In today’s fast-paced business environment, developing and launching a successful product can be a significant challenge. To mitigate the risk of investing time and resources in a product that may not resonate with customers, businesses are increasingly turning to MVP development. An MVP is a basic version of a product that is developed with the minimum set of features required to solve a customer problem or fulfill a customer need. The goal of MVP is to test the market and validate assumptions about customer needs, while minimizing the time and resources required for development. In this article, we will explore how MVP development can help mitigate risk and discuss strategies for successful custom software development.
What is MVP?
A Minimum Viable Product (MVP) is a simple version of a product that is established with the smallest possible set of features required to solve a customer problem or fulfill a customer need. The goal of an MVP is to test the market and validate assumptions about customer needs, while minimizing the time and resources required for development.
How does MVP development mitigate risk?
Reduces development costs:
Developing a full-featured product from the start can be costly and time-consuming. By using an MVP approach, development costs can be significantly reduced, as only the essential features are developed.
Early feedback from customers:
An MVP allows businesses to acquire early feedback from consumers, which can help validate expectations and identify potential issues with the product.
Minimizes market risk:
By testing the market with an MVP, businesses can get a sense of how well the product will perform before investing significant resources into full development. This can help minimize the risk of launching a product that doesn’t resonate with customers or doesn’t have a viable market.
Faster time to market:
Developing an MVP takes less time than developing a full-featured product, which means that businesses can get their product to market faster. This can be a significant advantage in competitive markets, as it allows businesses to establish a presence and gain market share more quickly.
Mitigate the Risk: minimize the investment with MVP Development
An MVP (Minimum Viable Product) is a concept that involves creating a basic version of a product or service with just enough features to meet the needs of early adopters. The purpose of an MVP is to test the market and gather feedback from customers with minimal investment. By starting with an MVP, you can mitigate the risk of investing time and money in a product that may not be successful in the market. You can also minimize the amount of investment required to create the product, allowing you to focus your resources on the most essential features and functionalities.
Strategies to Mitigate MVP Development Risks
Custom software development involves risks, such as delays, budget overruns, and failure to meet user requirements. To mitigate these risks, here are some strategies that you can adopt:
Define clear project requirements:
Clearly defining the project requirements with stakeholders is essential for successful custom software development. This will ensure that everyone is on the same page regarding the project goals, timelines, and expectations.
Use Agile Development methodology:
Agile development methodology involves working in short sprints, each focused on a specific goal, which allows for greater flexibility and adaptability. This approach allows teams to identify and address issues quickly and efficiently, reducing project risks.
Conduct a thorough risk analysis:
Conducting a thorough risk analysis at the start of the project can help identify potential issues and how to mitigate them. This includes identifying potential roadblocks, bottlenecks, and dependencies, and establishing contingency plans.
Use a collaborative approach:
Involving all stakeholders in the project and creating a collaborative work environment can help mitigate risks. This includes frequent communication, regular project reviews, and working with users to ensure that the software meets their needs.
Conduct regular testing:
Conducting regular testing throughout the development cycle can help identify and fix issues early on. This includes testing at each stage of the development process
Conclusion:
MVP development is an effective approach for mitigating risk in product development. By focusing on essential features and getting early feedback from customers, businesses can reduce development costs, minimize market risk, and get their product to market faster. In addition, the insights gained from an MVP can help guide further development. It also ensures that the final product meets customer needs and expectations. Ultimately, using an MVP approach can help businesses launch successful products that meet customer needs and drive business growth.
Minimum Viable Product (MVP) vs Minimum Marketable Product (MMP)
Introduction
MMP and MVP are two terms that are often there in the world of product development. While both are crucial stages in the product development cycle, they serve different purposes. MVP is the first iteration of a product released to early adopters to test and provide feedback. While MMP is a more advanced version of the product that is ready for wider adoption.
What is MVP?
MVP stands for Minimum Viable Product. The idea behind an MVP is to quickly validate a product concept with minimal investment by focusing on the most critical features needed to attract early customers. By launching a simple product with the minimum set of features, businesses can get feedback from customers and use that feedback to iterate and improve the product over time.
What is MMP?
MMP stands for Minimum Marketable Product. It brings up a version of a product that has an adequate amount of features to be marketed to a larger audience. An MMP is the next step after an MVP when the product has gone through several iterations based on customer feedback and has evolved to a point where it is ready for wider adoption. The MMP may have additional features and enhancements that make it more marketable, but it still retains the core functionality that made the MVP successful.
Characteristics of MVP
Focus on the Core Functionality:
The MVP should have only the core features and functions that are essential to solving the customers’ problems. This helps to keep the development process simple, cost-effective, and fast.
User Experience (UX):
The user experience of an MVP should be intuitive, easy to use, and meet the customers’ expectations. This is essential to gain traction and to get feedback from the users.
Scalability:
An MVP should be designed with scalability in mind. The product should be able to handle the increasing number of users and features in the future.
Data Analytics:
An MVP should be equipped with data analytics to help the team collect feedback and user insights, which are critical to improve the product’s performance.
Minimalistic Design:
An MVP should have a minimalistic design that focuses on usability and functionality. The design should not distract users from the core features and functions.
Beta Testing:
Before launching the MVP, it is important to conduct beta testing to get feedback from early adopters. Beta testing helps the team to identify and fix issues before the launch.
Cost-Effective:
An MVP should be developed with a cost-effective approach in mind. The development process should be optimized to minimize costs, while still delivering a functional product.
Characteristics of MMP
Core Functionality:
The MMP must include the basic features and functions that are essential for the product to work. Minimum requirements that must be met for the product to consider viable.
User Interface:
The MMP should have a simple, easy-to-use interface that allows users to access the core functionality of the product without any unnecessary complexity.
Performance:
The product should perform well enough to meet the needs of its target market. This means that the product should be fast, reliable, and responsive.
Scalability:
The MMP must designed with scalability in mind, so that it can be easily expanded and enhanced as the product evolves and grows.
Security:
The product must designed with security in mind, to ensure that customer data is protected and that the product is not vulnerable to hacking or other security threats.
Support:
The product must be supported by a dedicated team that can provide assistance and support to customers when needed.
Pricing:
The pricing of the MMP should be competitive and affordable, in order to attract early adopters and generate revenue.
How to advance from minimum viable product to minimum marketable product?
Advancing from a minimum viable product (MVP) to a minimum marketable product (MMP) involves several steps that aim to improve the product’s features, functionality, and overall appeal to the target market. Here are some steps to follow:
Gather Feedback:
Collect feedback from early adopters and early customers to determine what features they find most valuable and what features need improvement.
Prioritize Features:
Prioritize the most valuable and essential features that are necessary for the product to succeed in the market.
Improve User Experience:
Refine the user experience by improving the product’s design, user interface, and usability.
Expand Functionality:
Add more features and functionality that align with the target market’s needs and preferences.
Test with Beta Users:
Conduct beta testing with a group of users who closely represent your target market to identify any issues and make any necessary changes.
Develop a Marketing Strategy:
Develop a marketing strategy that highlights the product’s unique selling points and positions it effectively in the market.
Conclusion:
In conclusion, MMP and MVP are essential concepts in product development, and they serve different purposes. MVP is a basic version of a product to validate the product idea and get feedback from early adopters. While MMP is an advanced version of the product that is ready for wider adoption. Understanding the features and differences between these two concepts can help product development teams to make informed decisions and create products that meet the needs of their target audience.
What is the Impact of MVP development on Product Innovation?
Introduction
As technology continues to evolve at a rapid pace, businesses are constantly under pressure to stay ahead of the game by creating innovative products that cater to their customers’ needs. However, developing a new product without knowing about its potentials and market-fit can be risky and costly. That’s where MVP (Minimum Viable Product) development comes in. It is a development technique that allows businesses to create a basic version of their product with only the essential features.
Let’s explore the impact of MVP development on product innovation and why Iotric, an MVP development company, should be your go-to partner for this process.
What is MVP Development?
MVP development is a technique that involves creating a basic version of a product that has only the essential features. The aim is to test the product’s viability with real users, gather feedback, and make improvements accordingly. MVP is not about creating a finished product, but rather about getting feedback from real customers to understand their needs and improve the product before investing significant time and resources into it.
Impact of MVP Development on Product Innovation
MVP development has had a significant impact on product innovation. Going on to the market with MVP can give you real-time customers feedback that can help you a lot to analyze the potential of your idea and use cases. This can be a very important part where you get the access to test your idea in the market. It allows businesses to innovate without investing too much time and money into a product that may not succeed.
Here are some ways MVPs development impacts product innovation:
Faster Time to Market
One of the most significant impacts of MVP development is that it enables businesses to develop and launch their product much faster than traditional product development methods. By focusing only on essential features, businesses can create a basic version of the product and test it with real customers within a short time. This allows businesses to get their product to market quickly and start generating revenue sooner.
Better Customer Insights
MVP development allows businesses to get feedback from real customers, which helps them understand their needs better. This information is invaluable in making improvements and refining the product to better meet customer needs. By gathering feedback from real users, businesses can understand their pain points and make necessary adjustments to improve the product’s functionality, user experience, and overall value.
Reduced Risk
By testing the product with real customers, businesses can reduce the risk of investing significant time and resources into a product that may not succeed. It helps businesses test the waters before making significant investments in product development. This means that businesses can minimize the risks associated with launching a new product and make informed decisions based on customer feedback.
Why Choose Iotric for MVP Development?
When it comes to MVP development company, you need a partner you can trust to guide you through the process. That’s where Iotric comes in. As an MVP development company, Iotric has a team of experts who can help you develop your product from concept to launch.
Here are some reasons why Iotric should be your go-to partner for your MVP development:
Experience
Iotric has years of experience in MVP development, making them a reliable partner for your product development needs. We have helped numerous businesses bring their products to market quickly and effectively.
Customized Solutions
We offer customized solutions tailored to your specific needs. By working closely with you, we understand your business and product goals, ensures that the final product meets your expectations. We takes the time to understand your target audience and the problems they face. We starts building the product by effectively addressing the needs of your consumers.
Expert Team
Iotric has a team of experts who specialize in building MVPs. Their team includes designers, developers, and product managers who work together to create the best product for your business needs.
Conclusion
MVP development has revolutionized product innovation. It enable businesses to create and launch new products faster, with reduced risk and better customer insights. Iotric is a trusted MVP development company with years of experience and a team of experts who can guide you through the entire process. Contact us today to learn more about how we can help you develop your next MVP. Don’t wait any longer to bring your product to life!
Blockchain development companies are organizations that specialize in building and implementing blockchain-based solutions. As the demand for blockchain solutions continues to grow, these companies are playing an increasingly important role in shaping the future of digital transformation. In this article, we will explore the *top blockchain development companies that are leading the industry.
10. Iotric
Iotric is a leading blockchain development company specializing in providing business-centered digital solutions driven by innovation and technology. They offer a range of services including custom blockchain development, smart contract development, NFT development, web3 development, mobile app development, UI/UX design, AR/VR development, and DevOps services. Iotric follows Agile development methodology that highly focuses on transparency for the duration of development.
9. Lapits
Lapits (formerly known as Novvr) is a blockchain technology company that specializes in providing smart contract security and development audit services. It offers a range of services including smart contract, NFT marketplace, crypto exchange, decentralized finance, and DApp services.
8. Fueled
Fueled is a technology-focused blockchain development company that specializes in providing end-to-end blockchain solutions for businesses and enterprises. They boast a team of skilled blockchain developers and experts who work together to develop and implement customized blockchain applications, smart contracts, and decentralized platforms.
7. Capgemini India Pvt Ltd
Capgemini India Pvt Ltd is a subsidiary of the global technology consulting and digital transformation company, Capgemini Group. As a blockchain development company, Capgemini India Pvt Ltd focuses on harnessing the power of blockchain technology to create innovative solutions for businesses across different sectors.
6. Infosys
Infosys is a global technology services and consulting firm that is actively involved in the development of blockchain technology solutions. With over four decades of experience in managing the working and systems of global enterprises in more than 50 countries, Infosys provides innovative and comprehensive blockchain solutions for various industries.
5. Zensar Technologies Inc.
Zensar Technologies is a leading global Information Technology (IT) company that provides services and solutions specializing in software development, digital transformation, and IT infrastructure services. They offer services including artificial intelligence, digital supply chain, enterprise applications, cloud infrastructure, data engineering and analytics, application services, and foundation services.
4. Tata Consultancy Services Limited
Tata Consultancy Services Limited is a multinational blockchain development company that provides IT infrastructure, application development, business process outsourcing, and digital transformation solutions to clients across various industries worldwide. TCS has a strong focus on innovation and has been at the forefront of developing new technologies, products, and business models.
3. Hashcash Consultants
Hashcash Consultants is a global software development company that specializes in providing blockchain-based solutions and services to various industries. They offer a wide range of services including HC Remit, HC Corporate Payment, crypto exchange, crypto payment, AI development, IoT development, and more.
2. L&T information technology
L&T Infotech, also known as Larsen & Toubro Infotech founded in 2012. It is a global technology consulting and digital solutions company that provides various IT services and solutions to clients worldwide. It is a subsidiary of the Larsen & Toubro Group, a leading multinational conglomerate based in Mumbai, India. One of the key areas that L&T Infotech focuses on is blockchain technology. L&T offers a wide range of services including product lifecycle management, engineering design research and development.
1.Hyperlink Info system
Hyperlink Info system is development company that offers a wide range of IT services, including blockchain development, E-commerce development, IoT & Embedded, DevOps, AI & ML, game development and many more. Established in 2011 and based in India, the company has a strong global presence with offices in the USA, UK, UAE, Australia, and France.
Conclusion
Blockchain technology has the potential to revolutionize the way businesses operate by providing secure, transparent, and efficient systems for storing and transferring data. From finance and healthcare to logistics and supply chain management, blockchain technology has numerous applications that can improve processes and reduce costs. As more companies and industries begin to explore the potential of blockchain, it is likely that we will see continued growth and development in this field, with new use cases and innovations emerging over time. By partnering with a reputable blockchain development company and leveraging their expertise, businesses can ensure that they are well-positioned.
*The list of blockchain development companies above is based on several key factors, including years of experience in the market, the quality of products delivered, flexibility, cost of development, expertise, technology stacks, and client reviews throughout India. We have curated the list of companies above using our own research and Google search results. There may be other blockchain development companies that also deserve to be on the list of top blockchain development companies in India.
A Beginner’s Guide to Progressive Web Apps and it’s Benefits
Are PWAs suitable for your business growth?
Introduction
In today’s digital world, users expect seamless and fast experiences when using websites and apps. However, slow loading times, poor connectivity, and the need for separate apps for different platforms can create frustration for users and businesses alike. This is where Progressive Web Apps (PWAs) come in. PWAs offer a solution to the challenges faced by traditional apps and websites, providing an app-like experience that works on any platform and any device, with fast loading times and offline accessibility. In this blog, we will explore the benefits of PWAs and how they can help businesses provide a superior user experience to their audience.
