Archive for the ‘Blockchain’ Category

Benefits of Blockchain-as-a-Service for Businesses

Thursday, January 7th, 2021

Summary: Blockchain is one of the fastest-growing IT technologies. It has extensive real-world uses, but industries are still struggling to leverage the true potential of Blockchain solutions. Now, the question is, can you use Blockchain-as-a-service (Baas) as a potentially workable solution?  Read to know, the blog speaks about Baas solution for business functions and its business benefits. 

Do you know: 44 % of enterprises are widely using Blockchain across the world? Do you know: Blockchain is one of the most secure online transactions that have impacted all the industries, and soon it will be a core part of the numerous sectors of different niches. 

Blockchain is also available in the cloud as a service business model. Why? to deliver the maximum benefits of blockchain-based service to the target audience. But what is Blockchain-as-a-Service (BaaS) solutions for business functions, and what are their uses? Have a look: 

What Is Blockchain-as-a-Service (BaaS)?

BaaS is a new evolution in the blockchain technology field. It is the third-party creation & management of cloud-based networks. BaaS is primarily to design & develop Blockchain apps. It is not just for cryptocurrency; it is witness to all types of transactions. It is a significant development and an essential milestone for enterprises. 

BaaS allows businesses of all types and sizes to access blockchain technologies at zero in-house development cost. The BaaS model allows enterprises to retrieve blockchain providers’ services to develop the blockchain apps at a minimal cost. 

As per Fortune Business Insights report, the global blockchain-as-a-Service market size will reach USD 24.94 Billion by 2027, exhibiting a CAGR of 39.5% during the forecast 2020-2027.

Benefits of BaaS Business Model

The only limitation in the Baas model is that it demands a certain amount of centralization. Why? Because you need to funnel transactions through the blockchain services of the host. Therefore, companies need to rethink whether they should adopt or not.

Why Should Organizations Use BaaS Business Model?

Over the years, organizations, as well as individuals, are willing to use blockchain technology benefits. Due to technical issues and operating costs related to the development, configuration, operation, and infrastructure maintenance, it seems a significant constraint. Blockchain as a service is considered a viable solution to overcome these. At present, several industries are incorporating BaaS solutions for payments & transactions, supply chain management, Smart Cards, and many more.

Anyone from startups to giant multinational corporations can use Blockchain-as-a-service for tasks, such as

  • Improving Stocktaking
  • Securing Confidential Customer Records
  • Recording Property Ownership
  • Helping to Launch their Initial Coin Offering (ICO)

Letting blockchain infrastructure in the shape of BaaS allows businesses to develop the skills required to operate blockchain infrastructure instantly. As a development in the broad blockchain ecosystem, BaaS is emerging blockchain adoption across enterprises.

Real-World Applications Hosted on Blockchain-as-a-Service Platforms

Documentation Tracking

The Blockchain offers a unique documentation system. Keeping the documents on the blockchain system ensures that all participants have equivalent access to the same information.

Blockchain is immutable. Therefore no participant can make alterations in the record.

Data Storage

Secure data storage is a necessity for most decentralized applications. With data stored in a decentralized blockchain, there is less risk of data loss, while blockchains are uniquely scalable.

Contract Execution

Combined with smart contracts, Blockchain can provide a platform for contract execution that supports high transparency levels. The distributed nature of Blockchain denotes all parties are equally informed as there is a “single source of truth.” As a result, contracts get processed effectively, allowing conclusions and payment to take place without delay.

Enterprises can fully embrace Blockchain’s capabilities without any hesitance looking at these real-world applications. Instead of creating and running their blockchains, a business, whether large or small, can outsource the technically complex work and focus on its core activities.

Top Companies Operating in the BAAS Market-

Amazon, Accenture, IBM, Microsoft, Oracle, Corda, SAP, NTT Data, Stratis, Huawei, Baidu, Alibaba, Infosys

Final Words

At present, Blockchain-as-a-Service is a unique way to streamline the digital transformation process. It can help your business take a competitive advantage without investing in research, planning, and infrastructure. So, what are you waiting for? Just make your business processes more efficient, robust, and secure with Blockchain as a Service framework.

