Public Blockchain

R3 is a consortium of about 200 firms coming together to research and develop distributed database models somewhere along Bitcoin's lines. Usually, they receive a lot of heat as they say they are researching a corporate or private model of "Blockchain" but are developing a version of Distributed Ledger Technology (DLT). This debate between a Public Blockchain and a Private Blockchain (yes, it's an oxymoron) is the center of great distress. Another such debate that hasn't reached the mainstream yet,…

Blockchain is a distributed, decentralized public ledger, which is a continuously growing list of records stored in the form of blocks. These blocks in a blockchain are connected through cryptography, which keeps the transactions' confidentiality intact. A blockchain is a time-stamped series of immutable (tamper-proof) records of data, which is not managed by a central authority but by a computer cluster. Every data shared on a blockchain is visible to all participants, and everyone is accountable for their actions. A…

In recent times, accounting company Ernst & Young held Blockchain Summit 2020 online. During the summit, the company’s blockchain leader, Paul Brody, noted that Ethereum is the best for blockchain-based industry solutions. The leader said the major thing is to focus on taking advantage of the public blockchain and all of its available tools and developers. Brody highlighted the necessity of the company’s blockchain initiatives to avoid private blockchain solutions. Blockchain will only be able to meet expectations if enterprises…

An industry, sector, or model is only as good as the infrastructure it is built on. The infrastructure acts as a backbone, a framework, guiding the industry and its participants through. As we have come to know them, most industries are built on a centralized, hierarchy-based infrastructure. They follow a top-down approach, wherein a few participants at the top are responsible for most of the lower-level management's workings. But then came the Internet and changed the face of it all.…

New Economy movement, or NEM, as it’s widely known, is a peer-to-peer blockchain platform for developers. Its native cryptocurrency is called XEM, and it has been split into two parts called the microXEM (the smallest unit) and milliXEM (the thousandth unit). One of this project's inspiring features is that while other major altcoins had Bitcoin codebase as their substrate, they built every part of the blockchain from scratch in Java and JavaScript. The NEM Foundation plans to build a financial…

In a measure aimed at boosting efforts to combat the Corona Pandemic, a Public Health Blockchain Consortium (PHBC) has recently announced the development of a new blockchain platform. TheVirusBlockchain.com will help to track COVID-19 free communities. Better Lives Globally The PHBC consortium brings together health authorities, universities, health care providers and innovators. They aim at collecting, safely storing, and analyzing anonymous health data on the blockchain. Their objective is the eradication of diseases and bettering lives globally. Besides tracking COVID-19…

We usually get puzzled and confused looks from newcomers to the cryptosphere when we talk about a centralized party looking into "Blockchain Technology." Or when a consortium of banks tries to find the best solutions using blockchain to stay in the game. Assuming most newcomers count bitcoin as their gateway to cryptocurrencies, they are exposed to a lot of fancies and disruptive words like "decentralized," "open-source," "trustless," etc. The people who stay are swayed away by the hopes and dreams,…

In its strategy to cut transaction costs, EY, a renowned auditing firm, introduced Zero-knowledge Proof (ZKP) blockchain on the 19th of December 2019. The function of ZKP as a digital protocol is to enable data distribution between two participants without the use of a password or other related details in the transaction. This EY’s ZKP is ethereum-based, and its purpose is to bring more scalability for private transactions on public blockchains by reducing the cost of transactions. The previous gets…