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Steps To Implement Blockchain Technology

Creating Your First Blockchain With Java. Part1.

Creating Your First Blockchain With Java. Part1.

pineapple express, star trek, late night programming, Desperados ( with lime ) & looking beyond 22338618. Creating Your First Blockchain with Java. Part1. The aim of this tutorial series, is to help you build a picture of how one could develop blockchain technology. Create your first (very) basic blockchain. Implement a simple proof of work ( mining ) system. ( I will assume you have a basic understanding of Object Oriented Programming ) Its worth noting that this wont be a fully functioning, ready for production block chain. Instead this is a proof of concept implementation to help you understand what a blockchain is for future tutorials. You can support this and future tutorials:) We will be using Java but you should be able to follow along in any OOP language. Ill be using Eclipse but you can use any new fancy text editor ( though youll miss out on a lot of good bloat ). Dont worry if your eclipse looks different to mine. Ill be using a dark theme in eclipse because^ Optionally, you can grab GSON library by google (who are they???). This will allow us to turn an object into Json \o/. Its a super useful library that we will also be using further down the line for peer2peer stuff, but feel free to use an alternate method. In Eclipse create a (file > new > ) Java project. Ill call my Project noobchain and create a new Class by the same name (NoobChain). Dont be copying my project name now ( ) A blockchain is just a chain/list of blocks. Each block in the blockchain will have its own digital signature, contain digital signature of the previous block, and have some data ( this data could be transactions for example ). Each block doesnt just contain the hash of the block before it, but its own hash is in part, calculated from the previous hash. If the previous blocks data Continue reading >>

Step-by-step Guide To A Blockchain Implementation

Step-by-step Guide To A Blockchain Implementation

Get started Bring yourself up to speed with our introductory content. Step-by-step guide to a blockchain implementation If you're not educating yourself on blockchain technology right now, you can bet your competitors are. Read our two-part primer on launching a blockchain implementation. Essential Guide Section you're in:Technologies influencing the changing role of the CIO How augmented and virtual reality can reshape the enterprise Bill Caraher envisions the day when blockchain technology will "substantiate and with zero doubt prove" the origins of documents and contracts used in the legal industry. For Caraher, CIO and director of operations at von Briesen & Roper, a 250-employee law firm in Wisconsin, this capability would be monumental. PDF: What does "digital transformation" really mean? What exactly is digital transformation? You may hear the term often, but everyone seems to have a different definition. See how our experts define digitization, and how you can get started in this free guide. This email address doesnt appear to be valid. This email address is already registered. Please login . You have exceeded the maximum character limit. Please provide a Corporate E-mail Address. By submitting my Email address I confirm that I have read and accepted the Terms of Use and Declaration of Consent. By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy . Blockchain technology -- in which a peer-to-peer distributed network is used to validate transactions and other records and thereby create Continue reading >>

Remarkable Use Cases For Blockchain Technology In Business

Remarkable Use Cases For Blockchain Technology In Business

Prediction markets have also been disrupted by the blockchain. Since the early 90s and the information technology revolution, forecasting and decision-making has attracted mass interest. Partly, this keen interest has been driven by over-regulation in the financial sector. With the invention of blockchain technology, forecasting has become an even more attractive area, offering even more opportunities. Apart from providing powerful peer-to-peer computing technology to financial companies, the blockchain has also provided a significant market-based forecasting solution for scientific applications. Who are some of the pioneers in combining the power of prediction markets and the blockchain? One of them is Augur , a forecasting tool built on a decentralized network. Augur rewards businesses and individuals for correctly predicting the outcomes of real-world events (like elections, sport events or Oscar rewards results). Another forecasting platform applying blockchain technology is Stox . Stox users can trade the results of events, such as elections, sports matches, and many more categories. The prediction market platform Gnosis is an aggregator of relevant information from both human and AI sources. Benefits of the blockchain for prediction markets: One of the key opportunities that blockchain technology offers to the insurance industry is data transparency. The blockchain automates insurance claims processing, and policy conditions can be written into smart contracts. Smart contracts are protocols that publicly and transparently verify compliance with a contract or enforce commitments. Holding a shared database and keeping records from being altered prevents fraud and provides customers with fair and timely payouts. One proof of smart contracts is LenderBot , a micro-in Continue reading >>