For more details on Blockchain solutions and cloud-based services, connect with our Blockchain Consulting Team at Successive Technologies.

Best Blockchain Platforms to Look For in 2021

Tuesday, January 5th, 2021

Blockchain Technology is a mainstream technology nowadays.  Be it Logistics, Healthcare, Supply Chain, FinTech, or Legal; Blockchain has applications in every industry. Blockchain apps are perfect for making business processes more efficient and seamless. Other notable benefits:

  • Higher Transparency
  • Improved Traceability
  • Enhanced Security
  • Increased Reliability
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The global blockchain market size will grow at a CAGR of 67.3% during 2020-2025

The survey clearly states that blockchain platforms are ever-growing and will continue to evolve. So, here is a list of the top 10 blockchain platforms to explore in 2021. These platforms will make organizations more efficient & transparent in their business ecosystem. 

  1. Tezos (XTZ)

Tezos is an open-source and decentralized blockchain network.  It allows you to deploy smart contracts and execute peer-to-peer transactions. Its architecture is quite impressive, and the upgrade mechanism is also handy.   You can use it to facilitate the formal verification process.

Being a smart contract and dApp platform, Tezos provides safety and code correctness. What’s different is Tezos? Its self-amending cryptographic mechanism keeps evolving on its own.

Features of Tezos Platform

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  1. Stellar

Stellar is an open-source blockchain network and a payment protocol. You can use it to create, trade, and send a digital representation of all money forms.  This public-owned platform can handle millions of transactions every day. 

It enables fast, cross-border transactions between multiple pairs of currencies. Stellar depends entirely on the Blockchain to keep the network in sync. Over 69% of banks use blockchain technology to make their services secure, transparent, and seamless. 

What’s different in Stellar? It is one of the most rapid and scalable blockchain platforms that build robust, secure, and reliable FinTech apps, tokens, and various other financial/digital assets. With a stellar platform, you can store and move your money quickly, reliably, and cost-effectively.

Features of Stellar Platform

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  1. Hyperledger Fabric

Hyperledger Fabric is a modular Blockchain framework. It is the foundation for building blockchain solutions, products, and apps using plug-and-play elements. Hyperledger Fabrics includes a broad range of flexible and adaptable designs that satisfies various industrial use cases.  

Why is Hyperledger Fabric different? ‘Channels’ feature. This feature provides a secure and scalable platform that supports confidential contracts, private transactions, and other sensitive data. Another distinct feature is the enablement of a network of networks. It enables members of the Fabric network to work together.

Features of Hyperledger Fabric

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  1.  Hyperledger Sawtooth

Hyperledger Sawtooth offers a modular and flexible architecture. Sawtooth separates the core system and application domain. It helps you create and operate distributed ledger apps and networks for a specific usage by enterprises. It aims to secure distributed ledgers and smart contracts.

Why is Hyperledger Sawtooth different? This platform streamlines the blockchain app development and related operations. It also supports both the permission and permissionless blockchain networks and different consensus algorithms, including Practical Byzantine Fault Tolerance (PBFT) and Proof of Elapsed Time (PoET). 

Features of Hyperledger Sawtooth

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  1. EOS

EOS is a blockchain-based, decentralized platform. It enables the development, hosting, and execution of commercial-scale dApps. Further, it provides smart contracts capability, decentralized storage of business solutions. EOS also solves the scalability issues faced by Bitcoin and Ethereum. 

Why is the EOS platform different? EOS is the most potent infrastructure of dApps. It eliminates the user fees and provides ownership of the network to the user. Also, EOS has a dedicated community, “EOS Forum,” for developers and investors. 

Features of EOS Platform

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  1. OpenChain

Enterprises who are looking to manage and issue digital assets in a secure and scalable manner, OpenChain is your true mate. It is an open-source distributed ledger technology that hosts a permissible chain of transactions by modifying an internal key-value store. OpenChain offers mixed APIs for building secured crypto apps.

