The Blockchain Academy Blog

Is every Blockchain Project worthwhile? Or are many useless?

Uncategorized Apr 03, 2017

In last few posts at TheBlockchainAcademy.com[1], we have already observed that blockchains are often over-hyped enough to let everyone climb on the rope, especially the start ups looking for harnessing the blockchain technology sooner. Well, everyone who is thinking to set up a start-up in the blockchain space must read this post, since the industry still seems in its infancy. Everybody is grasping for the buzzword that may, in reality, be well-sorted with the relational database and it can be there is no need for the blockchain in the concept. All of us, being a part of the industry, are waiting to have a clearer understanding of where exactly the blockchains can genuinely add value in an enterprise project, and where we can just have a useless outcome. This blog sets out to define the scenarios which become the basis of making this difficult decision.

If your project requirements are met by relational databases available today, don’t be insane to initiate a blockchain...

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Understand DAO's (Decentralized Autonomous Organizations)

Uncategorized Mar 20, 2017

Blockchain technology and increasingly advanced protocols being developed out of the concept, have gained global recognition by the corporate world, especially the banking and finance industry. The hottest buzzwords include the idea of Decentralized Autonomous Organizations (DAOs), which TheBlockchainAcademy.com[1] has included in this post to discuss, in continuation of providing highly researched blockchain content for the readers and end users.

A decentralized autonomous organization, also called a decentralized autonomous corporation sometimes, is the entity that is operated by means of rules encoded as computer programs termed as smart contracts. The financial transactions record and the program rules of the DAOs are maintained on the blockchain[2]. A lot of examples of this kind of business model are seen, while the accurate legal status of this kind of business organization needs more research and analysis to be described.  The biggest example of this model is the DAO...

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Review of the 6 Major Blockchain Protocols

Uncategorized Feb 22, 2017

Since 2008, when the term bitcoin was coined by Satoshi Nakamoto as a novel electronic and completely peer-to-peer cash system free of trusted third party, the interest in the bitcoin and blockchain technology has increased.  Recognizing it as a revolutionizing technology across the industries, especially in banking and finance, in terms of transactions and their privacy and security, researchers are not leaving any stone unturned to come up with exotic protocols with each passing day and each is the newer, advancer and better protocol than the previous. In continuation to the blockchain series on TheBlockchainAcademy.com[1], I have included 6 major blockchain protocols, so as to embrace the technology and increase awareness among investors and end users of blockchain.

Bitcoin

The starting of the bitcoin dates back to November 2008, when a thesis had been posted by Nakamoto on a US mailing list where the cryptographers share or exchange information. The thesis titled...

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Scalability in Private and Public Blockchain Systems

In many of my posts, we have greatly discussed the blockchain systems potential for a number of industries. We also discussed factors like cost, privacy, data quality and an elimination of the need of third party trusted intermediaries. In this post, which is a continuation in a blockchain article series on www.TheBlockchainAcademy.com[1], we will focus the factor of scalability both for private and public blockchain systems.

Since last year, the idea of private blockchains is rising whenever there is a discussion regarding blockchain technology. Essentially, rather than having an uncontrolled and fully public state machine and network secured by the cryptocurrencies, it is also quite possible to develop a system where access is more strictly controlled, with rights to change or even read the blockchain state limited to a few users, while maintaining a number of partial guarantees of decentralization and authenticity that is provided by blockchain[2]. These systems are the major...

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Is the Blockchain Revolution Real

Uncategorized Feb 16, 2017

Let’s discuss one of the most debated questions regarding blockchain technology in this article, i.e., is the blockchain revolution real or just a hyped phenomenon?

TheBlockchainAcademy.com[1] has previously discussed in great deal the increasing penetration and potential of block chain in different industries, however, the question about its significance is still there in many minds. Is blockchain everything it is expected to be? There has been a huge discussion, seen at a number of blogs, forums, and sites, regarding potential of blockchain as an ultra secured and ultra distributed mega global database for small and large transactions. Visionaries like Alex Tapscott, Don Tapscorr and Dion Hinchcliffe, consider blockchain as transforming as the internet itself, eliminating the brokers and middlemen away and delivering free but highly reliable and secured storage of and access to transactions[2].
Never the less, not every one of us sees it on such dramatic terms. Blockchain...