What is Progressive Web App?
Progressive web app or PWA is a website that delivers an experience as same as a mobile app. Progressive web apps are well known for their ability to work on unstable networks and responsive user interface, fast load time and many more. Correspondingly no requirement is there to share any revenue cut to app stores. PWAs are easy to install and take up minimal space on devices, making them a popular choice among users who demand smooth mobile experiences without cluttering their devices with numerous apps. With PWAs, businesses can provide their users with an app-like experience that works seamlessly across platforms and devices. Overall, PWAs are a game-changer in the world of web applications, meeting the demands of modern users who seek fast and responsive experiences without compromising on functionality.
Advantages of Progressive Web Apps
Progressive:
Progressive enhancing technology has built a progressive web app and works with all browsers. This feature gives you the freedom to dedicate further time to improve the functionality of the application.
Discoverable:
Progressive web app is a progressive website and therefore exposed by search engines.
Responsive
Progressive web apps become accustomed to different screen resolutions and sizes. A decent responsive design can serve the user on multiple devices including future devices also.
Linkable:
Progressive web applications can easily be shared through URLs and so, not require complex installation.
Secure:
Progressive web app is attended through HTTPS to avoid snooping and make it more protected for dealing with users data and dealing out payments.
Disadvantages of Progressive Web Apps
Issues with legacy devices:
Progressive web apps are not compatible by means of legacy policies that run non-operational browsers. Many users still operating on the past devices might aspect these issues and criticize the businesses. In the coming time, we will see resolutions to overcome this issue.
No room for innovation:
Progressive web apps obligate very narrow scope of functionality. Web apps help to perform various processes and to solve a wide range of problems via many features.
Limited browser support:
Progressive web apps are essentially android centric and cannot run on other browsers such as safari and edge. Work is in progress for PWAs to support such browsers.
What Are Native Apps?
Native apps are applications that are specifically built for certain platforms and are written in a language that is accepted by that platform. Native apps are designed to work seamlessly with the devices on which they are installed, enabling them to perform faster and more flexibly than other application types. These apps can directly access the hardware of the device, such as the GPS, camera, microphone, and so on. This direct access to device hardware enables native apps to execute faster, resulting in a better user experience.
Difference Between Progressive Web Apps and Native Mobile Apps
Native apps are designed to run on specific mobile operating systems like iOS and Android. In contrast, Progressive Web Apps (PWAs) are designed to be delivered from a web server and runs in a browser.
Native app development typically takes longer, and developers need to create a single codebase that will work on multiple devices. With PWAs, on the other hand, developers can create a single app that can be accessed from any device with a web browser, regardless of the platform.
PWAs bypass store requirements since users can access them simply by entering a URL into their browser. Updates to PWAs happen automatically without requiring any approval from app stores.
Another key difference between native apps and PWAs is discoverability. Native apps and their pages cannot be indexed by search engines like Google. Users typically find native applications through the app stores. In contrast, PWAs are discoverable via search engines, making them more visible to potential users.
Are PWAs Suitable for Business Growth?
As more and more businesses strive for fast, reliable, easy-to-maintain, and lightweight websites and mobile apps, many are turning to a new technology called Progressive Web Apps (PWAs). With PWAs, developers can reach multiple platforms and devices, including Android and iOS, with just a single codebase. Despite being developed as a web application, PWAs offer the user experience of a sleek mobile application, providing results that are comparable to those achieved with native and hybrid mobile apps. By harnessing the power of PWAs, businesses can enhance their online presence and potentially drive growth.
Conclusion
The future of web applications lies in Progressive Web Apps (PWAs). PWAs are built with modern APIs that enable enhanced capabilities, including improved functionality, reliability, and installability, without taking up too much space. As a result, PWAs are gaining popularity and seeing significant investment in the technology sector. They offer numerous advantages, such as ease of maintenance, smaller size, and lower cost of development, making them a potentially lucrative choice for businesses. In short, Progressive Web Apps offer significant benefits and represent the next generation of web applications.
How Smart contracts are paving the way for businesses?
Introduction
In today’s business world, traditional methods of executing contracts are often slow, inefficient, and prone to errors. These outdated methods can lead to a variety of problems, such as delayed payments, contract breaches, and disputes between parties. One of the most significant problems is the need for intermediaries to oversee and enforce contract agreements, leading to higher costs, longer processing times, and increased risk of fraud and errors. Furthermore, traditional contracts often lack transparency, making it difficult to track and verify the progress of a contract’s execution.
In addition, traditional contracts typically require manual verification and enforcement, leading to delays and increased costs. This can be especially problematic in situations where contracts involve multiple parties, complex conditions, or time-sensitive requirements.
To address these challenges, the implementation of smart contracts offers a potential solution. By using self-executing code and blockchain technology, smart contracts can automate the execution and enforcement of contract terms, eliminating the need for intermediaries, reducing costs, and increasing efficiency. Furthermore, smart contracts are transparent, immutable, and tamper-proof, ensuring that all parties have access to the same information and reducing the risk of fraud or error.
What is a smart contract?
Smart contracts, often referred to as condition-oriented programs that act as agreements between two parties, namely as seller and a buyer. They utilize a scripting language or framework, commonly known as solidity, which is particularly useful in Ethereum. Essentially, smart contracts are digital representations of physical agreements, stored securely within the blockchain as a computer program. These contracts automatically verify the fulfillment of the agreement and then execute the terms accordingly. This revolutionary technology can applied to a wide range of industries, including real estate, insurance, and banking, without the need for intermediaries.
What are the benefits of smart contracts?
Speed, accuracy and efficiency:
Smart contracts are automated and digitized, no manual work and techniques are included in this process and no time is spent in reconciliation errors that often result from manually filling in documents.
Trust and transparency:
In smart contracts no third party or no middle-men involved. And all the encrypted proceedings of transactions shared diagonally by all the participants of the organization. So, there is no chance of altering information for any personal benefits.
Security:
Smart contracts runs on blockchain. All the transactions recorded in blockchain are encrypted, where an unauthorized person is restricted to access the data.
Savings:
Smart contract eliminates the need of intermediaries in managing transactions, which reduces the external costs.
What are the benefits of using smart contracts in businesses?
Smart contracts adversely used in interacting and operating businesses globally. Significant feature of using smart contracts is the automation of enforcement and contract execution. Once the terms of agreement are met, the contract automatically gets executed. Smart contracts stored on a decentralized blockchain network which results in building trust and credibility between businesses. Also, help in abolishing the need of intermediaries and automating manual processes. However, smart contracts help businesses to move faster and to be more competitive.
Various use-cases of Smart contract:
Supply chain management:
Smart contract used in automations to track the movement of supplied goods in the supply chain, increasing transparency and abolishing manual processes.
Financial transactions:
Automation of financial transactions, such as the completion of a service or the delivery of a product and its release of payment held with the help of smart contracts.
Human resources:
Smart contract helps in automations of streamlining the paperwork, new employees, on boarding process and compliance process.
Legal contracts:
Smart contracts help in automation of the enforcement and execution of legal contracts, such as contracts for selling and purchasing goods and services.
Conclusion:
Smart contracts are a revolutionary technology and capable to transform business operations and manage the interaction between the business members. It offers a range of benefits, including security, transparency, cost saving, increased automation and efficiency which can help businesses to increase competitiveness and streamline processes. Smart contracts is actively contributing in many industries, including supply chain management, real estates and finance, etc. Adversely, it is in creation of new opportunities for innovation and growth.
Flutter vs React Native: Which one to choose in 2023?
Flutter vs React Native: A Comprehensive Comparison
Introduction
Mobile app development has come a long way since the days of having to develop a separate version for iOS and Android. The emergence of cross-platform frameworks has revolutionized the mobile app development process. The two most popular frameworks in the market today are Flutter and React Native. They simplify the process by allowing developers to create a single codebase used across multiple platforms, eliminating the need to write separate code for iOS and Android. As a Mobile app development company, it’s always Flutter vs React Native.
Flutter, created by Google, uses a reactive programming model and Dart language, while React Native, created by Facebook, uses a declarative programming model and has a large community for support. Both frameworks have their unique advantages and disadvantages but have revolutionized the mobile app development process by making it more efficient and cost-effective.
What is Flutter?
Flutter is an open-source mobile application development framework, developed by Google. It was first released in 2017 and has quickly gained popularity among developers due to its unique features and ease of use. Flutter allows developers to build beautiful and high-performance apps for both iOS and Android platforms using a single codebase.
One of the standout features of Flutter is its use of a reactive programming model, which makes it easier to create dynamic user interfaces. Flutter uses Dart, a fast and object-oriented programming language that is easy to learn and write. Dart is also compiled ahead of time, which means that the code is converted to native code and executed directly on the device, resulting in faster app performance.
What is React Native?
React Native is another popular open-source mobile application development framework, created by Facebook. It was first released in 2015 and widely adopted by developers due to its ease of use and compatibility with both iOS and Android platforms. React Native allows developers to build high-quality and performant apps using a single codebase written in JavaScript.
React Native uses a declarative programming model, which makes it easy to create complex user interfaces. It also has a large and active community that provides developers with a wide range of third-party libraries and tools, making it easy to add new features and functionalities to your app.
Advantages of Flutter
Reduced code development duration:
In Flutter, a usual mid-size Android application takes limited time to developed and transported to the test device.
High productivity:
Flutter is cross-platform, it enables the same code base for your iOS and Android app. Ultimately, it saves both your resources and time. Flutter enables fast app startup times and less performance issues.
Fast and simple development:
Flutter consists of imperative and glorified features that lets you to instantly recognize the variations made in the code on hardware, emulators and simulators.
Open-source:
Flutter and dart programming both are open-source, and provide extensive documentation and community support to help out issues that may encounter.
Advantages of React Native
Optimal performance:
React Native is a real asset and improves the performances through native control and modules. React native enables us to make use of a different thread from Native API and UI.
Reusable codes and pre-developed components:
Code reusability is the biggest benefit that is from React Native. The developers are able to develop separate mobile app for each platform.
Hot reload
React Native is well known for its support for hot reload and also enables compiling and reading files where the developer had made the changes and offers a new file to automatically read the app from beginning.
Cost effective solution:
Developers don’t need to separate codes for both the platforms as both OS can be with a single programming language. This minimizes the time, effort, and development costs.
Flutter vs React Native:
Performance
Both Flutter and React Native offer fast and smooth app experiences.
Flutter has a slight edge due to its use of Dart, which is compiled to native code ahead of time.
React Native uses JavaScript and requires a bridge to communicate with the native platform, which can affect performance.
Development Time
Both frameworks offer significant reductions in development time compared to traditional native app development.
Flutter offers a faster development experience due to its hot reload feature, which allows developers to see changes in real-time without restarting the app.
React Native also offers fast development, but it may require more time to set up and configure.
User Interface
Both frameworks offer powerful tools and capabilities for creating dynamic and visually stunning user interfaces.
Flutter’s reactive programming model makes it easy to create complex animations and custom designs.
React Native’s declarative programming model and pre-built components make it easy to create complex user interfaces.
Community Support
Both frameworks have large and active communities that offer support, resources, and tools for developers.
React Native has a longer history and a larger developer community, which translates to more third-party libraries and tools.
Flutter has a rapidly growing community and strong support from Google, which suggests a bright future.
Limitations of Flutter:
Third party widgets and libraries support:
While Flutter is an open-source framework with its own set of widgets, it can lack third-party libraries. This can be an issue for developers looking for more specific functionality.
Huge file size:
This is partially true as Flutter apps can have larger file sizes compared to some other frameworks due to the fact that it includes its own rendering engine. However, the framework offers tools to help developers optimize their app size.
Dart:
Flutter uses a Dart programming language. However, it has both benefits and drawbacks. This object-oriented programming language is not as great as other languages like C#, Java, Objective C, and JavaScript.
Limitations of React Native:
Lifecycle issues:
React Native’s lifecycle methods are well documented and understood, but there can be unpredictable impacts on app function due to the asynchronous nature of JavaScript.
Complex UI:
React Native can be used to create complex UIs, including screen transitions, animations, and interactions. However, it may require more work compared to other frameworks due to the need for custom styling and layout.
Longer initialization time:
React Native can have longer initialization times compared to native apps, but this is not a significant issue on modern devices.
Memory management:
React Native can have memory management issues when dealing with large amounts of data, but it is not inherently unsuitable for computation-intensive apps. Careful coding practices and optimization can help mitigate performance issues.
Conclusion
Flutter vs React Native: Flutter and React Native have revolutionized the mobile app development process, allowing developers to create cross-platform apps more efficiently and at a lower cost. Their unique features and ease of use have made them increasingly popular among businesses and developers alike. With Flutter’s use of a reactive programming model, and React Native’s declarative programming model and large community support, both frameworks have their unique advantages and disadvantages. However, they both provide a significant improvement over the traditional mobile app development process and are set to reshape the future of mobile app development. Both frameworks are constantly evolving, with new features and updates being released regularly. It’s important for developers to stay up-to-date with the latest advancements in both Flutter and React Native to determine which framework is the best fit for their project. Ultimately, the decision between Flutter and React Native will depend on the requirements of the project and the preferences of the development team.
Why is Web3 ideal for successful brand building in 2023?
Introduction
Web3 provides a transparent, trust-based and automated platform for brands to interact with customers, it enables customers to participate in the decision making process, creating a loyal customer base and allow brands to reach new customers and markets, making it an ideal platform for successful brand building in 2023. With the ability to conduct frictionless and borderless transactions, brands can reach new customers who may have been previously inaccessible. This can help brands to grow and expand. Web3 enables the use of smart contracts and decentralized applications (dApps), which can be used to streamline business processes, automate interactions with customers, and increase efficiency. This can help brands save time and money while providing better services to customers. Web3 technologies like NFT’s, Blockchain and Metaverse can help brands in interacting with the customers through new and attractive ways.
Some of the most trending and potential areas are:
Decentralized finance (DeFi) platforms:
With the growing popularity of decentralized finance, more brands will use DeFi platforms to access new markets, reduce costs, and increase transparency.
Decentralized Domains:
DDNS are a Web3 technology that allows for the creation of domain names on a decentralized, blockchain-based system, rather than relying on traditional, centralized domain name systems.
Decentralized Domain Names Provider such asNexBloc, HinDomain provides decentralized domains which can be used for your wallet addresses, naming websites, identity access to decentralized applications and many more.
Non-fungible tokens (NFTs):
The use of NFTs for digital assets and collectibles will increase, providing new opportunities for brands to engage with customers and monetize their content.
Tokenization:
Tokenization of brand assets and loyalty programs will become more common, allowing customers to own a stake in the brand and participate in its decision-making.