Ambisafe | 7 Essential Steps To Build A Blockchain Solution

Ambisafe | 7 Essential Steps To Build A Blockchain Solution

7 Essential Steps to Build a Blockchain Solution 7. Decide Whether You Need Smart Contracts In the chaos of constantly emerging blockchain projects, the only way to survive and succeed is to come up with a well-planned and technically flawless solution. Its not magic its a matter of meticulous work and in-depth strategy. In October 2017, there were 86,034 blockchain-related projects on GitHub , the largest software collaboration platform that unites over 24 million users. Deloitte counted that since April 2009, when Bitcoin code was published, on average 8,603 new projects based on blockchain technology emerge on GitHub every year. But only 8% of them remained afloatin a year after being launched. Hence, the majority was abandoned and failed to bring any substantial results. In 2017, Tokendata a reputable ICO tracker, listed 902 ICO projects. By the beginning of 2018, 46% of them have already failed. These figures show that an interest in the technology grows, but only selected projects manage to build a blockchain solution that is resistant enough to survive the initial stages of the development and move forward. We came up with 7 steps essential for the design of an elaborate blockchain solution. Its quite challenging to find a creative and reasonable application for blockchain technology. If you look at possible use cases , it might seem that you can implement the distributed ledger to almost any industry banking, intellectual property rights, insurance, and beyond. However, you must make an in-depth analysis of existing projects before you start building yours. The fact that logistics can benefit from the opportunities brought by blockchain doesnt mean that the world needs 100 identical projects solving the same problem. Hence, dont get too thrilled about the idea Continue reading >>

Executive's Guide To Implementing Blockchain Technology

Executive's Guide To Implementing Blockchain Technology

Executive's guide to implementing blockchain technology The technology behind the cryptocurrency bitcoin is one of the internet's most promising new developments. Here's how businesses can use it to streamline operations and create new opportunities. Blockchains are one of the most important technologies to emerge in recent years, with many experts believing they will change our world in the next two decades as much as the internet has over the last two. Although it is early in its development, firms pursuing blockchain technology include IBM , Microsoft , Walmart , JPMorgan Chase, Nasdaq , Foxconn, Visa, and shipping giant Maersk . Venture capitalists have so far poured $1.5 billion into the space, with storied firms such as Andreessen Horowitz, Kleiner Perkins Caufield and Byers, and Khosla Ventures making bets on startups. See also: The risky business of bitcoin: High-profile cryptocurrency catastrophes of 2017 The applications for blockchain technology seem endless. While the first obvious ones are financial -- international payments, remittances, complex financial products -- it can also solve problems and create new opportunities in healthcare, defense, supply chain management, luxury goods, government, and other industries. CNET: Bitcoin: Big in investing, but still lousy for buying a sandwich In more advanced stages, the technology could give rise to what Gartner calls "the programmable economy," powered by entirely new business models that eliminate all kinds of middlemen, machine networks in which devices engage in economic activity, and "smart assets" in which some form of property such as shares in a company can be traded according to programmable or artificial intelligence-based rules rather than the control of a centralized entity. What is blockchain: A b Continue reading >>