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Blockchain & Ownership of Intellectual Property

Uncategorized Feb 16, 2017

The bitcoin blockchain is well recognized for its use as a ledger for the digital currency transactions, however it also possesses potential for others, more radical uses also; uses that are just now starting to be explored. The online service “Proof of Existence” is one of the examples of how the capabilities of this novel technology can go beyond the world of banking and finance[1], in this case, providing a glimpse of how bitcoin can have a great impacts in the sectors of law and intellectual property one day. Though in its primary phases, Proof of Existence can be applied to show document ownership without exposing the information it entails, and to give proof that the document was written at a specific time.

The inventor of Proof of Existence as a decentralized verification method, Manuel Araoz stated that as the blockchain is the public database, it is distributed kind of consensus, and your documents are certified in a distributed kind of way. While the...

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The Bank of England Creating Its Own Crypto Currency - The Impact

Uncategorized Feb 10, 2017

Moving further to the Blockchain Week, this is the time to discuss some practical and recent scenarios, happening in the world, and are based on the utilization of technology. In my previous articles, I mentioned that we shouldn’t be surprised to see various institutions, especially the ones in financial sector, using the concepts in their applications and processes. This article talks about one such case. The new cryptocurrency is being developed by the Bank of England. The central bank has recently announced its plans to come up with its own Bitcoin-like cryptocurrency called RSCoin. It is being said that it would function on the same blockchain ledger technology that runs Bitcoin.

The cryptocurrency being created by The Bank of England is a form of digital cash that supposedly cannot be counterfeited or tampered. RSCoin was initially designed by two researchers who belong to University College London, which works significantly similar to Bitcoin however enables a higher...

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10 Blockchain Predictions for 2017

Uncategorized Feb 09, 2017

The year of 2016 has clearly established that blockchain technology is only here to rise. Throughout the year, TheBlockchainAcademy.com[1] has been with the readers, both individuals and corporate businesses, in an effort to highlight the blockchain potentials they can embrace and utilize to give a new dimension to the ways they work, save costs and carry out transactions. Now when the year is about to an end and we are almost standing at the point where we have to revisit our vision for the coming year and redefine business strategies, I thought to share this valuable post presenting the top 10 blockchain predictions for the 2017, made by industry experts so far.
Here I will refer a very prominent and active Bitcoin investor, Barry Silbert’s thoughtful predictions. Barry is the founder & CEO of Digital Currency Group and expects 2017 to be a great year for the Bitcoin’s Price[2]. The annual DCG’s Bitcoin & Blockchain summit brought a number of thoughts...

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Blockchain Solutions for Cyber & Data Security

Uncategorized Feb 04, 2017

In the world of increasing cyber-crimes and businesses’ struggle to cope with data security, its regulation and privacy concerns, can blockchain be a great relief? Previously in our posts at TheBlockchainAcademy.com[1], we have discussed the potential of blockchain in terms of security and privacy of the transactions. In this post, we will see this in a more comprehensive way to reveal its capabilities specifically for cyber and data security proposes.

The blockchain is the distributed file system that keeps files copies of the participants who agree on the changes by mutual consensus. The file consists of blocks, where every block has a cryptographic signature of the last block, making an immutable record. Judd Bagley, the director of communications at the Salt Lake City-based Overstock.co[2], states that blockchain trading is much secured than any current system. The distributed network that verifies the transactions’ integrity and related accounts balances make even...

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What Impact Will Blockchain Patents Have on Blockchain Development

Uncategorized Feb 02, 2017

Here we are again at www.TheBlockchainAcademy.com [1] to bring some of the latest blockchain developments. A much hyped issue that has been a center of experts’ attention is blockchain patents and the impacts they will be having on blockchain. We want to highlight it in view of a patent’s land grab being developed in the blockchain space, which can potentially make business operations more challenging to handle for those seeking to build upon open source technologies in the future. Are patents going to be beneficial for blockchain adoption or they will they just be a hindrance? We will try to find the answer here.

Bank of America is leading the march in adoption of latest developments going on in the technology behind digital currency bitcoin, by having an increasing number of blockchain-based patents[2]. Blockchain functions like a massive decentralized ledger for bitcoin, the digital currency, which records each transaction and saves the information on a global...

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