Why is OpenChain Platform different? Unlike other bitcoin enabled systems, OpenChain uses Partitioned Consensus. It means every OpenChain instance can have a single authority validating transactions. Also, it uses a client-server architecture that is more secure and reliable than peer-to-peer architecture.

Features of OpenChain Platform

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  1. Corda

Corda is an open-source blockchain platform that enables next-gen transparency, efficiency, and robustness in business. With Corda, organizations can transact directly and privately with smart contracts. 

Why is Corda different? It allows you to build interoperable blockchain networks that transact in a strict private environment. Corda includes smart contract technology that empowers businesses to transact directly with great value. Also, it decreases the additional record-keeping and transactional costs.

Features of Corda Platform

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  1. Tron (TRX)

Tron is a decentralized blockchain platform. It aims to develop a free and global content entertainment system that enables seamless and reliable sharing of content digitally. Tron can manage 2000+ transactions per second at a zero fee.  It relies on the Delegated-Proof-of-Stake consensus mechanism (DPoS) to secure the Blockchain.

Why is Tron different? Tron provides a medium for creators to share their content directly with the users, discarding the middlemen. Also, the original data always remains with the creators making the process extremely secure and protected.

Features of Tron Platform

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  1.  Hedera Hashgraph 

Hedera Hashgraph is a fair, fast, and highly secure public network. It doesn’t involve computation of a heavy proof of work algorithm. You can use it to design and develop salable & innovative decentralized apps. Hashgraph supports dApps. It depends on an asynchronous Byzantine-Fault Tolerance (aBFT) consensus mechanism.

Why is Hedera Hashgraph different? Hedera is the same as every other public blockchain network, but the difference lies in its fast, fair, secure, and unique mechanism. Hedera offers much better and reliable algorithms for higher transparency.

Features of Hedera Hashgraph

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  1. Ethereum

Ethereum is an open-source, decentralized, and leading Blockchain platform with native cryptocurrency with Ether or ETH. It enables the development and execution of Smart Contracts and Distributed Apps without any downtime, data threats, or third-party involvement. You can use it to eliminate internet third-parties who save & track data and financial instruments. 

Ethereum is the developer’s favorite as they are used to make new and featured applications.

Why is Ethereum different? It is open to everyone; you require a wallet to take part. Also, Ethereum is a ledger technology that enterprises are using to build and run new programs.

Features of Ethereum Platform

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These are the top 10 Blockchain-based platforms that will rule in 2021 and beyond. Next question you have: ‘How do I choose the best platform for my next blockchain project?’ 

Well, we are there to guide you. Below are some of the key factors to consider while selecting a reliable Blockchain Platform. Read to explore!

How to Choose the Right Blockchain Platform for Your Business?

  1. Permissioned vs. Permission-less

Start with choosing the ‘Type’ of your Blockchain. 

  1. If you want to have all your participants authorized before participating in the network, you’ll require a permission network.
  2.  On the other hand, put the data on a public Blockchain development framework/permission-less framework to promote business without transparency. 
  1. Tokens/Crypto or Not

Not every framework provides cryptocurrency or tokenization access on the Blockchain. In such a case, if you are planning for an enterprise-ready Blockchain platform with the cryptos and tokens, your options get limited.

Note: Hyperledger Fabric and Corda platforms don’t provide token/crypto facilities.

  1. Scalability Requirements

Scalability issues are a big challenge in Blockchain App Development. 

  1. If your decentralized app is transaction-extensive, you must validate side-chain implications for security/flexibility and assess network transaction charges.
  2. If your decentralized app is not transaction-intensive, you must restrict the network and vendor decision to cost, efficiency, and quality.
  1.  Speed of Transactions

For lighting fast transactional speed, opt for permission-based Blockchain platforms.

  1. Security

Ensure strict security measures for your organization, opt for a robust platform, and offer high security. In such a case, EOS and Hyperledger Fabric can be your mate. They both hold an excellent track record of handling security. 

