Blockchain

RYDOT has worked directly with the given blockchain tools and stack. Since assembly is required, it was not easy, as many of the technologies are still developing and evolving. However, working directly with the blockchain provides a good degree of innovation, for example in building decentralized applications.

This is where Revel can help entrepreneurs creating ambitious end-to-end, peer-to-peer applications, such as HPlus, Land Records, or any blockchaining a legacy system

  • Setting up an environment to test and research blockchain requires an ecosystem with multiple systems to be able to develop research and test.
  • The big players in the cloud industry like Amazon(AWS), Microsoft(Azure), IBM(BlueMix) have seen the potential benefits of offering blockchain services in the cloud and started providing some level of BaaS to their customers.
  • Users will benefit from not having to face the problem of configuring and setting up a working blockchain. Hardware investments won’t be needed as well.
  • Microsoft has partnered with ConsenSys to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure. IBM(BueMix) has partnered with Hyper to offer BaaS to its customers. Amazon announced they would be offering the service in collaboration with the Digital Currency Group.
  • Developers will have a single-click cloud-based blockchain developer environment, that will allow for rapid development of smart contracts.
Blockchain
Blockchain

A Promising New Technology

Came into prominence with a distributed ledger technology for bitcoins. It is safe, auditable and resistant to outages. Blockchain makes things transparent democratic decentralized efficient and secure. There are institutions and industries ripe for disruption by blockchain due to path breaking aspects like:

  • Security
  • Audit Trail
  • Transparency
  • Trust
  • Transaction Efficiency
  • Collaboration
  • Decentralization

Fundamentals of Blockchain

A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased.

The blockchain contains a certain and verifiable record of every single transaction ever made. To use a basic analogy, it is easy to steal a cookie from a cookie jar, kept in a secluded place than stealing the cookie from a cookie jar kept on the dining table, observed by everyone at home

Current digital economy is based on the reliance on a certain trusted authority. Be it an email, a social media like Facebook, or our online bank account. The fact is that we live our life precariously in the digital world by relying on a third entity for the security and privacy of our digital assets. The fact remains that these third party sources can be hacked, manipulated or compromised. This is where the blockchain technology comes handy.

It has the potential to revolutionize the digital world by enabling a distributed consensus​ where each and every online transaction, past and present, involving digital assets can be verified at any time in the future. It does this without compromising the privacy of the digital assets and parties involved.

Blockchain

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