Get Started: 10 blockchain application changing our life and businesses

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Blockchain is the 21st century’s way of storing, protecting, and transacting your assets in the form of cryptocurrency. It is the growing list of digital ledgers and records for the transactions of cryptocurrencies. In this article, we will discuss 10 blockchain applications that change our lives and businesses to a significant extent.

1.Financial management

The foremost application of blockchain technology is digital funds transfers, which changed the way many businesses around the globe. Transactions through blockchain are cheap, reliable and efficient, which saves time and money. The efficiency of the system is due to the absence of intermediaries like banks and currency exchange mediums which slows down the process. In the blockchain, there is just a single medium known as a miner server, which acts as a ledger updater and transfers funds between the sender and receiver in no time. The blockchain technology is heading forward from just funds transfer.

2.Property Management

Property management involves government institution and third parties which keep the records of owners and transfer it manually on their files in case of sale and purchase. The implication of blockchain technology in property management can decentralize the system with the probity of errors in property records. Besides, it will reduce the time and extra costs involved in property transfers.

3.Smart Contracts

The term “smart contracts” has been in use for many years but exhibited its real significance since the emergence of blockchain. Smart contracts applications which run on the algorithm of blockchain, execute the contract without any possibility of errors and frauds. It provides financial security to the contract holders without any interference of third-parties.

4.Secure and efficient digital identity

Security is the top concern of all businesses, and it demands flawless and fraud-proof digital identity mechanism. Blockchain technology makes digital identities trackable and manageable securely and effectively. ShoCard is the company which is using blockchain technology to provide user authentication services to banks and financial institutions.

5.Smart devices and IoT

A smart device is a kind of Internet of Things (IoT). These devices remain connected to the internet and can be controlled remotely. IBM and Samsung are working on a joint project to use the blockchain technology to improve the security of smart devices. The companies are developing a central public hub for smart devices. This digital ledger of IoT will let the devices to communicate for software updates without being vulnerable to hacking.

6.Supply chain management

The use of blockchain technologies for sensing the accurate supply chain is up surging trend for the companies which outsource their manufacturing form different sources. The use of blockchain technologies assures the precise and authentic supply ledgers, which are vital to maintaining quality for a brand that provides the final product into the market after assembly operations.

7.Certifications

Mismanagement and tempering in public records like birth, death, and wedding certification, demanding the adoption of blockchain technologies. The blockchain technologies can make the public book-keeping more reliable by inducing an encryption-based algorithm for public records.

8.Government elections

Elections through electronic systems are a matter of concern for computer scientists. As hackers can rig the election by accessing the election servers and manipulation of data. Blockchain technology can provide high-level encryption to public data with less vulnerability to hackers. Besides, a blockchain-based voting ledger could let the individual voter track their vote. The technology will lead to 100% fair elections, along with the election cost-cutting.

9.IDs to smart ID

Nowadays, people carry identifications like driving license, car registrations, passwords, keys, and many more. Blockchain can transform all these ID cards, documents and digital keys into one Blockchain ID. An open-source blockchain public ledger can use to verify any paper at any place

10.NOTARY

Legal processes are expensive and take much time. With the blockchain technologies, notary services can be made inexpensive and fast. There are already a couple of apps like Uprooy and Stampd, which use blockchain technologies to notarize the rights of digital creation.

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Get started: Bitcoin, What is it?

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Over ten years ago, a new technology was introduced to the world in the form of a digital currency called Bitcoin, and its inception paved the way for the creation of several other cryptocurrencies. When Bitcoin was introduced, it was met with a lot of skepticism and criticism, and analysts predicted it was a bubble that would burst within a few years. It is amazing to know that Bitcoin ranks at the top of the cryptocurrency list as the most valuable coin by market cap.

Satoshi Nakamoto is the brain behind Bitcoin, and it was released in 2009 as a peer-to-peer cryptocurrency to facilitate seamless payments, as well as a store of value.

How it Works

Bitcoin is a virtual or digital currency, and that invariably means that the digital currency is created with source codes that are a function of a combination of complex algorithms that prevent the unauthorized duplication and creation of Bitcoins. This source code uses cryptography for its security, as well as to facilitate the coin’s functionality with the aid of an amazing underlying technology called blockchain.

Bitcoins are stored in digital wallets, and users can send the digital currency from one person to the other with the aid of numerical codes that are called keys. There are several features that come with using Bitcoins, including:

  • Decentralization
  • Privacy
  • Advanced Security
  • Quick Transactions
  • Global Access and Functionality
  • Cross-Border Transactions
  • Zero or Near-Zero Transaction Fees
  • Etc.

When Bitcoin transactions are made, the transaction gets recorded on a distributed ledger called blockchain, which is transparent and immutable, and that makes it possible to trace a transaction without being able to alter or manipulate the records.

