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Security and trust in a blockchain network: Everything that goes behind guarding the data

Blockchain has remained to be one of the emerging technologies that have the potential to change the way everything functions. In fact, it has been forecasted that blockchain technology revenues will grow massively in the Read more…

The post Security and trust in a blockchain network: Everything that goes behind guarding the data appeared first on ixBlog.

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Blockchain has remained to be one of the emerging technologies that have the potential to change the way everything functions. In fact, it has been forecasted that blockchain technology revenues will grow massively in the near future. By the year 2025, the revenues will touch a staggering $39 billion. Also, the financial sector will be the first to go full throttle on blockchain and more than 60 percent of the value of the technology’s market will be confined to this field.

Owing to its unique features of functioning as a tamper-evident distributed ledger, blockchain has great potential to transform businesses spanning across various industries. One of the most popular use cases of blockchain has been the logistics and supply chain management.

Whether it is the number of transactions being carried out by the parties or the ease of traceability of products bought by customers, the supply chain sector will benefit immensely from the new tech. This is because blockchain is synonymous with transparency and security. But, what makes the data on the blockchain so secure? Let’s explore in detail.

What does blockchain consist of?

In simple words, blockchain refers to a continuous chain of blocks. Here, a “block” means a digital piece of information stored in a public database called the “chain”. These blocks store information such as the time and date of the transaction and the parties involved in the transaction.

Depending on the size of the transactions, a single block in a blockchain can store more than one thousand transactions together. What’s very interesting is that each block in the blockchain stores a “hash”, a special encrypted code that distinguishes one block from the other. These “hashes” are nothing but cryptographic codes generated by unique algorithms.

How does blockchain work?

Since blockchain consists of blocks of encrypted data, whenever a block stores new data, it is added to the chain. However before a block is added, there is a series of certain processes that must happen. Firstly, a transaction must happen and it must be verified. In a blockchain, a network of computers decides the verification of transactions irrespective of the sources of the transaction such as the Securities Exchange Commission, Amazon, or your local grocery shop.

When a transaction is confirmed, the details including the time of the transaction, money spent, and name of participants are stored in a block. As soon as this is done, a unique identifying code called “hash” is assigned to the block. After getting hashed, the new block is finally added to the public blockchain, where anyone can view the transaction, including the person who performed it.

How secure is blockchain?

Before getting into this topic, it must be noted that blockchain ensures trust and security at various levels. Since the arrangement of the blocks happens in a linear and chronological fashion and there is hashing of each block, it’s almost impossible to modify or delete a block once it is added to a blockchain.

As soon as a block is added to the blockchain’s end, it is really difficult to undo or delete it from the chain. This is primarily due to the hash associated with each block. Every block has a unique hash and also the hash of the previous block in the chain. These hash codes are generated with the help of complex math functions and algorithms, which thereby convert the digital information into a string of numbers and letters.

If anyone tries to tamper with the data in any block, the hash codes associated with all connected blocks will change. That is why hash codes form an integral feature for securing the information on the blockchain.

Is the blockchain easy to hack?

Let’s consider an example. For instance, you purchased something from Amazon and the successful transaction gets stored in a public blockchain. However, a hacker wants to know your card details and other related sensitive information and tries to access the transaction. When the hacker tries to modify or access any details, it will change the hash code of the particular block.

Also, the successive blocks that contain the old hash will get changed and if the hacker wants to go unnoticed, he must ensure that each block’s hash code is changed accordingly. Performing such a tedious task will definitely consume a lot of computing power and the number of hashes to be modified will be enormous.

Besides, there is another aspect of security when it comes to blockchain. There are certain “implemented tests” for computers who wish to join a blockchain. These tests are known as “consensus models” that have to provide some “Proof of Work”. This feature addresses the issue of trust in a blockchain as the computers have to “prove” the fact that they have solved a computational math problem to become eligible for joining or adding blocks to a chain. Such “Proof of Works” and the immutability of the blocks keep hackers and 51% attacks at bay.

Will blockchain be the new wave?

Owing to the different types of benefits that blockchain technology offers, every industry will try to adopt it in the near future. Right from the supply chain industry to financial institutions and medical database management systems, blockchain will be the new norm amongst other technologies.

Today, security is a crucial aspect of any application and blockchain technology reinforces that fact very well through cryptographic hash codes and consensus algorithms. So, how prepared are you for this new wave? Don’t you want to leverage the advantages of blockchain for your business and build an application to secure and streamline everything? Get in touch with our experts if you have any such idea in mind.

Source: http://blog.ionixxtech.com/security-and-trust-in-a-blockchain-network-everything-that-goes-behind-guarding-the-data/

Blockchain

Cardano Multi-Asset ‘Mary’ Update Launches to Mainnet

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Late on Monday, March 1, Cardano announced the successful upgrade of the network stating that it is a key milestone in its ongoing rollout.

It added that the update introduces core Goguen features of native token functionality and multi-asset support. Goguen is a major upgrade stage on the Cardano roadmap which introduces smart contracts and the ability to build dApps.

Multi-Asset Mary For Native Tokens

According to an IOHK blog post, native tokens will bring multi-asset support to Cardano, allowing users to create uniquely defined custom tokens and carry out transactions with them directly on the blockchain.