Decentralized marketplaces:
Decentralized marketplaces will become more prevalent, allowing brands to sell their products and services directly to customers without intermediaries.
Privacy and security:
Brands will focus more on privacy and security, using Web3 technologies such as zero-knowledge proofs and homomorphic encryption to protect customers’ data.
Predictive analytics:
Brands will use decentralized oracles and predictive analytics to make data-driven decisions and improve their operations.
Decentralized identity:
Decentralized identity solutions will become more widely adopted, allowing customers to control their personal data and interact with brands more securely.
Virtual reality:
Brands will use virtual reality and augmented reality to create immersive experiences for customers and promote their products and services.
Decentralized Autonomous Organizations (DAOs):
More brands will adopt DAOs as a governance structure, allowing customers to participate in decision-making and share in the brand’s success.
Some of the most promising and potential use cases are:
E-commerce:
Decentralized peer-to-peer e-commerce platforms, allow merchants to sell their products and services directly to customers without intermediaries.
Banking and Finance:
Decentralized peer-to-peer financial services, such as lending and borrowing platforms, reduces the need for traditional banks.
Social Media:
Community-controlled social media platforms, allow users to own and control their data and reward them for creating and sharing content.
Government:
Transparent and tamper-proof systems for voting, land registration and public records, improves transparency and trust in government operations.
Supply Chain Management:
Transparent, tamper-proof records of transactions and activities throughout the supply chain, improves traceability and accountability.
Gaming:
Blockchain-based gaming platforms, allow players to own and trade digital assets and create new revenue streams for game developers.
Healthcare:
Patient-controlled medical records through decentralization allows more secure and efficient sharing of health data between patients and healthcare providers.
Real Estate:
Decentralized platforms for buying, selling and trading real estate, improves the transparency and efficiency of real estate transactions.
Insurance:
Smart contract-based insurance policies, automates claims processing and reduces the need for intermediaries.
Conclusion
In the coming years, Blockchain, Metaverse, Non-Fungible Tokens (NFTs), and tokenization will play a crucial role in brand building. The metaverse provides a new platform for creating interactive and immersive brand experiences, such as events and virtual stores. Building new channels for engagement and participation with customers, such as backstage access and tokens representing VIP experiences. Also, tokenization is to create new community building, new opportunities for fundraising and revenue generations. By leveraging cutting-edge web3 technologies, businesses can promote and build their brand value through these innovative and new ways.
Blockchain technology is a decentralized and distributed digital ledger used to record transactions across networks. The use of blockchain technology has grown immensely. Organizations are approaching towards decentralization instead of relying on a central authority. It is used with highly automated systems, making them easy to operate and manage by the help of Smart Contracts. A well-designed blockchain system allow us to process transactions faster than traditional systems because it is tamper-proof and requires less processing power. The foremost perseverance of the blockchain technology is to record the data in the form of blocks with some certain rules of management. While most of the careers focuses on specific industries or sectors, blockchain development offers flexibility and opportunity across many fields.
What is blockchain technology?
Blockchain is a well-known decentralized database. It consists of blocks, where each block is for specific information such as hash, and previous block hash. Blockchain helps in tracking information, maintaining information in a standard way. Along with that, it also enables to change the data under certain predefined set of structures . Hence, blockchain is highly secure and resilient. Several types of Blockchain technology exist, including public, private, and consortium.
Use cases of blockchain in different businesses are:
Blockchain is a exciting and interesting technology that has the potential to be a game changer in numerous industries in various aspects of life:
Financial services:
Blockchain technology accelerates secure and transparent financial transactions, including trading financial assets and transferring money.
Healthcare:
Blockchain can manage patient records securely and improve the accessibility and accuracy of healthcare information.
Blockchain helps in building tamper-proof and secure identity verification systems, reducing the risk of identity theft and enhancing security.
Voting systems:
Blockchain helps to create transparent and secure voting systems. It also ensures the integrity of the electoral process by enabling voters to cast their ballots electronically.
Real estate:
Blockchain helps in tracking the ownership, transfer of property, reducing the risk of fraud and streamlining the real estate process. It also eliminates the third party engagement.
Who is a blockchain expert?
A blockchain expert is a person who has the knowledge about how a blockchain platform actually works, is able to develop solutions for enterprises/industries and is a master of programming languages. Importantly, a blockchain expert should be capable of handling all the rules and protocols that a blockchain solution follows. Also, a blockchain expert must know the basics of blockchain technology, blockchain security, smart contract and consensus algorithms, use cases and methods of blockchain in different verticals.
Benefits of becoming a blockchain expert in 2023.
Blockchain technology is rapidly growing in almost every field of life with many exciting career opportunities. Experts and who wanted to excel their career in blockchain, some of the potential benefits are:
High demand for skilled experts:
As adoption of blockchain technology is rapidly growing, there is a high demand for skilled experts who can build and design decentralized applications, blockchain-based products and smart contracts, etc.
Opportunities for career development:
A blockchain has evolved in relatively many new fields. So, experts have many opportunities to advance their careers.
Exciting and innovative works:
Blockchain technology is an innovative and exciting field. Experts who work in this space have the opportunity to build products that have the potential to transform and disrupt traditional businesses and industries.
Potential for strong job security:
As blockchain technology is growing widely, and requires a number of skilled-professionals, a high level of job security is ensured in this field.
All you need to know to become a blockchain expert in 2023.
Blockchain technology has registered immense growth last year. Blockchain has created countless opportunities for professionals with industrial expertise and experience to build innovative web3 ecosystems and solutions. Learning about blockchain can be a valuable asset to implement and understand blockchain technology in the near future.
Some steps you can take to become an expert include:
Learn the fundamentals of blockchain technology: Understand the basics of how blockchain works, including the concepts of distributed ledger technology, consensus mechanisms, and smart contracts.
Study the different types of blockchain networks: Learn about the different types of blockchain networks, such as public, private, and consortium blockchains, and their use cases.
Gain hands-on experience: Participate in blockchain projects or build your own using blockchain development platforms, such as Ethereum or Hyperledger.
Stay up-to-date with industry developments: Follow blockchain industry news and developments, such as new projects and updates to existing ones, to stay current on the latest trends and advancements.
Network with other blockchain experts: Attend blockchain-related events and meetups, join online forums and groups, and connect with other experts in the field to expand your knowledge and gain valuable insights.
Blockchain technology is constantly evolving, so continuing to learn and stay updated on industry developments is key to being a successful expert. There are many platforms available from where you can get to learn and excel things on your own and become an expert in this field.
Conclusion:
Demand for blockchain skilled-experts keeps on increasing every day. To get hired or become a blockchain expert a person should know about technology and how blockchain based solutions can help enterprises and businesses. They must have the understanding of distributed and decentralized ledgers, should know how to work and handle various blockchain platforms. And importantly, mainly have knowledge of how to use blockchain development tools and technologies.
Flutter is a “software development kit”. It is basically used for development of cross platform applications. And, the crossing points made with flutter are built from a single codebase that is compiled in a straight line to native arm code. Flutter moves the rendering, widgets, animation and gestures into the framework, and provides comprehensive control over every pixel on the screen. Also, this facilitates flexibility to form custom designs, high developer velocity and integrates with popular development tools. Flutter is great for cooperating with new and experienced one.
What is Flutter?
Flutter is an open source framework by Google to develop mobile applications. It helps in building high performance and fidelity apps for iOS and android. This platform provides powerful animation and graphics in order to build smooth response touch while user interfaces. Flutter focuses on a single codebase that is used in iOS and android applications which are using popular languages like java script or canbe C++ or java. It provides a very valuable benefit that is we can compose code once and can execute the similar data code at different platforms.
Features of Flutter include:
Dart programming language:
Dart programming language is used for expansion of mobile applications. It is used to built-in high quality applications and it is comparatively easy to learn.
Open source:
Flutter is an open source framework by Google for building beautiful, natively compiled, multi-platform applications from a single codebase.
Hot reload:
The functionality of hot reload means, we can easily and quickly make changes in our apps without restarting it.
Native performance:
Applications of flutter transformed to native code after compiling it. It grants the best conceivable performance on both iOS and android.
Expressive and flexible:
It’s elements are built-in using the same principles on which Google material has designed. This provides expressive, flexible and beautiful apps.
How does Flutter work?
Flutter refers to a mobile applications development framework that enables users to build high quality apps on android as well as IOS. It is very much similar to an operating system also termed as the primary way to develop cross-platform apps.
Flutters framework makes it informal to construct user interfaces that are responsive, beautiful and fast. Widget used in framework refers to units with which flutters are made up of. In addition to it, creation of both the visual and functional components of an application is done with the help of basic building blocks of a flutter app.
Advantages of Flutter
Native app performance:
Flutter use dart programming language in mandate to compile into native code. So, flutter does not require any JavaScript bridge. And, Usage of dart programming language results in responsive and fast apps.
Reduced code development time:
Under flutter building a usual mid-size application take few seconds to get ships onto the test device. And, respective changes updated instantly.
Open source and free:
Flutter is free to use without any charges and licence; this will be an attractive option for start-up developers for creating highly efficient and qualitative apps without spending much money.
Easy debugging:
Flutter development requires dart programming language which has tremendous tools for debugging. It is very informal to find bugs or errors to fix them in flutter apps.
Automated testing:
Dart programming supports automated testing and also flutter framework has its own set of tools for testing.
Why is Flutter best for start-ups?
Flutter is a preeminent choice for start-ups while building apps. Building native apps can be an expensive deal for clients, developers, and start-ups. Hence, Flutter provides an open source development kit for start-ups which produce common applications that runs on different platforms. It offers low development and low maintenance costs because a common code base operates on several platforms. Thus, in flutter code are reusable in various programming languages for each platform. Moreover, Flutter enables powerful design that helps start-ups to attract investors. Mainly, the programming language used by Flutter, dart programming language is responsible for higher performance in start-up apps.
Conclusion:
Flutter is an efficient software development kit. It’s framework does an astonishing job by providing an admirable framework for developing mobile applications in an independent way on a true platform. It is also used in building high fidelity and high performance apps for iOS and android. Start-ups and developers can easily develop apps with this open source development kit provided by Google. In conclusion, Flutter is a well-organized, efficient, and fast to transform the entire workflow for start-ups.
Hyperledger is a project under the LINUX foundation; it is not a blockchain, not a cryptocurrency or a company. In other words, Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in banking, finance, Internet of Things, manufacturing, supply chains, and technology. In this article we are going to explore concepts and components related to it. Starting with, what is Hyperledger? How does it work?, history of hyperledger and also we will understand the goals and the layers and organizational architecture of it.
What is hyperledger?
Hyperledger is an open source application like ethereum which was developed by Linux foundation. The idea was to build open source blockchain and related applications for use across various industries the Linux foundation hosts this global collaboration. As it is an open source platform so anyone can freely use this by entering into the specific website and working on it.
For example, like bitcoin and ethereum which are permissionless, where anyone can enter and can hide their identity. But when we talk about any enterprises, companies or organization they don’t want any unwanted identity to enter their network. In order to maintain an identity and privacy, hyperledger was invented. It is a cross industry application, involving financial industry, banking industry and IoT. In the technology sector, it helps to reduce unfavourable tendencies and speed up the running processes.
How does hyperledger work?
Since, it is a permissioned network of the blockchain with an intention to achieve a specific task or goal made up of two or more companies or organizations. In the blockchain network each member of the organization is responsible for squint participation in the network. Members of the organization acquire invocation transaction requests from the client. Clients use it to interact with the hyperledger technology network. Every client maintains their own ledger as per channels.
For eg: if your bank account details such as, account number, account balance etc, all were publicly visible on blockchain. So, it is very important to have utmost security of blockchain but we don’t want to mess with our privacy. In such a case an open source software called hyperledger used to create a private blockchain.
Features of Hyperledger
Open source:
Hyperledger is an open source application like ethereum which was developed by Linux foundation. It focuses on developing suitable frameworks tools and libraries and enterprise grade blockchain deployment.
Permissioned network:
Hyperledger is a permissioned network of the blockchain. Its intention is to achieve a specific task or goal for companies or organizations. In the blockchain network each member of the organization is responsible for squint participation in the network.
Better performance
Hyperledger improves the running processes in the network by enhancing traceability and transparency of the process within the network.
History of hyperledger
It was first launched in 2016 with 30 initial founding corporate members in the governing board of Haifa ledger which is headed by Brian Behlendorf and 21 other members and is partnered with the Linux foundation. It has several projects organized under their Eiffel ledger as an organization. Hyperledger is a private and permissioned consortium blockchain. Additionally it allows you to create block genes that are kind of soiled within your organization or within the business network. It is very important because many of the blockchain frameworks are not exactly compatible with an existing IT infrastructure. Well, hyperledger fabric is really at a lot of different places. It helps to plug in parts of your existing systems and not have to reinvent the wheel within your organization.
Notable hyperledger frameworks
There are mainly two notable frameworks:
Hyperledger fabric:
Hyperledger fabric is the most famous project under hyperledger. Also, known as permissioned blockchain. Its infrastructure is used in manufacturing blockchain based software, products and applications.
Hyperledger sawtooth:
Hyperledger saw tooth is also a permissioned platform of blockchain. Mainly, saw tooth used to run, deploy and build distributed ledgers.
Conclusion:
Hyperledger technology supports distributed ledger solutions on permissioned networks for a wide range of industries. It maximises the confidentiality, flexibility and resilience of blockchain solutions. It enables permissioned membership among the entire network together with scalability and level of trust. In conclusion, It is an immutable digital ledger with a high level of privacy.
Blockchain technology enables a decentralised identity infrastructure which seems to be promising. More people started preferring privacy and security of their personal data. The Decentralized Identity, a.k.a DID, has developed rapidly in the past few years. The development of DID benefits from the emergence of blockchain technology as it provides current solutions to identity and data management securely. It generally refers to a crypto wallet address which does not require any additional verification procedure. Through this article, we will learn about the DID & its future in web 3.0 and how it works.
What Decentralized Identity is?
Decentralized identity offers individual control to the users over their own identity. So, they can decide in what way their private data accessed and shared, enabling trusted interactions while preserving privacy. Here individuals have controls and supporting trust.
Identifiers are absolutely important for this digital world. It is increasingly important actually to identify persons, concepts, things because everything we do where data is connected to one another. Whether its reasoning, control, rely on identifiers and this proper identification is absolutely essential for the combination of information coming from different sources. Globally unique identifiers are actually all around us and they are pretty ubiquitous these days for various purposes.
How decentralized identity works?
Digital way the IDs stand sort of like a layer for self-sovereign control over those keys. It is available publicly and it’s resolvable to all this information from anywhere from any system under one single decentralized identity. A user can have multiple keys attached to it. Also importantly is that the identity owner can revoke their identity any time.