Looking To Integrate Blockchain Into Your Business? Here's How

Looking To Integrate Blockchain Into Your Business? Here's How

Looking To Integrate Blockchain Into Your Business? Here's How Companies in financial services, healthcare, energy and other industries are sprinting to begin adopting blockchain the technology behind Bitcoin that promises to improve efficiency in numerous processes, plus create new business opportunities. But many are doing so simply because of fear of missing out, without a clear understanding of how it can be useful and when it should be applied. As executives scramble to educate themselves while also leading their companies into what many acknowledge will be a blockchain future, one place to start could be The Business Blockchain: Promise, Practice, and the Application of the Next Internet Technology , (Wiley, April 26, 2016) by William Mougayar, a venture capitalist at Virtual Capital Ventures and advisor to some of the more well-known blockchain organizations such as the Ethereum Foundation , which supports the development of a Bitcoin competitor, and peer-to-peer marketplace OpenBazaar . Saying the blockchain has polymorphic capabilities, Mougayar sees many parallels to the Internet, which he witnessed transform society from its early days. At the beginning, he says,few understood the Internet, prompting him to write a book called "Opening Digital Markets" for a business audience. Thats why I got so excited about the blockchain when I got exposed to it three years ago, he says. I was automatically taken by it and it gave me flashbacks to the early Internet days. I saw the potential in it and that the scope and magnitude of it were going to be similar to what the web gave us back in 1993-1994. He answers a few questions about his book. The book is about helping business people think about the blockchain in a holistic manner. Everybody involved with the blockchain Continue reading >>

Steps In The Implementation Of A Blockchain Project

Steps In The Implementation Of A Blockchain Project

Steps In The Implementation Of A Blockchain Project With blockchain technology promising to revolutionize the world as it is increasingly adopted and recognized, lots of people have made forays into blockchain by conceiving ideas that rely on this technology. However, a lot of these ideas dont come to fruition as a result of poor planning and implementation strategies. Discussed below are some essential steps required to take a blockchain idea from conception to its final development. The creation of a use case is the first step in the development of a blockchain project. A use case is an analytic methodology that is used to get an outline of the project. This involves a systems requirements analysis delineating what the project is designated to achieve. As part of the use case, schematics should be obtained that detail the various ways users will interact with the idea. With proof of concept, feasibility studies are done to discover the practical viability of the blockchain idea. Technical and financial feasibility studies should be done in this phase. Done properly, proof of concept helps in the identification of obstacles that may delay or even halt the development of the blockchain idea. With blockchain still an emerging technology, there are poorly defined rules and regulations guiding its use. Furthermore, these regulations vary depending on the geographic location and economic sector. As such, it is important to find out what legal or regulatory requirements exist for the blockchain idea before any steps are taken. Employing the services of a blockchain consultant is an important step in the development of a blockchain project. This is especially the case for people who are not intimately familiar with blockchain. Some of the ways a blockchain consultant can be Continue reading >>

Step-by-step Guide To A Blockchain Implementation

Step-by-step Guide To A Blockchain Implementation

Get started Bring yourself up to speed with our introductory content. Step-by-step guide to a blockchain implementation If you're not educating yourself on blockchain technology right now, you can bet your competitors are. Read our two-part primer on launching a blockchain implementation. Essential Guide Section you're in:Beyond bitcoin Bill Caraher envisions the day when blockchain technology will "substantiate and with zero doubt prove" the origins of documents and contracts used in the legal industry. For Caraher, CIO and director of operations at von Briesen & Roper, a 250-employee law firm in Wisconsin, this capability would be monumental. PDF: What does "digital transformation" really mean? What exactly is digital transformation? You may hear the term often, but everyone seems to have a different definition. See how our experts define digitization, and how you can get started in this free guide. This email address doesnt appear to be valid. This email address is already registered. Please login . You have exceeded the maximum character limit. Please provide a Corporate E-mail Address. By submitting my Email address I confirm that I have read and accepted the Terms of Use and Declaration of Consent. By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy . Blockchain technology -- in which a peer-to-peer distributed network is used to validate transactions and other records and thereby create an immutable record -- will have "sweeping implications" around provenance and authenticity of legal Continue reading >>