Some additional contributing factors:

  • Skills Availability
  • Multi-functionality
  • Community Support

Conclusion

The demand for blockchain platforms is rising steadily. Consider the pointers mentioned above to identify the best Blockchain platform for your needs. We hope that you find this blog helpful and insightful.

However, if you are still struggling to choose the right platform according to your project needs, don’t worry! Successive Technologies has got you covered. Consult our blockchain experts today for Blockchain consulting services. We also help you conceptualize your blockchain project idea into reality with our blockchain consulting team

How Is Big Data Revolutionizing Businesses Globally?

Wednesday, December 2nd, 2020

Can my business use Big Data? 

Yes, definitely! 

Wondering, how? Have a look: 

Big Data is all about insights. The sheer volume of metrics and numbers delivers enough scale as well as scope to present a clear picture of what it’s applied. You can identify and segment anything via Big Data. It includes customer behavior, processes, to logistical issues.  Another impressive thing: if you combine it with machine learning and analytics, you can have data-driven decision capabilities.  These capabilities can accelerate your goals. 

3Vs of Big Data: 

  • Volume: A large amount of stored data.
  • Velocity: The lightning speed at which you can process & analyze data streams.
  • Variety: The multiple sources from which you can collect data such as numbers, video, images, audio, and text.

A look at how companies can use Big Data:

Let’s take a deep dive into the top five industries using big data technology. Have a look-

Banking

Retail banks use data to understand how their customers use their bank accounts and to help identify security risks. In the future, data may also become the basis for banks to help consumers use money. Therefore, be prepared for any fraudulent activity. Big data, however, is the most significant innovation in fraud prevention in decades, helping banks to minimize the chance of suspicious behavior.

Healthcare

The healthcare industry produces large amounts of clinical, financial, administrative, and genomic data. Big Data can help to manage this data efficiently. The valuable insights provided through big data is likely to assist in identifying patients at risk. This eventually helps to improve treatment and to reduce the readmission of the patients.

Entertainment

The on-demand music service, Spotify uses Hadoop big data analytics to collate data from its millions of users. This data provides customized music recommendations to the users accordingly. Over the top, media services rely heavily on big data to offer customized content to users. This is a great move to improve its customer base in such a competitive market.

Retail

In the retail sector, Big data allows knowing their customers with personalized experiences. Data-driven advertisements and sales are helping the clothing and food industry to deliver outstanding services. Furthermore, to make the in-store experience better, the companies may use sensors and Wi-Fi access to track who visits the store and how long they stay.  This is a great marketing asset for the retail industry.

Transportation

Big data analytics finds immense applications and opportunities in the transportation industry. Governments of various countries use big data to control the traffic, optimize route planning and intelligent transport systems, and congestion management. On the other hand, the private sector uses big data in revenue management, logistics, and tech advancements to gain a competitive advantage.

Conclusion

Whether you are in one of these industries or a different one, embracing data-based operations is the key to innovation and to stay competitive in the Big Data era. We at Successive have a team of competent professionals who keep themselves updated with emerging technologies.  To know more about how you can utilize Big Data for your business,  connect today

Whale Alert: Bitcoin Split Up $5.5B Into Smaller Wallets

Wednesday, November 25th, 2020

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Source: CoinMarketClap

Launched in 2009, the first cryptocurrency ‘Bitcoin’ successfully records transactions on a decentralized, secure, and blockchain-based network. It is the largest cryptocurrency measured by market capitalization. 

In the above image:

  • Light blue bubbles represent large transactions from whales.
  • Green bubbles represent the smaller wallets in which the larger transactions get transferred.

Recent Bitcoin price:

Source: coindesk

The term ‘Bitcoin Whales’ is a cryptocurrency referring to entities holding a large amount of Bitcoin. Whales send their bitcoins to smaller wallets. They are the addresses that manage over 1.000 bitcoins. In simple terms, they are the users who have over $13 million. 