Decentralized Identity: THE FUTURE for web 3.0
Web 3.0 holds promises to entirely revolutionize every single aspect of our digital lives. The future of web 3.0 sets the stage for a sort of prototype shift from web 2.0 to web 3.0. As, web 2.0 is basically managed by an email address and then the email address is linked to a bunch of poles apart from websites with passwords. Here data is stored in centralized servers and controlled by third party companies, so owners of identities have no control over this information. Also, it provides identity information to those websites, whenever you sign up.
Why do we need a password for every site?
Central identity allows people to use a single password or the set of credentials to sign into multiple websites. In this model one website acts as an identity provider. Centralized identity adds the ability for them. The term federation is a reference to this trustworthy relationship and the fact that it is established between two. Otherwise independent domains federated identity is widely used in enterprises and often reduces the number of passwords.
Why is DID important to Web3.0?
In current Web3.0, the identity certificates we talk about generally refer to the wallet address. However, since the creation of the wallet not require any additional verification procedures, a large number of “fake” identities get created. In “Decentralized Society: Finding Web3’s Soul”, Vitalik Buterin also points out that the lack of native web3 social identity prevents Web3.0 applications from getting rid of the Web2.0 business model to develop their native products of Web3.0.
Advantages of decentralized identity
Privacy:
Decentralized identity approach has returned the ownership back to the identity owner. Identity owners have complete control over their own digital identity. This way, users have an absolute right to permit which information to disclose to services or applications for access.
Simplicity:
Decentralized identity identifies the owner to conveniently carry out intersections and interact for all interactions as it only requires users to verify their identity once to the trusted third party. Once they can access the application as much time they need.
Security:
Decentralized identity involves the generations’ digital identity using digital ledger particularly a blockchain. A blockchain-based data storage mechanism is immutable. Therefore, these criterions make decentralised identity delivers secure exchange of data for access authorisation as the cryptographic are impossible to modify and permanent.
Lower risk of data mishandling:
Decentralized identity allows the identity owner to have complete power over their personal data and digital identity. Customer implement enterprise transformation technology to achieve scale, scope and speed.
Future of DID
Although Decentralized Identity has come a long way, its adoption in Web 3.0 is still in its early stages. Similar to KYC as the entrance of CEX, the DID infrastructure will become the entrance of Web3.0 in the future. It is more likely that multi-chain wallets will be integrated with the DID system in the near future and become identity aggregators.
Conclusion:
The decentralized identity space is still in its infancy; it has potential to change existing identity management for the better. Decentralized and blockchain technology, an increasing number of people are taking back to get control of their data. It allows users to generate identity without depending on a specific or a centralized provider. The decentralized identity infrastructures will become the entrance of Web3.0 in the future; it will bring new possibilities to the market.
What are Decentralized Apps (dApps) in Blockchain?
Decentralized applications(dApps)
Introduction
Decentralized application is a form of distributed open source software that rounds on a peer-to-peer web based on a blockchain network of computers. These applications operate autonomously without a centralised entity in control of the mainstream of the applications accompanying tokens. In other words they are built on a decentralized network that is supported by a blockchain distributed ledger. It enables to process data through distributed networks and to execute transactions. Distributed ledger technologies like ethereum blockchain have helped in popularize dapps. Here we will come to know what actually dapps are, its features and some of its merits and demerits. Also, how globally dapps are really been innovating in the industries.
What are decentralized applications?
Decentralized apps are applications which are developed on distributed platforms with trust distributed among its users and entirely open source. These applications operate without any human involvement an also owned by any one entity. This means that they are designed to avoid solitary point of disappointment and are also more transparent and accountable than existing applications. Further, simply because traditional apps run on a single network of computers.And, it runs on the peak of a decentralized peer-to-peer network, of which no sole entity has far-reaching control. With distributed platforms, core parts of the applications are run on the distributed network that is publicly accessible and viewable by everyone.
Decentralized application over centralized applications
Centralized apps are actually owned by a single company. It is an application stored on one or more than one company controlled servers. Whereas, decentralized applications run on blockchain peer-to-peer network of computers. Instead of relying on central authority, it enables users to create transactions openly with one another. It is based on smart contracts, which allows users to complete transactions without revealing personal information.
Features of Dapps
Decentralized:
Dapps are decentralized, which means all dapps are technologically advanced on blockchain, a distributed ledger. It refers to the distribution of control across all nodes.
Immutable:
Information stored on Dapps is constant, it has very less or no chance to change the data or records put in safekeeping by an individual.
Secure:
Decentralization limits the chance for hacking of records by unofficial individuals. It creates a more secure environment, makes it trustworthy among people.
Open source:
Decentralization is an open source application. There is no central governance or monitor for it. Majority of users lead to any changes in it.
Incentivized:
It accelerates rewards and incentives for the active participation as a short of liquid assets. These rewards are in the custom of crypto tokens or crypto coins.
Advantages of Dapps over traditional apps
Fault tolerance:
It works on a decentralized platform, if a single node is working the network will remain accessible but the performance will be severely reduced.
Immutable:
Without a second thought, these are tamper proof and the records here can’t be altered. Also, they are highly protected and immutable from hacking, instructions, and any other potential sabotage.
Faster payment:
It enables rapid payment processing due to the absence of intermediary applications such as the integrated payment gateway for accommodating funds.
Safer data:
Dapps are grounded on a shared database that copies stored information among all other nodes. This means the single node doesn’t limit the organization’s capability to access its life-threatening data.
Less downtime:
Dapps are more flexible than centralized applications. Enterprises can ensure minimal business continuity and resilience, they don’t have downtime. There will never be a time when you can’t access your dApp.
Cost reduction:
dApps offer an advanced transaction speed, leading to cost reduction. Organisations don’t need to let experts maintain and manage servers and data.
Flexible platform:
Ethereum platform provides a flexible environment for easy development of dApps.
Dapps around the world
Globally dApps seems like it has really been innovating in all industries. We will go through some of these benefits in industries such as finance, social media, gaming and more.
Finance:
In business dApps frequently used by money lenders and borrowers. On dApps lenders earn 100% of their interest as there are no intermediaries to pay.
Social media:
Users greatly benefit from social media Dapps. Social media of dApps have a built-in system using tokens, and users can run ads and gross their full payment, rather than taking a cut.
Gaming:
Gaming has been an interesting dapp use case. dApps represents more interesting solutions in terms of value. Players acquire a tokenized asset.
Fundraising and advertising:
Many users take advantage of an ad blocker while browsing online. This is for websites trying to generate revenue, but understandable in some ways as ads have become quite obnoxious. A browser dApp can fix this.
Disadvantages of dApps
Harder to maintain and develop:
Implementation in a complex environment makes maintenance, debugging and updates difficult, every peer in the network needs to update their node software.
User experience:
dApps always have the best user experience. It can use public and private and public key to log in rather than using username and password that can be easily recognised and type.
Slow speed:
Dapps can load slowly and payment takes a while to process. Processes come to be expected as instantaneous.
Centralization:
Developing user-friendly, developer-friendly applications on top of Ethereum may end up developing a centralized service. Centralization may eliminate all the good features of the blockchain over the traditional model.
Conclusion:
Dapps are the resolution of blockchain culture and a wonderful invention for the reason that they focus on security and transparency. It facilitates peer-to-peer network to disrupt centralized finance and lessen the cost. Decentralized apps make sure that we give access to the blockchain without actually learning the technical side of it. dApps work on standard web browsers may work on websites with custom code to open specific applications. It is inevitably currently used to make numerous practices across the industries.
How does DeFi Lending and Borrowing work?
Let’s understand what makes DeFi a popular hit.
Introduction
Decentralized finance application is a new form of open financial application, as smart contracts maneuver on publicly accessible permissionless blockchain. It is a collection of blockchain-based financial services that uses automated workflow to make financial decisions. We will be talking about the nomenclature of motive and risks of decentralized finance in mortgage lending and the use cases where digital mortgage automation can enhance experience for mortgage lenders and how it can affect human life in future.
What is Centralized Finance (CeFi)?
In centralized finance (CeFi), all crypto trade are handled through a central exchange. Funds are managed by specific running the central exchange. It means you don’t own a private key that provides you access to your wallet. Centralized finance is a system where a single entity has control over the finance of a company or organization. These can be done through various means such as owning all the shares of a company being the only creditor, or having exclusive rights to manage financial operations. In the world of cryptocurrency, centralized finance refers to a model where a central authority manages financial and investments. On the other hand decentralized finance is a newer model that uses decentralized technologies, such as blockchain, to provide a peer to peer approach.
What is Decentralized finance (DeFi)?
Decentralized finance is a canopy term for applications and projects in public blockchain space meant for disrupting the traditional finance world. DeFi refers to a financial application built on a decentralized blockchain network conventionally using smart contracts. It is a growing technology based on distributed ledger likewise cryptocurrency. Defi term collectively used for borrowing, lending, trading, investing and many other financial services based on decentralized infrastructure.
Financing is incredibly important to the world we live in today. Every transaction you make is part of our current financial system.
For example you invested the money you saved for making coffee at home, that’s all part of our current financial system. Paying bills, getting a loan, using insurance or investing in a stock market, those are all services that are part of our modern day financial system. And that system is spread out across many different players through centralized or decentralized means. This can creates a trustless environment where we don’t have to trust a single third party for the source of truth.
How DeFi can leverage crypto wealth?
Leverage trading in crypto designates a specific tool. That enables investors to purchase or sell foreign currency with the help of borrowed capital from brokers. A major difference positioned in the action of borrowing, a widespread idea of leveraging is similar in both traditional and crypto finance. It is an absolute method of maximizing the profit by enhancing purchasing potential.
DeFi in Mortgage lending and borrowing
Lending and borrowing is one of the most major fundamentals of any financial system. Most people at various stages in their life have exposed to borrowing. Usually, by opting for a student loan, a car loan or a mortgage, the entire concept is quite simple: lenders and borrower. Administer funds to borrowers or loan takers are reluctant to pay interest on the amount they borrowed in exchange for having a chunk sum of money available instantly traditionally. Lending and borrowing currently facilitated by financial institution such as a bank or peer-to-peer lender. When it moves nearer to short-term lenders a region of traditional finance, which is specified in it, is called money market.
Defi objective is to put back every aspect of the traditional banking sector. It helps to reduce weeklong waiting processes. Defi enables users to take out loans or mortgages in seconds. DeFi lending protocols uses an automated smart contract code to enable loans, so users do not have to wait for their funds. In addition to it, some decentralized lending platforms provide rate switching features as well that let borrowers switch between variable and stable interest rates to protect them from unsettled.
How do crypto lending and borrowing work?
The entire process typically involves systematic procedure are as follows:
Step 1:
The lender chooses a lending platform and requests a crypto loan.
Step 2:
Once the loan is accepted, the borrower stakes their crypto collateral, which is higher than the amount they want to borrow.
Step 3:
Meanwhile, the investors’ funds the loan via the platform for which they receive regular interest.
Step 4:
The borrower can get back their crypto collateral only when they pay off the entire loan.
Mortgage automation platform
Digital mortgage lending process is transforming the mortgage industry. We will talk over specific use cases where digital mortgage automation can increase experience for mortgage lenders.
Intuitive digital mortgage:
Digital mortgage solutions have advanced to a stage where they enable applications to conveying with each other without human interaction.
Third-party integration:
Mortgage lenders use third-party vendors to come out through some processes of the mortgage lifecycle. This includes jobs like credit reports, tax returns, employment and assets verifications.
Mortgage lender quality control:
Mortgage lenders need to stick to strict regulations and guidelines. Jobs related to underwriting and accuracy of documents need to be carried out with utmost care.
Some features of DeFi ecosystem
Self-management:
In the absence of centralized order procedure, the rulers of smart contracts can govern any business operation.
Transparency:
DeFi services are planned with open source code, so that users can observe how a specific service works.
Inclusivity:
In a decentralized financial system, it is contemplate to be inclusive; any one can originate and use it and handle it through smart contracts.
Flexibility:
Users can develop their own variants if they wish. To perform this, smart contracts work on the principle of application programming interface.
Using DeFi lending protocols to purchase properties lowers the barrier of entry to generational wealth. It is gradually catching up with the traditional financing system. DeFi empowers people to leverage their digital assets to own real estate, inviting more participation from mainstream and legitimizing decentralized economic systems. It is just a part of a new financing system that realizes the dream of being fast, secure, and available system.
How DeFi affects you:
Here are few interesting and innovative use cases of DeFi in real life:
Tokenization of properties:
DeFi with the help of smart contracts enables the tokenization of assets, related to holding a share of a company. Holding something in token includes more regular income and tokens have much more versatility then simply owning a share of something.
Mortgage using Defi:
Mortgage has ability to tokenize where you would not be able to sell off fractions of that property to capitalize on the value.
Some major risks of Defi lending
Defi lending a highly elegant passive income stream for crypto holders. But there can be ample of associated risks all of us should be aware of. Some of those risks are as follows:
Impermanent loss:
When the amount of assets is engaged in a liquidity pool, changes after being deposited can creates an unexpected loss.
Flash loan attacks:
Flash loans are a unique feature of DeFi lending. They enable you to borrow millions of worth of crypto with no collateral. These loans are feasible for those who can code what they plan to do with the borrowed funds.
Defi rug pulls:
Rug pulls are a new type of scam where DeFi developers create a new token, leads to pairing of cryptocurrency such as ether and sets up a liquidity pool.
Conclusion
Decentralized lending has a high potential to reshape the whole financial system specially mortgage and lending. It helps to decentralize the core traditional finance services like trading, payments, investments, insurance, lending and borrowing. Decentralized lending has numerous merits over bank-based lending. It results in increased trustworthiness and accessibility. With the use of DeFi platforms, lenders can increase the productivity of their crypto-assets and maximize profits. Borrowers can also use their crypto as collateral to get fast and inexpensive loans. However, before engaging in either side of crypto lending, it is of utmost importance to understand both the risks and benefits involved and acquaint you with a lending platform before using it. Thus, DeFi lending is possibly the next broad thing in the financial space, mainly when users understand. It is more attractive than the traditional finance system.
How Blockchain can transform the supply chain world?
Introduction
Blockchain is an extremely useful asset in the supply chain as it provides a blanket of transparency and trust. It has the potential to provide new opportunities within the supply chain, as the age of the digital supply chain increases. Blockchain for supply chain can potentially enhance an organization’s position by offering new and potential opportunities. We will examine the features, some use cases of blockchain for supply chain management and some attributes that can change the blockchain original time and value decision.
Blockchain Technology
Blockchain is a cloud based digital ledger. It is a technology that enables the verified data communication between each participant in a supply chain without an agent. In addition to that, it has the ability to increase transparency around the supply chain that enables people to trust a shared record of events.