How to Get Bitcoins

There are several ways to get Bitcoins, and they include:

  • Purchasing the digital currency with fiat money (tangible money like dollars, euros, pounds, etc.)
  • You can become a Bitcoin merchant and sell items in exchange for Bitcoin
  • Bitcoin can also be gotten through mining with the aid of computers and special computer hardware. However, this method is expensive to venture into.

Why Bitcoin?

As mentioned earlier, Bitcoins have become valuable, and that is due the fact that it has become a medium of exchange for many people and businesses in different parts of the world. Owners of Bitcoin can exchange them for goods or cash, and some even use it to hedge funds.

A lot of people have begun to adopt the use of Bitcoin, because it can be used anonymously, and banks, governments, agencies, etc. barely have any control over the cryptocurrency, and thus it makes it much easier to use than going to the bank and using fiat currency.

Another reason why people are opting for bitcoin and other cryptocurrency is the fact that it has some security that makes it difficult to steal, unless the thief gains access to the user’s passkey and wallet. Bitcoin has experienced its share of highs and lows, and while some people have made a fortune from Bitcoin investments, it is advisable to invest what you are not afraid to lose.

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The 5 Main application for AI

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Artificial intelligence has become a crucial part of daily human lives today and it assists in almost every scenario — whether you realize it or not.
Every time you do a Google search, book a trip online, receive a product recommendation from Amazon, or open your Facebook newsfeed, which are just a few everyday instances — AI is lurking in the background. Artificial Intelligence has various applications in today’s society. It is becoming essential for today’s time because it can solve complex problems with an efficient way in multiple industries, such as Healthcare, entertainment, finance, education, etc. AI is making our daily life more comfortable and fast.

( some sectors which have the application of Artificial Intelligence Source: https://www.javatpoint.com/application-of-ai)
AI is important because it can help solve immensely difficult issues in various industries, such as entertainment, education, health, commerce, transport, and utilities. AI applications can be grouped into five categories:
Reasoning: The ability to solve problems through logical deduction. e.g. financial asset management, legal assessment, financial application processing, autonomous weapons systems, games
Knowledge: The ability to present knowledge about the world. e.g. financial market trading, purchase prediction, fraud prevention, drug creation, medical diagnosis, media recommendation
Planning: The ability to set and achieve goals. e.g. inventory management, demand forecasting, predictive maintenance, physical and digital network optimization, navigation, scheduling, logistics
Communication: The ability to understand spoken and written language. e.g. real-time translation of spoken and written languages, real-time transcription, intelligent assistants, voice control
Perception: The ability to infer things about the world via sounds, images, and other sensory inputs. e.g. medical diagnosis, autonomous vehicles, surveillance

AI trends in various sectors are
Healthcare
• AI and ML technology has been particularly useful in the healthcare industry because it generates massive amounts of data to train with and enables algorithms to spot patterns faster than human analysts.
• Medecision developed an algorithm that detects 8 variables in diabetes patients to determine if hospitalization is required.
• An app called BiliScreen utilizes a smartphone camera, ML tools, and computer vision algorithms to detect increased levels of bilirubin in the sclera (white portion) of a person’s eye, which is used to screen people for pancreatic cancer. This cancer has no telltale symptoms, hence it has one of the worst prognoses of all cancers.

Finance
• Financial services companies use AI-based natural language processing tools to analyze brand sentiment from social media platforms and provide actionable advice.
• Investment companies like Aidya and Nomura Securities use AI algorithms to conduct trading autonomously and robo-traders to conduct high-frequency trading for greater profits, respectively.
• Chatbots, powered by natural language processing, can serve banking customers quickly and efficiently by answering common queries and providing information promptly.

Data security
Cyber-attacks are becoming a growing reality with the move to a digital world. There are also concerns about AI programs themselves turning against systems. Automatic exploit generation (AEG) is a bot that can determine whether a software bug, which may cause security issues, is exploitable. If vulnerability is found, the bot automatically secures it. AEG systems help develop automated signature generation algorithms that can predict the likelihood of cyberattacks.

Conclusion
Jack Ma, the founder of Alibaba, warned the audience at the World Economic Forum 2018 at Davos that AI and big data were a threat to humans and would disable people instead of empowering them. However, given the sweeping real-world applications of AI and ML and the constant advancements in the field, it is more likely that the technology will transform the way we work—enabling faster, more informed decisions, increasing operational efficiency, and innovating new products and services.

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What will be the economy of the future?

 

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The 2020s will be a decade of slowing economic growth, especially in the developed world. That means the emerging economies — particularly in Asia — will continue to represent an ever-growing proportion of the global economy. But the largely unforeseeable effects of accelerating technological advances and the more predictable impacts of climate change add complexity to the already fraught business of economic prediction.

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