The ‘Mary’ upgrade enables the ledger’s accounting infrastructure to process not only ADA transactions but those that simultaneously carry several asset types. It added that native support grants distinct advantages for developers as there is no need to create smart contracts to handle custom token creation or transactions.

Developers and now create tokens on Cardano for everything from NFTs to tokenized stocks or commodities, and according to Token Tool, there are already over 1,400 of them. It appears that they are just being created for experimental purposes at the moment as most of them do not have a purpose.

The blog post explained that, unlike Ethereum’s ERC-20 standard, tracking and accounting of custom tokens on Cardano is supported by the ledger natively:

“Because native tokens do not require smart contracts to transfer their value, users will be able to send, receive, and burn their tokens without paying the transaction fees required for a smart contract or adding event-handling logic to track transactions.”

ADA Price Update

ADA has surged in price in the run-up to the upgrade, so much so that it has usurped Binance Coin and taken the third spot on the market cap charts according to CoinGecko.

At the time of press, ADA was still correcting with a 2.4% decline on the day to $1.22. Its all-time high came on Feb. 27 when the token topped $1.45 briefly. Over the past 30 days, Cardano has made a whopping 240% and since the same time last year when it was priced at a lowly $0.05, it has surged over 2,500%.

There are 32 billion tokens circulating out of a maximum supply of 45 billion giving the asset a market cap of $38.8 billion at current prices.

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Source: https://cryptopotato.com/cardano-multi-asset-mary-update-launches-to-mainnet/

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Blockchain

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports which claimed that Miami was considering putting 1% of its treasury reserves into Bitcoin.

In fact, a few weeks ago, the city official had also claimed that Miami was looking at crypto-regulations in the state of Wyoming and Wisconsin, among others, to take a step towards enabling crypto-payments.

Mayor Suarez is in the news again today after he responded to Treasury Secretary Janet Yellen’s comments on Bitcoin, the world’s largest cryptocurrency. Speaking to the media at the recent NYT DealBook Conference, Yellen claimed that Bitcoin is an “extremely inefficient way of conducting transactions.” Further, the Treasury Secretary also raised serious questions about Bitcoin’s use for illicit finance and its energy consumption.

Yellen’s remarks, however, didn’t come as a surprise to Miami’s Mayor.

“It doesn’t surprise me at all that a Treasury secretary would find a decentralized potential currency to be hostile to a currency that they control.”

According to Suarez,

“For people who invest in Bitcoin, the allure is precisely that: It’s not backed by a central government. So it’s not manipulatable by the central government.”

During the said interview, Suarez also shot down questions about the risk associated with the world’s largest cryptocurrency. When asked about investing in an asset class that has long been known for its volatility, the Mayor remarked that Bitcoin is an asset class that is still being studied, and not something Miami is jumping right into. “Bitcoin is worth studying and worth looking at,” he concluded.

While Mayor Suarez’s bullish comments on Bitcoin aren’t a surprise, it is worth highlighting that his latest comments were a direct response to statements made by the United States’ Treasury Secretary, a development that highlights the gulf that is appearing between local officials and the country’s biggest financial decision-makers.


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Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin

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Blockchain

Nigeria’s Vice President makes a surprising case for Cryptocurrencies

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Nigerians bounce back with a defiant response to the government’s Bitcoin ban

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A contradictory statement has recently been made by Nigeria’s Vice president Prof. Yemi Osinbajo, concerning the recently imposed Cryptocurrency ban by the country’s Central bank. The Vice President explained at the CBN bankers committee economic summit, that digital currencies are an inevitable part of the country’s economy.

Prof. Osibanjo makes a fair case for digital currencies

He reckoned that as opposed to banning Cryptocurrencies entirely, employing care and prudence could favor the technological developments that are byproducts of the emergence of digital currencies.

“We must act with knowledge and not with fear, we must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects or any of the criminal acts that may arise as a consequence of adopting or taking any of these options.” He explained.

Taking to Twitter to share the aforementioned keynote speech at the summit, he went on to emphasize the impending innovative shift that the country would make when digital currencies dominate the financial market.

As he puts it :

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“Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift.”

Nigerians respond to the government’s  “theatrics”

The Crypto-community in Nigeria has responded to the Vice President’s speech in sarcastic unison, as they await a turnaround of events to carry out the job of clearing their doubts. Similar theories have sprung up, following the country’s Cryptocurrency ban, in which banks were prohibited from partnering with Cryptocurrency firms to process payments. 

Many have suggested that the government’s decision to ban Cryptocurrency is birthed out of the fear of the decentralized nature of digital currencies, which were efficient for the ‘EndSars’ protesters to bypass bank restrictions and continue with their march against police brutality.

Nigerians cling to P2p trading to help combat government policies

It remains to be seen what the future holds for the country, whose younger citizens have helped to boost and profit from the booming industry of Cryptocurrency investment and trading, among other Crypto-related activities from their end.

In the meantime, for Cryptocurrency trading platforms like Buycoins, the show must go on. Users of the platform have since returned to their roots as the platform employs a third-party app to facilitate peer-to-peer trading.

Even though this could potentially affect the speed at which transaction is processed, Nigerians have reaffirmed that sticking to the available option is still less risky than storing their money in a traditional bank.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/nigerias-vice-president-makes-a-surprising-case-for-cryptocurrencies/

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