Blockchain Technology for Supply Chain Solutions
Blockchain Technology in Supply Chain can be used by participants to record price, date, location, quality, certification, data management and other relevant information to successfully manage the supply chain. Also, It potentially increases an organization’s position as a ledger in responsible manufacturing. Blockchain helps to increase the visibility of assets throughout the supply chain.
How can Blockchain technology transform supply chain management?
As the supply chain keeps on growing more complicated and knotty, blockchain technology is placed to become the solution to provide benefits. Focused around the visibility and availability of specific data permits transparency in the supply chain world and manages complex supply chain systems. Blockchain technology can assist managers/leaders to build and hold on to flexibility and moving into the future. It appears as a solution to extricate data, manage documents and handle communication exchanges within the supply chain ecosystem.
Benefits of blockchain in supply chain
Increase traceability of product to met co-operative standards:
Blockchain ensures accurate tracking features and helps to maintain digital recording of physical and digital assets, unchangeable record of all transactions, and make it possible to track the product from the place of production to delivery.
Lower the losses from simulated market trading:
Blockchain Technology helps to lessen the frauds for expensive goods like pharmaceutical drugs and diamonds.It helps to know the concept of companies how components and finished goods pass out through all subcontractors and reduce profit losses from counterfeit market trading.
Improve the visibility and observation over outsourced contract manufacturing:
Blockchain provides the same information to all parties throughout the respective supply chain. Less duration can be spent on seeking data and more on delivering goods, services and priorities.
Reduce paperwork and administration work:
Blockchain can provide distributed, dispense and dependable recording features that help companies rely less on manual work. It smooth’s administration process and lessens the cost by enabling the effective audit of the supply chain including manual check ups.
Features of blockchain for supply chain solutions
Consensus:
Blockchain technology can help to put forward the consensus to a wide range of warehousing, transportation, transactions and delivery.
Provenance:
In supply chain provenance is the main feature. Blockchain technology enables to know exactly where products or raw material originated and its status in the supply chain. Professionals can quickly see who owned assets and at what time.
Immutability:
Blockchain makes it incredibly difficult to counterfeit the payment transaction, warehousing condition, delivery time, etc.
Finality:
Blockchain helps to deliver a finality of products. It reduces disputes and provides better bonds within all partners.
Why are companies implementing blockchain for their supply chain solutions?
In blockchain transactions records are linked with each other sequentially in a chain as a series of blocks. Blockchain works within blocks that can’t be changed, hacked or tricked. There is a single source for any transactions and blockchain enables complete verification and auditability of transaction flow.
Some blockchain use cases for supply chain
Supply chain finance:
Blockchain in finance can enhance the organization’s invoice processing and contribute more secure transactions.
Supply chain logistics:
Blockchain can help to verify, record transactions and coordinate autonomously without a third party.
Supplier payment:
Blockchain technology facilitates fast, secure and low cost international payment through distributed ledger that trusts real time verification of transactions without intermediaries.
Cold chain traceability:
Traditional cold chain logistics has problems such as centralized data storage, low data reliability, easy data tampering, and difficulty in locating responsible persons, which leads to the inability to guarantee consumer rights. To solve these problem a cold chain logistics traceability system is proposed for fresh agricultural products based on blockchain.
Food safety:
Blockchain has the ability to instantaneously trace the entire lifecycle of a food product. It can help you to get details from origin through every point of contract on its journey.
Conclusion:
Blockchain can be a strong tool for addressing inefficiencies and building a considerable room to improve end to end traceability, coordination, speed of product delivery, financing and many more. Also, it can greatly improve the supply chain by enabling faster and efficient delivery of products and management. Managers need to put efforts to build new rules with different technologies with various blockchain platforms and develop an ecosystem.
The Internet and the Web are not quite the same things, yet they are closely linked. The Internet is a network of networks that connects millions of computers across the world, allowing them to interact with each other. The World Wide Web (WWW) is a technique which gather information through the internet by displaying web pages on a browser, where information’s linked through hyperlinks. Lets discuss the evolution of Web.
Web1.0, also called the informational web, is the first generation of the web. Web pages are to read and share information’s.
Web 2.0 refers to websites that emphasize user-generated content, ease of use, participatory culture and interoperability for end users.
Some would say that the change from Web 1.0 to Web 2.0 is still visible today, even though Web 3.0 technology has been around for a few years. This is because websites are still just static pages, and some users are still hesitant to use new technology and all it can do to help us.
Web3.0 could be termed by words like “semantic web” and “customization” like “my Yahoo,” “iGoogle,” and so on. It turns the Web into a language that can be read and sorted by the system instead of humans.
Web 1.0
The internet as we know it got its start on the “read-only web“. There was only information on websites, and they were all made up of static content. Web pages connected by links, and there was nothing interactive or design-wise on them.
Early Search Engines, the first search engine was called “Archie Query Form“. When it came out in 1994, Lycos was one of the biggest search engines (who else had a @lycos email address?). A year later, AltaVista came out, and in 1996, it reached its peak with 80 million users per day. A huge amount in such a short amount of time.
Yahoo also started up in 1995, and as of this writing, it is still the third-largest search engine with a 13 percent market share. It is one of the few search engines to start up in the 90s and still be around after Google took over.
Web 2.0
Web 2.0 is well-established after 10 years. Even though Web 3.0 has been around for a few years, some argue the transformation from Web 1.0 to Web 2.0 is still obvious. Websites are still static pages, and some people are afraid to utilize new technologies.
Web 2.0 simplifies communication and tasks online. The smartphone market is approximately $500 billion. Developers can design user-friendly websites using current web technologies. Web applications are designed to save our time and make our lives simpler, but it’s not easy at all. People and companies may now utilize the web to generate money or acquire power.
LimeWire, which is no longer accessible, allowed us to download music slowly for our iPods (2001). Streaming services have slashed artists’ income from CDs and vinyl records. Flash websites appeared when web design was bad. On company websites, dancing Homers with nonstop music wouldn’t stop. Apple is a hero for killing Flash.
Apple and Samsung were dominating smartphone sales. Smartphones created new jobs for UI and UX Designers. The smartphones keeps on upgrading and covered a long way for their contributions.
Web 3.0
The next stage of the web is already underway, although the transition from version 2.0 to 3.0 must be gradual due to changes in use. As more individuals utilize technology and speeds improve, few technophobes are there too. We know a few things about Web 3.0
We are now in the full digital age. Videotapes and Compact Discs are things of the past. People use apps like Spotify (2006) and Apple Music (2015) to listen to music and watch TV shows. Modern TVs now come with Netflix (1997) already installed. YouTube already has more viewers than live TV, which is a clear sign that live TV (other than events) will be a thing of the past and we will watch our favorite shows through subscriptions, just like we do now. Sky TVs now focused on “On Demand” and “Box Sets” because it wants to be the leader in subscription-based programming.
Machine Learning
You may not realize it, but if you’ve ever used a search engine or a modern smartphone, you’ve already used machine learning.
Google’s search engine can find new ranking signals by using machine learning. This is very different from how Google’s Web 1.0 search engine ranked pages based on how many times a search term appeared on them. Google’s algorithm has hundreds of ranking factors, which makes it harder and harder to get your website to rank for the keywords you want.
Web 3.0- A future?
Cross-platform
We’ve already used software and games that work on more than one platform. Once upon a time, you couldn’t open an Adobe Photoshop file made on Windows on a Mac, or the other way around. The same was true for other pieces of software. You can now open an Adobe Photoshop file on Windows OS, Mac OS, and apps for mobile phones and tablets.
Web 3.0’s future seems to be headed toward universal applications that can be read and used by a wide range of devices and software. This will make it easier to do business and have fun.
Gaming could lead to huge multi-player worlds where objects and worlds can interact with each other in endless ways. You can play games online on your phone or by moving tokens from your watch or headset.
The Decentralized Web
An internet where data can only accessed by the people who own it. With distributed data, it would be harder for one person to get all of it, and the chances of a breach would go down. This would force internet snakes to find other ways to make money. At the moment, businesses make hundreds of millions of pounds every year by selling users information. Web 3.0 can stop this from happening.
Blockchain Technology
In its most basic form, a blockchain makes it possible for digital property to be transferred from one person to another over the internet. The transfer is safe, and the blockchain keeps a public record of it. It is completely safe and secure and can’t be changed, which makes it a real contender to lead the Web 3.0 revolution.
Even though we don’t have an easy way to use Blockchain technology yet, it’s clear that it’s still in its early stages. However, it’s already faster, cheaper, and safer than the alternatives we use now. There is number of reasons to think that implementation of blockchain in many industries because it’s open and safe. This will take the web away from big companies and give it to you, the people who use it. The usage of bitcoin for online transactions is inevitable, regardless of the method. Enormous banks might use this method to transfer large quantities of money fast, while individuals may use it to pay for items.
On the other hand, a crypto transaction on the blockchain completed in a matter of seconds. You may buy a ticket and board a bus. The money transferred from one wallet to another by the time you select a seat. It’s also possible to purchase stuff and receive your money back in a flash.
Cryptocurrency
There are already thousands of crypto coins and tokens, but less than 5% of the world’s population owns any. Many cryptocurrencies try to solve problems in the real world, such as corruption, poverty, theft of intellectual property, or data security. The examples above are just a few.
Digital wallets used to send and receive money quickly, securely, and across borders, more traditional coins and tokens. Credit cards were getting copied and PayPal accounts have been hacked and used to scam online stores. Even if the money is insured, it’s still a huge hassle for the store owner, and if customers are upset, it could hurt their reputation. Using Distributed Ledger Technology (DLT), financial assets moved with a record that doesn’t show how much the transaction was worth. Because of this, fraud is very hard to do. Most of us have paid extra charges when we bought something or paid for lunch. To get our money back, we had to call the seller and our bank. This won’t be possible with Web 3.0 technology, so the idea of double charges is just an old wives’ tale.
With cryptocurrency, it only takes a few seconds to move money from one country to another. This means that you could buy something in another country without having to pay the high fees that our banks charge. A card that doesn’t function in a restaurant or a petrol station is a nightmare. This is precisely what occurred to hundreds of customers when Visa went down at the beginning of August 2018.
Conclusion.
We have come a long way since Web 2.0. Big things are happening in the world of Web 3.0. Everything about the world we live in has transformed by the internet. It’s a nice thing most of the time. We’ve just scratched the surface of what’s possible in terms of productivity and staying in contact with people.
Excited to know more about the future evolutions, comment below!!!!
In this current era of rapid digitization towards blockchain technology, almost all the sectors are reconsidering the blockchain based foundation. Similarly, Metaverse considers NFT as a blockchain-based digital asset. Metaverse is a digital work where any imaginative thing can exist. It extends our senses including sound, touch, sight, and blend of digital items into the physical world or fully immersive 3D environments. This blend of technology is termed as Extended Reality (XR). NFT is the key component in the Metaverse ecosystem. It allows people to own virtual goods in the form of real-estate such as cars, boats, paintings, or other accessories. NFT plays a crucial role in the metaverse. Along with this, NFT acts as a bridge between the metaverse and facilities such as identity management, social experiences etc.
What is the Metaverse?
Metaverse is a 3D digital universe that allows businesses and users to have endless opportunities. It also allows them to port real-world assets and services. Meanwhile, it is a future internet evolution based on persistent and shared virtual worlds in which people interact as 3D avatars. In other words, metaverse is a hypothetical iteration of the Internet. It works as a universal, immersive, and single world that is facilitated by the use of AR and VR assets.
What is an NFT (Non-fungible Token)?
NFTs are cryptographic assets based on blockchain technology. They have unique identification codes and metadata. They use blockchain to record, transfer, exchange, and verify the records. Unlike bitcoins, they are interchangeable, and gaining greater attention from the artists. They experience a great degree of control over their work using NFTs. It allows the unique owners to acquire or trade the cryptographic assets. It also provides an open and fair economy backed by blockchain technology.
NFTs and Metaverse
NFTs and Metaverse are collectively running as a digital environment on the blockchain in which AR and VR are the main visual component providers. The blockchain with its decentralized nature offers prospects for unlimited social interactions as well as business opportunities. Meanwhile, Metaverse offers extremely scalable, interoperable, and versatile digital environments. In short, Metaverse is the blend of the technologies with finite interactions between individuals and enterprises. It raises the possibility of blending metaverse and NFTs together. Many people assume that NFTs are one of the components in the broader metaverse. Moreover, NFTs and Metaverse are analogous to each other. NFTs play a crucial role in Metaverse. NFTs include tradable images of digital art and collectibles with massive prices. They also include digital assets with unique, immutable, and indivisible features. The sectors from digital art to gaming can utilize the collaboration of both the technologies significantly.
Rise of NFTs in Metaverse
The sudden rise of NFTs in the gaming world, is defining the access of Metaverse to the NFTs. Now there are many promising projects and use cases emerging for capitalizing the connection between NFTs and Metaverse. NFT-Metaverse projects drive the possibility of using NFTs as legal identities for virtual property. The use of smart contracts in this blend can be complimentary while selling real estate on Metaverse. NFT has the potential to introduce interoperability outside the metaverse using augmented reality and location based engagement. Through understanding the connection between NFT and Metaverse delivers that metaverse and NFTs are made for each other.
Use cases
The connection between NFT and Metaverse presents promising use cases of NFTs. One of the most important use cases of NFTs is access to Metaverse. All the uses of NFT-Metaverse focus on NFT-controlled access for all the stages of metaverse development. It could help to ensure VIP access to real-life events in the metaverse.
Some of the use cases are discussed as below:
Authenticity of goods
NFT can provide and verify the authenticity of the goods in the virtual world. It omits the need for physical certificates. The physical certificates are vulnerable to forging or alteration. Virtual marketplace — Using the blend of Metaverse and NFT, the sellers can easily provide previews to assets on the web directly in the VR landscape. It can be more appealing to many brands to enhance their sales rate in a fair and transparent manner.
Art Gallery
VR is the best platform to view art. The blend of VR and NFT is different from the traditional marketplace. In this new marketplace of NFT, the prices of all types of virtual assets will remain the same in all circumstances.
Impact of NFTs in Metaverse
Before blending NFTs and Metaverse, it is important to understand the impact of NFTs on Metaverse. Some of the effects are discussed as below:
Disruptions
NFTs could introduce the disruptions in the conventional social network precedents of socialization, transaction, and interaction in the metaverse.
Fairness and transparency
Using this blend, the users and enterprises can represent their real-world assets and solutions in the digital decentralized environment easily. Metaverse could open up to more real-world assets by making the use of gaming models in synchronization with interoperable blockchain games. Meanwhile, NFT would become more prominent with models such as play-to-earn games. It would offer a fair gameplay experience using complete ownership and control of assets. Along with this, NFT in the metaverse offers transparency and immutability. Both the technologies jointly create a transparent and fair economy.