How To Develop A Blockchain Application

How To Develop A Blockchain Application

Mobile Expert and Co-founder of octodev.net Bitcoin is the first decentralized currency in the world and it attracts more and more attention over the last couple of years. Bitcoin functions with the help of blockchain technology, which itself bases on the chain of transactions blocks. The information about those transactions updates at all devices in the world simultaneously. The experts predict blockchain big and bright future the technology that ensures that the authenticity of transactions can only be confirmed by the parties involved, without any middlemen or regulating parties, can confirm land and diamonds property rights and organize the communication of smart electronic devices. Despite the fact that not long time ago Bitcoin was beating all anti-records and the wide use of it in the worldwide trading is still in the distant future, blockchain is gaining more and more attention from biggest banks, techno-corporations, governments and venture investors. It was in November 2015 that the combined investments in blockchain projects and Bitcoin have passed the 1$ billion mark. Although in its early days blockchain was only attractive as a base for stable functioning of every cryptocurrency, todays researches and new technologies tell us a completely different story: this database can be used almost everywhere, there are social networks, helpful projects of all sorts and even bank services functioning with help of block data keeping system. It surely isnt the limit, blockchains future looks bright and huge. And that future is something that a lot of people could be afraid of: blockchain can easily replace a lot of bureaucracy system workers, who are only needed to work with databases. At current rate soon comes the day when we wont even need the people for maintainin Continue reading >>

What Are The Steps To Develop A Blockchain System?

What Are The Steps To Develop A Blockchain System?

Identify and define the problem being solved Identify if a solution that is based on Blockchain is necessary for solving this problem. Many times a single centralized database might be more efficient than a blockchain implementation. Do a cost benefit analysis. Identify the external actors who will be impacted by the implementation. Are there any new risks evolving due to the implementation. Once decided on using a blockchain implementation, start defining and identifying the characteristics of blockchain technology that your solution will be using. Based on this decide on the kind of blockchain you have to use - permissions, consensus mechanism, validation mechanism, authentication mechanism, whether you want immutability or not. Once you get the idea of what kind of blockchain will solve the problem, start identifying the blockchain platforms that are ideal for implementing the solution. Platforms that one can consider are Ethereum, Hyperledger, Multichain, Open Ledger, Chain, Bitcoin Blockchain, Corda etc. Some of these platforms are still getting ready. The ones ready are still maturing and learning from errors. Once the platform to be used is identified plan the application layer programming. Man hours needed is to be estimated for production quality implementation. Do a second round of cost benefit analysis now If going ahead with blockchain implementation then initially build a proof of concept and implement the same on internal network. Identify possible problems while scaling the proof of concept like performance issues, latency, storage, memory etc. Identify solutions and optimise as appropriate. Implement industry standard implementation. Follow normal software life cycle - dev, alpha, beta Continue reading >>

Challenges And Practical Implementation Of Blockchain

Challenges And Practical Implementation Of Blockchain

Challenges And Practical Implementation Of Blockchain Opinions expressed by Forbes Contributors are their own. Technologist and hands-on leader with cloud and big data expertise. Currently, exploring various techniques to use Blockchain. There is no doubt that bringing together amazing engineers/programmers and salespeople can be challenging. There is a need for a bridge between technologists and businesspeople to make life easier when it comes to implementing any new technology because, at the end of the day, all the technology investments need to be translated into some type of business outcome (i.e., having more features in a product, better services, secure platforms to store and exchange information, etc.) Blockchain has been around for roughly a decade, yet confusion still surrounds it because there is the common misunderstanding that blockchain is Bitcoin or some other type of cryptocurrency. Also, there is the idea that it's a new technology and that it's in the early stages of development, so having blockchain as part of an enterprise solution may not be a good idea. Businesses want their technology teams to figure out creative ways to provide faster and more accurate information for their end users, customers, vendors and any other line of business within the organization or outside of the organization. Besides the workforce challenge, the lack of knowledge about blockchain technologies makes it difficult to find a true use case within an organization that matches perfectly with the technology. Let's see what the challenges on the technology front are: Nowadays, there is so much marketing about blockchain and various technologies that claim to be applicable to blockchain that a lack of genuine information about how other companies are using it creates a blurr Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

