How Blockchain could change the world?
If time travel was a possible thing, most of the people would march towards 2010 to buy bitcoins! Wondering why? The thing is if you have invested no more than 10,000 INR you would probably be the boss holding 330 crores by now!
The world has already stunned with such a drastic growth of Bitcoins as a cryptocurrency. People have taken into investing in these cryptocurrencies with such immense growth it has created. Newbies in the crypto industry believe one can reap enough profits if everything gets handled in the right manner!
Well, this article will assist you in knowing the importance of Blockchain and how it is predominant in the industry!
So before getting into the discussion, we shall have a short recap of Blockchain and its basics! An get to know how Blockchain could change the world!
What is Blockchain and how does it work?
To make it simple, Blockchain is the permanent record which shows who holds what! A Blockchain is a ledger system that uses an open, distributed record to keep track of transactions! The transaction here usually means cryptocurrencies, medical information, voting, home records and much more!
These transactions get packed as blocks where each block will be verified by solving a math problem! Once verification is done, the block cannot be altered and gets added to the chain of previously verified blocks!
Interesting right? Well, let us get into a deeper discussion now!
How Blockchain can revolutionize trade finance?
The truth is Blockchain is existing in every single industry with its dominance in Finance. Blockchain can potentially reduce complexity and enhance efficiency even for global logistic organizations!
Initially, the Traceability factor. With Blockchain, tracking the goods, assets is made hassle-free!
Next comes security. Each transaction in the blockchain is verified completely even with the blocks of higher complexity.
Many people have been asking me how is blockchain used in finance? The succeeding factor is Efficiency. Yes, there is no intruder to walk away with all your money!
Yet another factor could be Auditability. Each and every transaction is recorded completely and sequentially.
Now you will get into the question of How to Invest in Blockchain? Right?! Fine, this is not going to be a tedious process indeed!
There are a couple of ways through which investment can be done:
Investing in Stocks is the obvious place to start when thinking of how to adopt blockchain.
This might not be an immediate choice in investing, crowdfunding platforms are an attractive way for investors to jump into blockchain investing.
So, how to create blockchain application?
Now you would probably reach a point to create Blockchain solution. If you are Tech-savvy then these steps could help you with developing a Blockchain.
- Right off the bat, install the ganache-cli
- Then install solc
- Close the repository source
- Run Ganache CLI (Ganache is nothing but a simulator in Blockchain which runs locally in memory)
Open and run Node.js console
- Open the node js console
- Run the Node.js console. This console refers to a built-in method which is used to print messages at various levels.
Compile and Interact with the contract
- Compile the contract within the node.js console in step 3, ensuring that it has been initialized to communicate with the Blockchain!
- Now interact through Node.js console and then in the browser open index.html
By this way, you can create your own Blockchain. Now, if you have a question of How to set up Private Blockchain? Yes, your answer is here!
These are the actual steps involved. If you are good with programming and technology, this can be a simple process.
The initial step will be set up. Just open the terminal and run the below command:
sudo apt-get install software-properties-common
Once you are done with this, the next step is Installation. You can add the latest Stable Ethereum repository to your sources list with the following command:
sudo add-apt-repository -y ppa:ethereum/ethereum
Now run update and Install Ethereum by the following set of command:
sudo apt-get update
sudo apt-get -y install ethereum
- The next step is to create an account. Since the Ethereum is installed, you need to set up the account to run Smart Contracts and Transactions.
To create one, run the following command:
geth –datadir ethdata account new
- Now create a genesis file which is the start of the Blockchain. In the genesis.json file, you need to specify the four values.
Run the command to initialize the Node with genesis file created.
geth –datadir=”ethdata” init genesis.json
- In order to start the node, run the following the code:
geth –datadir=”ethdata” –networkid 15 –nodiscover console –unlock 52ced5207daddd2081f623cd3c4bc2ef30b8447f –rpc –rpcport “8000” –rpcaddr “0.0.0.0” –rpccorsdomain “*” –rpcapi “eth,net,web3,miner,debug,personal,rpc”
Enter the password and start the node. After the successful login, you can see the geth Command Line Interface
Start all the nodes in a similar way!
- You can connect the nodes by entering the following command
Now you will be provided with enode id, copy the enode id, we need this to connect to the particular node.
Run the following command to connect to the Node.
- Now we have reached the end. You should start Mining in one of the nodes. Now to start mining on a Node, in the geth CLI enter the below command.
and to stop mining
Yaay! Now we are done! Probably now you won’t have a query of how to use Blockchain Wallet?!
There is no cryptic agenda behind this! However, the crucial thing you need to ensure is security!
How does blockchain security work?
I don’t want just to restrict with Blockchain Technology. Whatever the technology it may be, be cautious about security.
Here are some tangible ways to keep yourself secured in an online platform:
- Make sure you use VPN to encrypt and hide the online activity.
- Leverage Two-Factor Authentication strategy wherever available.
- Don’t use a similar set of passwords for all your accounts.
- Ensure your password is strong and complex with a mix of multiple characters, numbers and different cases.
- Always use a Password Manager. This indeed makes the two previous points considerably easier to do as well.
Feasibly your mind will be filled with a query of how blockchain will change your life?
Yes, it has already changed my life! Don’t cudgel your brains!
The simple answer is:
- Blockchain actually makes your life secured with a direct solution!
- Moreover, the transaction cost isn’t high anyway and is prompt with its work done.
- This technology can revolutionize the insurance market.
- One more thing is, blockchain involves digital signatures.
Undoubtedly, Blockchain will never stop to dominate the headlines in the upcoming years. Online Transactions will be a never-ending strategy for the business. If you need a Blockchain to be developed, you can contact us right away!
We provide a wide range of solutions to the clientele across the globe. If you need one, you can contact us instantly to get your own Blockchain developed!!
Your suggestions and feedbacks are all the way welcomed!
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