around the corner. Technologies like self-driving vehicles and robot assistants are under development. Soon, these and the other exciting technologies described below will go mainstream, changing the world in the process: 1) Voice Assistants: Thanks to the power of artificial intelligence (AI), voice assistants will grow increasingly helpful. Voice assistants are making a significant impact in markets across the globe, and some observers expect that in the future we will communicate with technology through voice rather than text. 2) Augmented and Virtual reality: Advances in Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR), all of which can be summarized in R+, will continue to be at the forefront of attention during 2019 with some fascinating new practical applications for industries 3) Blockchain Technology:  In 2019, to the delight of organizations, Blockchain is going to bring the first enterprise...

Although the term “blockchain” has really grown in popular imagination in the last few years, the technology itself is just 10 years old, given that it was first conceptualized in 2008. Blockchain is the basis of the Bitcoin protocol. (see here for our post on the ABC of blockchain). Interestingly, although blockchain is one of the most discussed topics in recent times, a vast amount of people within the industries that stand to benefit most from blockchain are also completely uninformed about it. This is amazing since blockchain technology has the potential to completely revolutionize industries like healthcare and insurance. Another industry that blockchain stands to benefit enormously is finance. This incredible new technology stands to benefit the industry by saving them enormous amounts of money by streamlining their processes. Why Blockchain in Financial Services? Many of the industry’s processes are overdue for an upgrade or in some cases complete replacement to withstand new volumes, hacks and security threats. Blockchain is far more impregnable and recoverable as no centralised version of this information exists.   Transfers facilitated by central authorities such as banks have not changed in the last 150 years! An international transfer can still take as long as five days to settle, entailing risks like credit risk, exchange rate risk etc., and the industry needs to reduce heavy transaction fees and transaction times. Blockchain can make these transfers visible securely immediately, which other technology cannot.   In the future, people are going to make a lot of smaller payments. That’s going to increase economic activity. That, in principle, makes a larger pie with lower fees, higher volumes and a demand for...

Blockchain technology is one of the most talked about yet misunderstood topics in recent times, commonly associated with Bitcoin and other cryptocurrencies. Blockchain is commonly used interchangeably with bitcoin, even though they refer to two very different things. Bitcoin is a form of virtual currency, more commonly known as cryptocurrency, which is decentralized and allows users to exchange money without the need for a third-party. All bitcoin transactions are logged and made available in a public ledger, helping ensure their authenticity and preventing fraud. The underlying technology that facilitates these transactions and eliminates the need for an intermediary is the blockchain. What is blockchain? Blockchain is a public electronic ledger that can be openly shared among different users and that creates an unchangeable record of their transactions, each one time-stamped and linked to the previous one. Each digital record or transaction in the thread is called a block (hence the name), and it allows either an open or controlled set of users to participate in the electronic ledger. Each “block” represents a number of transactional records, and the “chain” component links them all together with a hash function. As records are created, they are confirmed by a distributed network of computers and paired up with the previous entry in the chain, thereby creating a chain of blocks, or a blockchain. Blockchain can only be updated by consensus between participants in the system, and when new data is entered, it can never be erased. The blockchain contains a true and verifiable record of each transaction ever made in the system. It is a database that is validated by a wider community, rather than...