Decentralization in Metaverse
The decentralized nature of NFT in Metaverse offers unlimited business opportunities as well as social interactions. It leads to extremely versatile, interoperable, and scalable digital environments. NFT is a digital item that is minted (created), sold, or purchased in an open market. There is no third-party control.
Conclusion
In conclusion, NFT is potent to boost the authenticity of the goods in the virtual world. It is also capable of protecting the ownership of the goods. Moreover, the users can participate in the secure trading of the products in the MR world with the blend of Meta-NFT.
Smart Contract
What are Smart Contract and how it works?
Introduction
In this current era Smart Contracts are gaining a unique prominence. Blockchain stores digital contract in the form of smart contracts. In addition, Smart contracts include executable terms and conditions. They run automatically without any intervention of a third-party. The reason being, use of it is prevalent in a number of sectors such as the government voting system, healthcare, supply chain, financial services, etc. to resolve the issue of complex and mass transactions.
What is a smart contract and how does it work?
A smart contract is an agreement that involves two parties. It is in the form of executable code kept on a public database and that could not be changed by any party. Along with this, the smart contract processes the transactions automatically when the agreed conditions between both the parties are met. Thus, there are no issues of trusted parties while using the smart contracts.
How are they safe?
Due to its decentralized nature, no any central party could control smart contracts. Moreover, the hackers cannot hack them easily because in order to hack they need to hack more than half of the nodes of the blockchain. The reason being, It runs in a safe and automatic manner.
Benefits of smart contracts
Basically, a smart contract is a set of protocols that facilitate automatic verification, and execution of an agreement between two parties. It can be beneficial to the stakeholders as below:
Accuracy
The automatic execution of it eliminates errors unlike manual contract filling.
Speed
Its execution is speedy enough to save hours of business personnel’s.
Safety
It is safe from infiltration due to encrypted contracts.
Autonomy
The end parties can enjoy high autonomy due to elimination of intermediaries.
Platforms supporting development of smart contracts are:
There are multiple platforms that support the creation of smart contracts including Ethereum, NEO, Hyperledger, Waves etc.
Ethereum
Ethereum is the most prominent platform for building smart contracts. It provides a decentralized virtual machine that executes code using an international network of nodes. Solidity is the smart contract language of Ethereum that helps the developers to create easier and less riskier contract. Above all, Ethereum based smart contracts are the first preference of the blockchain developers.
NEO
NEO is not much recognized across the world. Moreover, it offer trustless smart contracts and financial transactions that are intricate in nature. It offer developers the ability to write contracts using already known programming languages. Along with this, it facilitates a simple and user-friendly platform for smart contract development.
Hyperledger
Hyperledger is an open source platform to create and develop distributed ledger frameworks for supporting business transactions. Linux Foundation hosts Hyperledger to deliver plug-and-play membership services. In other words, Hyperledger provides a set of tools and programming languages to support easier development like Ethereum.
Waves
Waves is an open-source platform like Hyperledger. Moreover, it focuses on speedy and scalable mainstream blockchain implementation. Along with this, It prevents a smart contract from changing the behavior of another smart contract through tokenization.
Conclusion
Smart Contracts can eliminate the burden of managing the cumbersome transactions in an automatic manner. In addition to this, It can provide a secure environment for making transactions and accelerates the business processes. Now, the stakeholders do not have any need to prepare, maintain, and execute the contracts manually as they are self acting. It eliminates the intermediaries to sustain the autonomy of the contracting parties. In conclusion, it can also facilitate extensive opportunities for the stakeholders to conduct smooth business operations globally.
Let’s see what actually Metaverse and Web 3.0 is all about.
Introduction
Metaverse is a universe of social media, augmented reality, virtual reality, online gaming, and cryptocurrencies that allow the users to interact, and build social connections virtually. Metaverse came in the era of the recent Internet evolution known as Web 3.0. Instead of engaging with conventional digital content, the metaverse users will be able to immerse themselves in hybrid (physical + digital) worlds. In other words, metaverse is a shared environment accessed by people via the internet where AR and VR are specifically combined to create a sense of ‘virtual presence’. Moreover, it is a set of virtual spaces where users can create and explore with each other who aren’t in the same physical space. Meanwhile, the growing metaverse can create more multidimensional online spaces.
Compositions of Metaverse
Metaverse is not a specific technology but interaction between the technologies. The technologies included in Metaverse are:
Virtual Reality
Virtual Reality owns prominent features of synthetic views in which users with VR headsets need to pay full attention to the virtual environments, separate from physical worlds. While in metaverse, the users will create contents in the digital twins. Commercially, Virtual environments in Metaverse allows user to create digital contents such as VR painting that they can monetize later using NFT.
Augmented Reality
Augmented Reality delivers alternate experiences to users in their physical surroundings with computer-generated virtual contents. It creates an enhanced real world by making the use of digital visual elements delivered via technology. Users with AR in the physical world simultaneously communicate with virtual counterparts in the metaverse. AR will allow the users to see the actual environment through screens of their phones or tablets by using smart glasses, and make virtual changes on the screen.
Mixed Reality
Mixed reality is a blend of digital and physical worlds and unlock natural and intuitive 3D interactions between human and environment. It allows a person to wear an MR headset to experience real world objects, and trigger virtual world reactions.
Difference between Metaverse and Web 3.0
Metaverse is a computer domain to ensure interaction with 3D objects through VR glasses. Web 3.0 represents management of digital assets and online identities. The users may produce and monetize their content using Web 3.0.
Metaverse features enable the whole ecosystem with connection, interface, experiences, decentralization, and supporting technology. Whereas, Web 3.0 focuses only on decentralized web using blockchain and cryptocurrency.
Metaverse combines entertainment, education, gaming, movies, social networks, and simulated networks. On the other hand, web 3.0 is a new version of the internet and applicable to the whole web rather than specialized applications.
Similarities between Metaverse and Web 3.0
Along with differences, there are some similarities between Metaverse and Web 3.0
Metaverse and Web 3.0 are both are being refer as ‘Decentralized ‘for most of the applications.
Both are utilizing Artificial Intelligence to create an advanced interface.
Both are ready to assist users throughout IoT based digitization and next generation technologies.
Future scope
The giant companies such as Apple, Google, and Facebook are stepping towards Metaverse with ambitious plans to materialize the immersive technologies. In the upcoming years, our virtual world will look radically different with progressive development, and engagement of emerging technologies. Along with this, our digitized future will be more interactive, alive, and multiple using powerful immersive technologies.
Future challenges
Besides remarkable benefits of Metaverse technologies, the businesses may also face certain challenges. Synchronization and management of dynamic states at a scale will be a huge challenge. Specially, while considering unlimited concurrent users to collectively act on virtual objects, and interact with others without sensible latency. Latency is the factor that may negatively impact the user experiences in Metaverse. Along with this, the creation and management of virtual assets such as digital twins and avatars will also have great challenges while protecting users against digital copies. Such copies can modify users’ behavior and they can influence to expose more personal information to avatars. Moreover, Metaverse expands the definition of ‘personal data’ for which basic privacy regulations will not be significant. Future security of metaverse, will need to consider the rights of minorities and vulnerable communities. Otherwise, unlike in traditional socio-technical systems, potential mistreatment would have more disastrous consequences.
Conclusion
Web 3.0 is the next generation of the internet that is evolving the methods of user control on their digital creations, assets, identities, and content. Whereas, metaverse is the part of Web 3.0 that promises to deliver immersive experiences and environments for the users. It has potential to attract more buyers for the businesses in an interactive manner and help them to gain higher profit margins. However, its full-fledged adoption is prone to certain challenges such as latency, legacy security mechanism, and synchronization related issues.
Web 3.0
What is Web 3.0 and how it works?
What is Web 3.0?
Web 3.0 is the latest version of the internet which is renowned for decentralized and serverless services. It allows users to control their own data, destiny, and identity. Using cryptographic methods and decentralized protocols. Along with this, it delivers a stable and resilient ecosystem for online communication.
Unlike Web 2.0, Web 3.0 doesn’t make the use of HTTP based unique web addresses to find information. Now, the information can be found on the basis of content, and stored in multiple locations simultaneously. Decentralized database of Web 3.0 breaks down the massive databases held by key internet players such as Google.
Web 3.0 also known as semantic web that implies the web’s future of read-write-execute. In this era, AI and ML enable computerized machines to aid distribution of valuable content for meeting user specific needs. It is now rare to create and deploy applications on a single cloud or database. Instead, applications are built on decentralized networks or blockchain and known as DApps. Such applications promise to deliver the highest quality services across a secure and stable decentralized network.
What does decentralization mean?
‘Decentralization’ is a term used where no permission is needed for a central authority to post anything on the web. Moreover, there is no central controlling node to ensure freedom from indiscriminate surveillance. It allows the users to ensure that they retain ownership control for their computing devices such as desktops, mobile phones, vehicles, wearables etc. Meanwhile, it leads to permissionless.
Elements of Web 3.0
The third generation of the internet focuses on analyzing data to deliver semantic web and create more intelligent web solutions. Along with this, to incorporate this focus of the internet, Web 3.0 is comprises of a number of elements.
Web 3.0 has conceived cryptocurrencies to introduce the current economic model. Though, they have introduced at a slow pace but became predominant currency. Smart contracts helps to execute predetermined terms and conditions during P2P crypto transactions. They can automate the execution of an agreement so that participants can immediately get the outcome without any inclusion of intermediaries.
DeFi
DeFi is termed as Decentralized Finance. Basically, it is also a component of Web 3.0 to execute financial transactions on blockchain without interruption of any banking firm. It is an emerging financial technology based on distributed ledgers, used by cryptocurrencies. Meanwhile, it eliminates intermediary costs for using services, holds user money in a secure digital wallet instead of a bank, and transfers funds in seconds without any approval needed.
Metaverse
Metaverse is comprises of multiple technologies to create an immersive world. Moreover, it includes AR, VR, MR, smart glasses etc. to create an unimaginable simulated experience for the users where they can touch and feel the things virtually. It opens doors for industry players to attract buyers in a highly creative and competitive manner with a gain of high profit margins. Metaverse’s web 3.0 engine will power goods and services in the coming days.
Artificial intelligence
In Web 3.0, Artificial intelligence (AI) is the process in which the internet replicates human access to information and enables faster processing of information. It leverages AI and ML along with blockchain to achieve real-world human communication and allows individuals to own their data on the web.
Conclusion
Web 3.0 focuses on democracy by utilizing the best of the emerging technologies. It is a vision for next phase internet development and imagines a decentralized ecosystem. Its decentralized nature promises to advance the privileges of people by giving them more decisions over how they associate on the web.
AI & ML in Healthcare
How AI & ML can help Healthcare industry?
Introduction
In the era of increasing complexity and size of health data, Artificial intelligence and Machine Learning can provide an ease to deliver data-driven decisions in the healthcare sector. Such decisions ensure diagnosis better than humans, large-scale automation across the supply chain, and more accurate predictions. The use of Artificial Intelligence and Machine Learning technologies is highly prevalent to transform diverse aspects of patient care as well as administrative processes within the industry.
What are AI and ML?
AI is the engineering of making intelligent machines that behave like human beings. Such intelligence is beyond human capabilities to make better and efficient decisions. AI programmed machines imitate humans to make decisions, predictions, and analytical reasoning. Moreover, AI is referring to the application of computation algorithms to classify, predict, and analyze large datasets for making useful insights.
Meanwhile, ML lies under the umbrella of AI. It is a statistical technique for fitting models to data analytics. It can help to train machines to make data-driven decisions and predictions. Moreover, the use of ML in healthcare settings include assessment of quality of input data, and decisions that serve as foundations of ML models. In the interval, the quality of decisions made by ML trained machines is based on the quality of data collected from EMRs. It also ensures that the end product is transparent, interpretable, and ethical.
The prevalent use of Artificial Intelligence and Machine Learning technologies can assist healthcare providers in patient care, administrative processes, and addressing existing healthcare challenges. They are becoming cornerstones of healthcare domains, and capitalizing robust EMR data, and contributing a wide range of applications.
Some imperative applications of AI and ML and healthcare domains are discussed below:
Automated image analysis
AI and ML can help to train a machine to review and scan clinical images without any human intervention. It would enable cardiologists, radiologists, and other physicians to identify essential insights and avoid potential errors. Moreover, it is potent to establish more precise decisions. It can also assist the physicians in a friendly, customized, and accurate manner throughout the diagnostic decision process.
Real-time health monitoring with IoT
During COVID-19 pandemic, an aggressive increment in patients’ admission was seen in worldwide hospitals. Manually, it was highly difficult for the health professionals or doctors to monitor the rapid rate of patient health. However, IoT based health monitoring systems are the solutions to detect patient health in an automated manner. In contrast, AI and ML deliver such solutions using data values such as body temperature, pulse rate, and oxygen saturation of the patients to diagnose patient health. The data values are obtained from wearable devices (IoT devices) for real-time health monitoring.
Prediction for for Knee Arthroplasty
AI and ML can assess the viability of knee arthroplasty. It can also determine if the patients with knee pain need any further knee arthroplasty or not. While, knee arthroplasty may include total knee replacement, unicompartmental (partial) knee replacement, and kneecap replacement (patellofemoral arthroplasty).
Infection surveillance
AI algorithms can detect Healthcare-associated infections (HAIs) in the hospitals. The use of AI is a feasible method for HAI surveillance to save time, improve infection prevention performance, and promote accurate surveillance.
Consolidate drugs discovery
AI algorithms led to the foundation of a drug discovery platform to help the medical companies to repurpose existing drugs, and bio compounds. It is possible with consolidation of data science, chemistry, and biology.
Conclusion
In conclusion, AI and ML healthcare applications are oriented to health data. The collection and usage of such data is prone to many of the ethical concerns such as uninformed data collection, excessive exposure, data breach, algorithm transparency, lack of regulations, governance of AI etc. Thus, it is important for the researchers to focus on corroborated evidence to build trust of the people in health-related AI applications.
How Blockchain Technology can transform Media and Entertainment industry?
Introduction
The media and entertainment industry are primarily based on relationships which means the content creators are often taking disadvantage through stealth profits and middlemen margins. Artists were never enlighten or exposed to the intricacies of business, finance, and law relative to their artistic expression and creativity. Blockchain Technology in Media and Entertainment eliminates fraud, reduces costs, increases overall transparency. Moreover, technology is putting a significant impact media and entertainment industry like other sectors.
How does blockchain transform Media & Entertainment industry?
Blockchain Technology has the potential to transform the working, delivery, and consumption of media and entertainment. In contrast to it, the legacy systems would not designed to manage personalized content, manage complex, and service bundles. Earlier it was extremely difficult to manage digital rights, transactions among a large number of intermediaries, and royalty collections. This blockchain could counter the issue related to fraud.