As the price of Bitcoin is increasing, the whales are sending approx. 423,914 BTC (equivalent to $5.5 billion) to other addresses/users on the blockchain. The amount is divided into ‘smaller wallets’ that includes approx. 1000 bitcoins.

Impact of Bitcoin Split-up on the following:

Tax Evasion

According to the ‘Travel Rule’ falling under International Banking:

  • You must exchange cryptocurrencies for cash.
  • Report transactions over $10,000 immediately.

In simple terms, if you want to turn your Bitcoin into some tax-free asset, you must go for splitting up your total amount into smaller amounts (before transacting them on the centralized exchanges).

Also, prepare your whales (in advance) to liquidate with the rising price of Bitcoin. Adhere to smaller transactions to avoid getting noticed by regulatory bodies.

Private Sales

Recently, several new investors, CEOs, and Board of Directors (BODs) have tried their hands in scooping Bitcoin in their corporate and personal wallets. According to BBC, the payment giant PayPal has announced to allow its users to buy and spend bitcoin. It will increase the amount of new PayPal users entering the Bitcoin market.

Complicated Transactions

Bitcoin large holders are trying to exchange their BTC without revealing the nature/source of the transaction. Layering is the perfect technique to do so.  It is splitting up a haul into a small section before settling. It is to cover your tracks. According to the travel rule incentive, smaller transactions attract less attention.

How Blockchain is revamping the Freight and Logistics Industry?

Thursday, August 13th, 2020

Technology is ever-evolving phenomena and it is reshaping almost every industry vertical with its innovative advancements and modernized methodologies. Likewise, the logistics industry is no left behind. Global shipping is a core part of today’s economy, but it is also an area that has seen few technological advances. A typical cross-border transaction involves multiple parties like exporters, importers, freight, logistics companies, etc. But now an immensely trending technology named Blockchain—a secure, replicated, immutable shared digital ledger that relies on the consent of a global peer network to operate. The digital ledger is a series of encrypted “blocks” that are linked together in public “chain” and are offering a way forward. Blockchain, since its inception, has been the buzzword for its excellent transparency and security. It is rapidly modifying the way we store and manage data. Besides, Blockchain can help track worldwide shipments more effectively, lessen administrative tasks by automating the documentation process, and guard transactions across the complete logistics chain.

Current Challenges

Currently, the global shipping sector goes through multiple bottlenecks:

  • The exchange of paper documents makes the entire process sluggish, cumbersome, and expensive.
  • Multiple parties are involved in diverse countries.
  • Extensive information about the shipment gets passed and re-packaged from one party to another often ends in errors and theft.
  • Inaccurate and false documentation leading to held up cargos in customs and imposed penalties

In conclusion, the transport and logistics companies require higher authentication, secure data to consistently improve their operations and transparent way to handle the information exchanges between parties.

Upcoming State with Blockchain

Chain Supply Utilizing the Blockchain Technology

Blockchain technology will change the way shipping and global trade operates by assuring that the stored data records are tamper-free and from a genuine source, enabling all associates to feel trust and belief in a single source of truth. Any additional information is adjoined to the original entry of the blockchain. Besides, no individual can alter the algorithm that is built into the system without the approval of others. This, however, builds confidence in the system and ensures a level playing field for even the tiniest players.

Some Current Examples of Blockchain Application in the Supply Chain

Food Security: Blockchain is seamlessly enhancing the traceability of food products along with the entire production and logistics chain. It is empowering the authorities to respond immediately and efficiently in cases of large-scale food contamination.

Cross-border Payments: Blockchain has made it facile to transfer money across borders and between institutions while diminishing intermediary costs, especially when it comes to compliance inquiries.

Cross-border Finance: Financial authorities utilizing Blockchain to transfer digital documents to encourage trading and financial activities between the two nations, also to transfer data seamlessly across borders.