How To Integrate A Blockchain Technology Into Your Project

How To Integrate A Blockchain Technology Into Your Project

Businesses everywhere are already scrambling to understand how integrating blockchain technology into their current business practices will benefit them. The main problem businesses face is the a lack of information regarding how this can be done. Many fear that the cost of blockchain implementation will be too high and will lead to excessive teething problems should they do choose to integrate a blockchain solution into their existing infrastructure. While these concerns are indeed understandable, blockchain implementationfor businesses of all sizes doesnt have to be either expensive or traumatic. Blockchain technology holds the promise of revolutionizing many of the transaction based processes that underwrite much of the global economy. According to an article published in Bitcoin Magazine, IDC has estimated that global spending on blockchain solutions will reach a total of $9.2 billion by 2021 . If this is true, their report highlights that this amounts to a compound annual growth rate of a staggering 81.2%. With growth estimates such as these being widely predicted, it is little wonder as to why there is such a phenomenal buzz surrounding blockchain solutions today. In this article, I aim to examine in more detail how to integrate blockchain technology into your project and what the benefits will be of doing so. I will also include examples of current blockchain platforms and businesses that have already begun the process of implementation with the aim of giving better scope of the true potential of this new technology. Before I talk about the ways in which companies can implement blockchain technology into their projects, it is worth taking a moment to examine how exactly blockchain works. Imagine a digital ledger that is entirely composed of blocks. These blocks Continue reading >>

#8 Steps To Build A Blockchain Solution

#8 Steps To Build A Blockchain Solution

Decoding the technical nuances of setting up this complicated yet futuristic platform Chief Blockchain Architect, Primechain Technologies Pvt Ltd Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. When Blockchain technology was announced through the paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto in 2008, it was an innovative mix of public key cryptography (invented in the 1970s), cryptographic hash functions (born in the 1970s) and proof-of-work (invented in the 1990s). Over the last few years, many derivate and blockchain-inspired projects have been created. Most of them are not technically blockchains, but rather distributed ledger systems. Let us dcode the how to build a blockchain in just eight steps. For simplicity, I have used the terms blockchain and distributed ledger system interchangeably in this article. Theres a ton of hype around blockchain. Ive read that blockchains can erase global hunger, make the world corruption-free, end poverty and do a lot more without breaking a sweat. Unfortunately, thats not true. So, step 1 is to identify a use-case that makes business sense. There are 3 things that blockchains can do very well: Data Authentication & Verification:this includes immutable storage, digital signatures and encryption. Data in almost any format can be stored in the blockchain. Blockchains can create public-private key pairs and also be used for generating and verifying digital signatures. Smart Asset Management:this includes issuance, payment, exchange, escrow and retirement. A smart / crypto asset is the tokenized version of a real-world asset e.g. gold, silver, oil, land. Smart Contracts:Thisis a term most often mis-unde Continue reading >>

How To Become A Blockchain Developer: Crash Course!

How To Become A Blockchain Developer: Crash Course!

How To Become A Blockchain Developer: Crash Course! In this guide, we are going to map out your journey for becoming a Blockchain Developer.To ease things up for you, we are going to divide this guide into various milestones and give you action steps at the end of every section. It goes without saying that we are living in the era of the blockchain . The impact that it can have on our future is truly scary and magnanimous. So, how can you get a piece of that blockchain action? If you are to become a blockchain developer, then there are certain steps that you need to take. Hopefully, at the end of the guide, you will have the tools required to kick-start your journey. If you are serious about becoming a developer then we need to set some expectations for you. Firstly, it is going to take time and you will need to dedicate your time and resources to your education. Secondly, do not expect immediate results, becoming a blockchain developer is not a magic pill. So, having said that, lets start your journey. How To Become A Blockchain Developer: Crash Course! One of the biggest hurdles with anything as new and revolutionary, such as the blockchain technology, is familiarizing oneself with various concepts integral to the system. If you are a beginner, then there are certain terms that you need to be familiar with: Blockchain: The blockchain is a chain of blocks where each block contains data of value without any central supervision. It is cryptographically secure and immutable. Decentralized: Blockchain is said to be decentralized because there is no central authority supervising anything. Consensus Mechanism: The mechanism by which a decentralized network comes to a consensus on certain matters. Miners: Users who use their computational power to mine for blocks. It could b Continue reading >>

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