Reduce infringements
Blockchain has the potential to track the supply chain of any sector and reduce piracy of intellectual property, and digital content protection. It is a shared ledger approach to improve the media supply chain and reduce infringements related to copyright by adding security, control, and transparency.
Fraud detection
Blockchain targets the right people timely and effectively, and counter fraud techniques such as domain spoofing and bot networks. It also creates impressions and clicks that could not triggered by humans. Moreover, the shared ledger helps to provide transparency, efficiency, speed, security, and control across the media supply chain for all transaction processes.
Transparent and accurate advertisement
The transparency in advertisement helps to eliminate waste by identifying and cutting intermediaries’ costs in the process. The technology helps to target the right people with more relevant and timely advertisements, reduce advertising load, and optimize advertising revenue. The technology can also help the industry to operate in a more effective manner within the business networks with consensus, immutability, finality, cost removal, reduced fraud, and provenance.
Waste reduction
Blockchain is eliminating content aggression and allowing content creators to interact without the inclusion of costly intermediaries. The industry remains largely convoluted with multiple middlemen from streaming platforms for content aggregation diluting revenues for involved parties. However, smart contracts have automated the consensus mechanisms.
Enable micropayments
Blockchain records the usage of every piece of content, once the content creator registers his property on the blockchain platform. It enables real-time, transparent, and flexible consumption-based pricing mechanisms. Smart contract will have utilized for the execution of automatic micropayments between creator and consumer.
Streamlining of royalty payments
The artists can upload their original works, control licensing options, and manage distributions on a block-chain based platform. In addition, Smart contracts could program automatic payments to the creator’s account and royalty payments.
Conclusion
In conclusion, blockchain incorporates benefits beyond intellectual property protection in Media & Entertainment industry. It understands the complexities and vastness of the industrial networks and tries to resolve the issues related to digital rights, transactions, frauds, etc. The business handlers should consider such technological applications and consult remarkable blockchain development companies.
How E-commerce applications are adding values to the business
Do you want to scale your business?
In the era of increasing virtualization, e-commerce applications incorporate extensive growth into the business world. A proprietary mobile app is the most powerful tool to accelerate business development and growth. Meanwhile, such applications are highly user-friendly and accessible for ease of use by the users. It helps them to place the orders in a convenient manner. Modern e-commerce applications are smart enough to provide a personalized experience to the users using AI and ML. Moreover, they influence consumer decision-making and make the shopping process easier with mobile phones. Along with this, the consumers save their commuting time and save to shop with such applications. It helps the businesses to grow with an increasing number of sales and consumers beyond their territorial, or national boundaries.
What is an e-commerce application?
An e-commerce application is a software application designed to conduct online activities such as online buying and selling. In other words, it is a virtual bridge between sellers and buyers. Along with this, e-commerce applications are opting the models such as B2C (Business-to-Consumer), B2B (Business-to-Business), C2B (Consumer-to-Business), and C2C (Consumer-to-Consumer). Such models allow e-retailing, e-procurement, e-trading, cross-selling, etc.
How do e-commerce applications add value to the business world?
There are many ways through which e-commerce applications add value to the business world.
Customer experience enhancement
Commercial modernization has increased the consumers’ expectations related to personalized and consistent experiences through their shopping journey. Using e-commerce applications, the consumers can experience this. Moreover, user experience are getting improve by the help of technologies such as AR, VR, AI, and ML. The technologies help to create valuable insights for the users such as preferences of the consumers, buying decisions, frequency of purchase, etc. It persuades the consumers to make frequent purchases.
Personalized shopping experience
The mobile applications with the integrated recommendation system provide related suggestions to online shoppers. It helps to deliver personalized shopping and information advantages experience to the consumers. Also, it works for sales growth as the shoppers easily get their preferred things in a short while.
Increased customer retention
E-commerce leads to the ease of customer data collection that helps to determine customer behavior and loyalty towards the brand. Moreover, with the help of collected data we can help or analyze and design personalized offer for the customer. The offers are being designed to offered until the customer came for repurchase by the help of technologies like AI and ML. Such cyclic approaches help to retain the customers. There are many e-commerce sites that provide periodic discount offers to the shoppers to indulge them in recurrent shopping.
Conclusion
In conclusion, e-commerce applications are becoming smarter to attract and sustain customer interest. It influences the sales rate and brand image of the businesses frequently. Meanwhile, the businesses that like to experience extensive growth must be indulged in life-long learning in order to develop and maintain their e-commerce applications with emerging features as per the market requirements.
DeFi stands for Decentralized Finance. It is an emerging financial technology consisting of secure distributed ledgers like cryptocurrencies. It is an open alternative to the conventional financial system and let the users borrow, invest, or trade the products. Being an open-source technology, hence anyone can program with it. It removes the financial institutions to manage money and financial services. Every so often, it is a communal term for financial products and services accessible to anyone using an internet connection and Ethereum. It ensures an open market with no centralized authorities who may block or deny the payments. Moreover, it addresses the risk of human error and ensures safer financial transactions.
Problem definition
Cryptocurrency volatility is a problem for a wide range of financial products and spending. However, DeFi has solved the problem with stablecoins. Stablecoins are cryptocurrencies without volatility. Their value is steady and resembles traditional currency. In addition, it provides involatile money that can be used on Ethereum. Therefore, such coins are high in demand to earn interest, exchangeable for Ethereum tokens and secured by cryptography.
Structure of DeFi
DeFi is based on decentralized networks for independent governance and nodes that will validate the transactions. However, with the increasing trends of blockchain, decentralized finance applications seek to improve the governance of the projects respective to token holders.
Basic differences between DeFi and conventional financial system
Future of finance with DeFi
Using blockchain technology, DeFi can ensure that all the transactions are publicly visible, verifiable, and tamper-proof by anyone. It would remove the need for trust in any third party. The parties are interacting based on a smart contract that is a codified, interoperable, self-executing, and permission less law, and eliminate the need for intermediaries who were charging fees and slowing down the financial processes. People across the world may join this new financial system without any discrimination. With an internet connection only, users would have full control over their assets what could be used whenever they want.
Conclusion
DeFi is the future of the finance industry with independent governance, high transparency, global transactions, no intermediaries, high trust, no hidden charges, and many more. In conclusion, it enhances the efficiency of the financial process by addressing the controlling or executing parties or processes.
NFT (Non-Fungible Token)
What are NFTs and how do they work?
NFT
NFT is the terminology that stands for Non-Fungible Token which is a non-interchangeable data unit on blockchain. It is an Ethereum-based asset to represent anything unique and create more power for the content creators than ever before. The smart contracts on the Ethereum blockchain are to power the NFTs. Basically, NFTs are the tokens that represents the ownership of unique items and tokenize the things such as art, collectibles, real estate, etc. They are secured by Ethereum blockchain and have officially one owner at a time.
NFTs and Ethereum jointly solve many of the internet problems today. As everything is becoming digital, there need to replicate the properties of physical items such as uniqueness, proof of ownership, and scarcity. No two NFTs are the same but digitally unique and every NFT must have an owner that is a public record for anyone to verify. The content creators can sell their work anywhere and access the global market. They can also retain ownership rights over their own work, and claim resale royalties directly.
Some special properties of NFT
1. Each created or minted token has a unique identity linked to the Ethereum address directly.
2. NFTs are not interchangeable directly with other tokens 1:1.
3. Each token has an owner that can be verified easily.
4. NFTs are live on Ethereum for trading on any Ethereum-based market.
What is Ethereum?
To understand the concept of NFT at complete, it is important to know about Ethereum. Ethereum is the technology to home digital money, applications, and global payments. It is a blockchain-based platform that enables, creates secure digital ledgers and maintained publicly. Moreover, it is a decentralized blockchain with smart contract functionality. It delivers a fairer financial system that never discriminates and any user can send, receive, borrow, and fund money throughout the world just with an internet connection.
Relation between smart contracts and NFTs
A smart contract can be termed as a program that runs on the Ethereum blockchain. The code and data of the contract reside at a specific address on the Ethereum blockchain. NFTs are powered by smart contracts to handle the transfer and verification of the ownership. The NFT standards such as ERC-721 provide the functionalities for smart contracts.
NFTs are the way to represent anything unique by the help of smart contracts on the Ethereum blockchain. However, the minting done with the help of smart contract assigns NFT ownership and manage its transferability. On the creation and minting of NFT, the stored code is executed in smart contracts that conform to different standards such as ERC-721. This information becomes the part of the blockchain where NFTs could be managed.
Conclusion
In conclusion, proving an NFT is quite similar to proving an ETH in your account, and NFT based token is important to prove that the digital file is original. On the creation of NFT, one can easily prove that he is the creator, determine the scarcity, earn royalties, sell it on any NFT market or peer to peer. In conclusion, the creators couldn’t restricted to any platform and it also doesn’t requires any intermediary.
In recent years, AR has attracted the attention of a wide range of researchers and developers extensively. The technology has shown strong momentum of development, driven by Computer Vision and Artificial Intelligence.
What is Augmented Reality (AR)?
Augmented Reality can be referred to as an advanced technology that can combine the virtual world with the real one. It makes the use of Multimedia, 3D-Modelling, Sensing, Real-time tracking, and many more. Moreover, it overlays visual, auditory, and other sensory information onto the world to enhance one’s experience; to provide an interactive experience of a real-world environment. In such an environment, the resided objects are enhanced by computer precepted or sensory information.
Application areas of AR:
AR is being applied to numerous fields including tourism, commerce, art, restoration, education, entertainment, leisure, medical treatment, industrial manufacturing, and many more. Some of the application areas are discussed below:
Tourism
AR-based applications can attract tourists by restoring historical sites using screen software, mobile phone cameras, and other technological means to integrate real scenes. Moreover, additional information can be obtained along with viewing scenes.
Archeology
The use of AR in archeological studies is significant enough to zoom in on relics on real landscapes. It helps archeologists to pinpoint their location accurately.
Retail
Augmented Reality has also revolutionized the retail sector and improved the customer experience extensively. Now the customers can see everything about the selected or purchased product without opening its packaging. It allows the scanning of product pictures to get the production details.
Automobile manufacturing
The technology can guide workers visually and help with 3D designs more efficiently. The car designers can have a better structure of the cars and make better comparisons using AR-based visual presentation.
Education
AR-based learning application enables the learners to see the computer-generated objects on the screen of the device. It takes place in real-time while you view it from your camera. The technique enables the students to learn more interactively. Moreover, the educators are making use of such learning applications directly in the classroom. It helps them to explain and represent the learning materials to the students in an interactive manner.
Security
For public security solutions, AR technology can play a good role. It allows search and rescue, in integration with aerial cameras. It can integrate the real scene with the forest road name and location as per the geography and help to rescue the lost person more efficiently.
Medical applications
The use of technology can be made by doctors to locate the surgical site of a patient in an accurate manner. It can also observe the fetus in real-time and remind the patient to take medicine on time by letting them wear AR-enabled equipment.
Construction
For the construction and architectural projects, AR is used to place any proposed on-site 3D model using mobile devices. It also allows measuring the site with a virtual measuring tape and detecting errors before constructing the building and reducing unnecessary back and forth between the parties.
Real-time application from IOTric: AR Scale
AR Scale is a real-time application that is intended to measure the dimensions of the real world objects with your smartphone’s camera. With the help of the camera, you can detect the start and endpoint to find the actual dimensions of the targeted area. The application turns the smartphone into a virtual tape to know the dimensions of real-world objects. It is accurate enough to make measurements using AR supported device.
In conclusion, it has been found that AR is potent enough to make dramatic changes in the various industrial operations that are beyond the human imagination. It makes the user experiences more interactive and changes the boredom work pattern.
How blockchain is a game-changer technology for ‘IoT’?
Blockchain technology has the potential to revolutionize IoT security with advanced mechanisms.
Introduction
In the current era of Industry Revolution 4.0, the ‘Internet of Things’ (IoT) is going to influence almost all day-to-day activities. However, the increasing inclusion of IoT in our lifestyle leads to an increasing threat of being misused. Thus, there is an urgent need to secure IoT devices from cyber threats that can protect homes’ and businesses’ data from being transformed, exposed, and misused. There is a wide range of technologies existing in the market to incorporate IoT security but the blockchain is an emerging solution. It is potent to create more secure IoT systems in the upcoming time.
What is Blockchain?
Blockchain is the technology to record information as a digital ledger of transactions that is duplicated and distributed across a network of computer systems. It is a shared and immutable ledger to facilitate the process of recording and tracking transactions and assets respectively throughout the network. Along with this, it binds the data with a very strong crypto mechanism that is not easy to be tracked or tampered with by illegitimate users.
How it is a game-changer for IoT security?
IoT is a loosely coupled system of multiple heterogeneous and homogenous devices with the power to sense, process, and network capabilities. Blockchain can transform the security aspects of IoT in the following three patterns:
Secure communication
Blockchain can ensure secure communication over IoT network by performing three fundamental functions including
1. Autonomous coordination with device
2. Peer-to-peer data exchange
3. Distributed data sharing
Blockchain nodes within an IoT network can be used to validate the transactions through mining; such nodes may include personal computers, cloud-based nodes, or enterprise servers. While IoT devices are clients that do not store the distributed ledger and create transactions that are relayed to blockchain nodes to process and store data into the distributed ledger. The block of blockchain clients interacts with each other through APIs. HTTP REST APIs can be used for communication between blockchain and IoT that are specific for every node of blockchain.
Sometimes, IoT devices communicate with each other to exchange data required for transaction processing and store it in a ledger. The ledgers can also be used to store encryption keys for the exchange of more confidential data. The IoT devices that send an encrypted message using the public key of the destination device, are stored in the blockchain network. The message sender will ask for the public key of the receiver from the distributed ledger what will be used to encrypt the message using the key of the receiver. It is the only way to decrypt the sent message using the private key.
User Authentication
The sender will sign the message before sending them to other devices and the receiver devices get the public key from the ledger to verify the digital signature of the received message. The digital signature works as
· Sender calculates the hash key message.
· Encrypt the message using the private key.
· Digital signature is transmitted along with the message.
· Then, the receiver decrypts the digital signature using the sender’s public key stored in the ledger for obtaining hash value but calculated by the sender.
· If the calculated and obtained hash of the message are the same, then the message is valid.
· If the digital signature of each message, stored in the ledger, the trust for the retrieved messages is improved.
Legitimation of large scale IoT
An IoT network with millions of IoT devices experiences a challenge related to the discovery of illegitimate devices. To ensure this, the credentials must be installed on the device during setup. There should be a safe process that could be part of the blockchain to generate such credentials. Along with this, credentials could be given to the IoT device owner what initialize the device enrolment process into security services to get credentials for IoT.
Use Case
For an instance, blockchain can secure the IoT network through a decentralized system with a single authority that can approve any transaction. Each device of the network will have a copy of the growing chain of data. Whenever any device will try to access the data, then all the members of the network must validate it first. After data access request validation, the user performed transaction will be stored in a block and sent to all the nodes across the network. It will make sure that IoT system is secure from unauthorized access and security breaches.