Conclusion

Blockchain Technology handles the documentation process from the initial booking, shipping instructions to the drafting, and creation of the Bill of Lading and Customs Manifest. This pioneering solution has the potential to eradicate the increasing demand of shipping documents, empowering various stakeholders to positively and securely access shipment transaction data. It could lead to immense savings for those involved in international shipping. Shortly, enterprises are working on designing a unique shipping platform by leveraging blockchain technology for a broad set of information capture and distribution. This collaborative platform will provide an industrialized, secure, and scalable approach for the shipment process and it will bring a significant transformation to the freight and logistics industry.

How Blockchain is Empowering the Business World?

Tuesday, June 16th, 2020

If you are in the business world, then the term ‘Blockchain’ would not be a new one! Blockchain is undoubtedly one of the hottest new technologies to hit the business world, and companies are racing to learn more about it and how they can apply it to their business. According to statistics, the global blockchain market is anticipated to be worth $20 billion by the end of 2024. What’s driving this exponential growth? A number of factors are contributing, such as- The need to simplify business processes to keep pace with the speed of business, transparency, traceability, and reduced costs.

Well, Blockchain may have gained huge momentum in the marketplace, but people are still not aware of the terminology. They see blockchain as a synonym for bitcoin and often use the terms. However, there is no excuse for losing out on the immense business opportunities that the technology can offer you. Today, in this article you will understand different ways blockchain can make a huge difference in your business processes.

Top Industries Leveraging Blockchain Technology

Within just the last few years, industries from insurance to finance, manufacturing to local government, and everything in between has found ways to utilize the power behind blockchain! Have a look-

Considering this wide spreading of Blockchain, most of the organizations have embraced this new technology in their business. Also, the business and IT services will mark 70% of all the blockchain spending in the future, as per the research.

So, let us discuss what blockchain is and the assorted benefits of using this technology in businesses.

How is Blockchain used in business?

As the name implies, the blockchain is a series of linked data blocks. Nothing can be erased from the ledger or audit track, but more data can be added in the form of new blocks. A unique code makes it possible to differentiate one block from every other block on the chain. Blockchain is important because it is a foundational technology that has the potential to be used in an almost infinite number of ways. Some of them are-

Operational cost reduction

One of the prime benefits of blockchain technology is that it can reduce operational costs. This is because blockchain allows businesses to remove intermediator or the administrative effort associated with both transaction balancing and record-keeping.

Easy of Payments

The collaboration of blockchain and digital payments is also one of the obvious applications of decentralized blockchain networks. By removing the involvement of third parties and associated documents like billing statements and invoices, blockchain has also eased the cash flow in the startups and establishments.

Supply Chain Management

Another great benefit of blockchain for businesses is that it makes supply chain management simpler. It offers a cost-effective method of tracing goods without the guesswork and inefficiencies. This, as a result, making it possible for companies to combat counterfeiting, delay in product delivery as well as security. 

Transparency

When discussing the importance of blockchain for business, technology also adds the benefit of transparency into the business processes. Blockchain is immutable in nature which means the content stored in the system cannot be added, altered, or removed anonymously. This improves accountability and trust between the business partners; making it possible for one to monitor everything in real-time.

Smart Contracts 

Smart contracts are also one of the outstanding ways of considering blockchain for business communication transformation. Being a self-automated contract, Smart contracts are programmed such that the actions are taken on their own when the associated terms of the agreement are fulfilled or not. This not solely reduces the need for intermediaries but also makes the transactions cost-effective, time-efficient, and trustable.

Robust Security

Security is a key requirement for every business. The technology comes with the power of decentralization and transparency which encourages users on the network to store and verify some or all of the information stored in the network. Also, the blockchain network comes with higher complexity and security considerations which lower down the risk of cyber attacks Above all, Blockchain is also emerging as the perfect answer to the fight against Coronavirus by offering real-time tracking information, data immutability, and transparency across distributed decentralized ledgers.

Final Words

Blockchain technology is undoubtedly here to stay and will change the face of business. With the above-mentioned points, you can not overlook the fact that blockchain has so much potential for the business. Companies are observing these business benefits and embracing blockchain technology for its wide-reaching possibilities.

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