Conclusion
In conclusion, it has been identified that blockchain technology can incorporate a more secure and entrusted IoT model with high-end hardware requirements. IoT is not going to be a full member of the blockchain network but IoT is going to be benefitted definitely from the functionalities of blockchain through offered APIs by the nodes of the network. It can ensure more secure data transmission between interconnected devices of IoT network. Thus, blockchain is proposed as an emergent solution for IoT security.
Blockchain In Healthcare
Why and How blockchain technology in healthcare?
Introduction
Security is always a concern when it comes to the transfer of patients’ medical records. With the growth of technology, cyber-attacks have also increased repeatedly at the same time. So, it is a great challenge for the healthcare industry to have strong security systems that can safeguard the medicine supply chain and channel of communication. Traditional and hardware security systems are not applicable enough to protect the huge amount of data and information that is exchanged on an everyday basis. In the demand for high-security systems, blockchain could be an inheritor in today’s era.
Blockchain Technology is a powerful system for recording data and information in a manner that it creates tough or impossible settings to change, hack, and trick the system. It stores the data and information electronically in a digital setup. It is a technology that is invented for providing high protection for the huge amount of data that is communicated through untrusted channels. This technology assures fidelity and safety of records and creates a trustworthy environment. It is best known for its role in the cryptocurrency system for maintaining a secure and decentralized record of transactions.
Why Blockchain in the healthcare industry?
Blockchain Technology has a broad expanse of applications and usages in the healthcare sector. The chronicle technique in blockchain facilitates the secure transfer of patients’ medical records and organizes the medicine supply chain. It also simplifies health care investigators unlock genetic codes. This technology is useful to store data and medical records confidentiality, revamping patients’ information across various facilities and locations in real periods and with protection. It provides network infrastructure security at every notch. Blockchain enables the identity verification and authentication of every participant. This is a great technology to retain a uniform pattern of approval to access electronic health information. It is a promising innovation that can replace the traditional method of healthcare database management system.
Blockchain Technology in the healthcare:
Tracking medical credentials
The health-focused blockchain plans to create credentials in the healthcare area are better, transparent and effortlessly accessible. Partners of the chain can ascertain the credentials and track record of several health specialists with professional credentials exchange.
Improve medical record access
Patient data management is one of the prominent health care use cases for blockchain technology. There are systems that give priority to the patient agency by providing a transparent and accessible information view of medical history to the verified party. This system stores all the data and information of the patient in one place making it easier for patients and doctors to view.
Improve doctors and patient interaction
Now you can have access and control over your private medical data and information with the use of the medical chain. Patients can connect immediately to their health records through mobile devices while keeping data secure on the blockchain. It also delivers telemedicine communication facilitating online video consultations with physicians.
Improve medical record keeping
PhrOS is a system that aims to enhance transparency between hospitals by recording all of a patient’s medical data and information on blockchain technology. This comprises images and several information concerning the patient’s health conditions. Patients and physicians can access information by themselves through mobile applications. It increases the safety of medical data through DLT (Decentralized Ledger Technology).
Conclusion
The importance of blockchain in the health care sector is increasing rapidly. It can be applied to the healthcare industry in various ways that are leading to reduced costs and a modern way for patients to access the healthcare system. This allows medical information and data systems to work together within organizational limitations for the effective delivery of healthcare communication
Cryptocurrency
What is cryptocurrency and how does it works?
Introduction
With the growth in advanced technologies, there is also an addition of cyberattacks that happens often during the transitions. Maintaining strong security while conducting transfers and transactions has always been a challenging mission for business professionals as the global economy is shifting towards a digital system. It is very much important to have a secure transmission channel while doing transactions. So, in this challenging period, cryptocurrency is the best solution for this purpose. Cryptocurrencies are beneficial technology through which you can have a safe and secure medium of exchange. This technology could be a greatly professing extension to the digital payment system.
What is cryptocurrency?
Cryptocurrency is an assemblage of binary data which is formulated to operate as a medium of exchange. Coin holder lists are stored in a ledger which is a computerized database that uses powerful cryptography to have a secure transaction record, ascertain the transmission of coin ownership, and monitor the production of supplementary coins. It is a tradable digital configuration of money that is created on blockchain technology existing online. It is designed to exchange digital information. Encryption is used to verify and safeguard transactions. It does not occur physically and is generally not allocated by the main administration.
Why is cryptocurrency important in today’s world?
Cryptocurrency is one of the secure options in place of physical or other modes of transferring currency that is currently used. This technology uses an incredibly complicated code system to maintain security. Cryptography procedures are used for transferring very sensitive data. This could be the solution for the fraud deduction. It helps in identifying theft by using blockchain technology that ensures secure digital transactions with encryption. No other electronic cash system, so, you are the owner of this system. This technology will create a safe environment for transmitting sensitive information or data with the guarantee.
Application of cryptocurrency:
Low-cost money transfers
It is one of the extremely prominent techniques for spending and receiving payment at the lowest possible cost with high speed. Litecoin (LTC) transactions take only a few minutes to complete. The transaction fee would have gone high if it had included a financial intermediary and the transfer would have taken longer if there was cross-border transmission.
Make private transactions
Individuals are allowed to make mysterious financial transactions through privacy-centric digital currencies such as Zcash, Monero, and PIVX. Now the users can transfer money without giving any explanation to a bank though the amount of money is large. It helps to avoid delaying the transaction and involvement of unnecessary processes.
Send non-cash remittances
Non-cash remittances are a significant use case for cryptocurrency. SureRemit is a blockchain startup that facilitates users to send non-cash remittances from anywhere in the world. Non-cash remittances such as mobile data top-ups or utility bill payments encourage the transfer of data in a secure environment.
Purchase of expensive vehicles and goods
Cryptocurrency can also be used for buying cars like Lamborghini or Tesla. De Louvois is a bitcoin luxury marketplace that enables the “crypto rich” to purchase cars comprising the cryptocurrency status symbol using bitcoin. It also gives a wide range of other luxury goods like wine, art, digital gadgets, and so on.
Conclusion
The importance of cryptocurrency has been vastly increasing in today’s market. Due to the high-security system and tons of facilities is the reason why people and business persons are adopting this technology. It is the easiest and the fastest-growing technology that helps users to transmit data through communication channels. With the involvement of blockchain technology, cryptocurrency has been gaining popularity in today’s era.
AR Scale-Measurement App by iotric
What is the AR Scale measurement app all about?
The AR developers from iotric are here with this unique and amazing AR Scale measurement application to help you get the exact dimensions, height, length, surface area of the floors, walls, and everything you can imagine. AR Scale, as the name suggests, is an Augmented Reality (AR) based mobile application to help the users measure the length, breadth, and height of any space and surface area of any cube/cuboid object. Gone are the days when you needed to carry a physical measuring tape everywhere or even call a person from outside to measure the dimensions of your room for refurbishing the space, renovating it, or any such task. Now the unique AR Scale measurement app is here at your rescue.
How is the AR Scale android measurement app unique from other measuring apps present in the play store?
Mark Pointers
The unique AR Scale measurement app developed by iotric shows a pointer at the start points and corners on its own. So you do not have to click whenever there is a sharp corner or a turn as it recognizes the dead end.
3D Visualisation
Once you have measured the length of the entire area using the AR Scale measurement app, then you can click on the enclosed figure and have a look at its 3D view as well. Again, it helps to know the actual shape of any floor or wall area and if the walls are straight or inclined to some angle.
Change Colors
The AR Scale android measurement app allows the color of lines and pointers as per the user’s conveyance.
Calculate Surface Area
You can click on a surface by placing your pointer at one of its corners and trace its shape, and this unique app will tell you the surface area of that cube.
Change Measurement Units
Users can select their desired measurement unit from (Inches, millimeters, centimeters, and meters) inside the settings.
Save Measurements
AR Scale android measurement app provides the ability to save measurements by providing a screenshot button on the screen. Users can see these screenshots inside their gallery.
Modules present in AR Scale measurement app
This measuring AR app comes with five modules to make the measuring process more precise and straightforward –
Create pair of points and join individual lines
This module helps create a pair of points and further join them to form a line representing a closed figure. For example, you need to see the height of your wall clock from the floor. Then, you can take the bottom-most pointer and a pointer just below the clock and join them to form a line and get its length.
Use
One can use this module to measure the distance between two points on the floor or the wall. In addition, it helps in knowing the height of the table or any painting to be put on the wall, etc. For example, you want to replace your center table and know about the width of the new center table to be placed in your living room, etc.
Calculate heights
You can create multiple columns and change the value by shifting to another column, etc., using this module. It helps in measuring the height of the bed, wall, etc.
Use
Multiple height measurements are possible using AR Scale measurement app. Users can place one or multiple columns on the surface and use the on-screen slider to adjust the height to align it to the actual objects.
Floor plan creation
This module functions similar to the second module of multiple lines, but the difference between them is it will never recognize walls, and you can only use it on the floor area. On clicking upon this module, you get 3d models of the floor.
Use
The 3D model of the floor tells us about the exact shape of our floor. Some inclinations or cuts are not visible to us but look weird while placing any furniture. Use the AR Scale android measurement app to visualize such curvatures using Augmented reality and make choices accordingly. If you have to buy any furniture, machinery, or any other thing and you’re unsure if the object will fit in that place, you can use the AR Scale measurement app to decide the exact height of that as per the dimensions of your room.
Cube measurements
Suppose you have a box and need to calculate its surface area or volume, then this module proves helpful. It helps you to estimate how many boxes can be kept in a warehouse or loaded in a truck as well.
Use
Tap on three corners of the cube, and then it will tell the surface area of that cube by tapping just on the corners. It is the quickest and easiest way to calculate the surface area of any cube that is too precise and quick for making estimates. Users can increase/decrease the height of the virtual cube to align it to the original cube object using an on-screen slider. Suppose you need to load boxes into so many trucks or in a warehouse, then you can use AR Scale measurement app to measure the surface area of one box and the entire truck or room and then decide how many trucks will be required to load the stuff and make quick and appropriate decisions.
How can you download the AR Scale android measurement application?
The AR Scale measurement app will be available in the Android Play Store soon. It will probably be available to download from the google play store from the last week of August. It will be available on the android play stores free of cost. This best and free android measuring app will be compatible with Android version 7.0 and above, i.e., Nougat and above.
*The supported devices will require to be ArCore supported.
Conclusion
We all want to have an app to help us measure the surfaces and eliminate those traditional measuring tapes. The AR Scale measurement app is a blessing to all such people. Download it into your android devices as soon as it gets available in the play store.
What’s new in Kotlin that Java lacks for Android development
Kotlin has been declared as the official language for Android Development. So we decided to talk about it a little bit to get you started!
Java and Kotlin are totally interoperable, this means if we have two classes, one made in Kotlin and the other one in java, it can be easily used with each other.
Also we can convert any Java file to Kotlin by pressing ctrl + shift + alt + k (Windows) / cmd + shift + alt + k (Mac). Cool, isn’t it?
So, I’m going to divide this blog into small topics to make it easily understandable. I’m going to talk about the differences between Java and Kotlin and some of the new things that are added In this language.
Let’s Get Started!
Data Classes (POJOs)
A data class in Kotlin can be defined as : data class Money(val amount: BigDecimal, val currency: String)
or providing default values:
data class Money(val amount: BigDecimal = BigDecimal(100), val currency: String = "INR")A Java equivalent of this Kotlin data class will be :
public class JavaMoney {
String currency;
int amount;
public JavaMoney(int amount, String currency) {
this.currency = currency;
this.amount = amount;
}
@Override
public boolean equals(Object o) {
if (this == o) return true;
if (o == null || getClass() != o.getClass()) return false;
JavaMoney javaMoney = (JavaMoney) o;
return amount == javaMoney.amount &&
Objects.equals(currency, javaMoney.currency);
}
@Override
public int hashCode() {
return Objects.hash(currency, amount);
}
@Override
public String toString() {
return "JavaMoney{" +
"currency='" + currency + '\'' +
", amount=" + amount +
'}';
}
@NonNull
@Override
protected Object clone() throws CloneNotSupportedException {
return super.clone();
}
public static void main(String[] args) {
Money money = new Money(BigDecimal.ONE, "$");
money.getAmount(); // Now in java we can have getters and setters
}
}
Here if we need to add/delete/update a single key we need to mess up with all the functions inside the java to make the change but for Kotlin data class, just add/update a variable inside the data class and you're done!
No need to specify data type when initialising a variable :
val tickets = Money(BigDecimal(100), "$") //No need to tell the data type - Strongly type referenced.
Tickets will automatically be of data type 'Money'.
Named parameters / copy :
val popcorn = tickets.copy(amount = BigDecimal(500), currency = "EUR")
val fuel = tickets.copy(amount = BigDecimal(500))
Here, we can copy all the properties of tickets into popcorn and can manipulate separate properties by naming them like amount = or currency = or both
Method Overriding :
In Kotlin we can provide default values to the parameters (Like we did above inside money class). Therefore that class can be initialised by default parameters and/or by providing specific values and/or by providing all the values.
val tickets = Money(BigDecimal(100), "$")
val popcorn = tickets.copy(amount = BigDecimal(500), currency = "EUR")
val popcorn = tickets.copy(currency = "EUR", amount = BigDecimal(500))
val popcorn = tickets.copy(currency = "EUR")
val popcorn = tickets.copy(amount = BigDecimal(500))
val popcorn = tickets.copy()
All the above mentioned initialisations are valid. //Named parameters, Interchangeable, Useful when there are a lot of parameters to pass and for overloading
Noticed that we have never used semicolons in our code? Well, semicolons are optional in Kotlin.
val and var :
val i = 100 // The value of i can never be changed, its fixed to 100
var i = 100 // The value of i can be changed at any time.
Property Comparison and Pointer Comparison :
//Property Comparison
if (tickets != popcorn) {
println("they are different (Values)")
} else {
println("they are same (Values)")
}
//Pointer comparison
if (tickets !== popcorn) {
print("they are different (Objects)")
}
== (Property Comparison) //Only compares value
=== (Pointer comparison) //Compares if the object's memory are same or not (Are same objects or not)
Getter / Setters :
//In kotlin we only have properties instead of getters and setters
val javaMoney = JavaMoney(100, "$")
javaMoney.amount = 200 //No setter/getter (Setting the value)
javaMoney.currency // Getting the value
One more way to return values from a function :
fun sum(x: Int, y: Int) = x + y //No return type required, no curly braces required.
Single expression functions :
fun convertToDollars(money: Money) = when (money.currency) {
"$" -> money
"EUR" -> Money(money.amount * BigDecimal(1.10), "$")
else -> throw IllegalStateException("not the currency you're interested in!")
}
Extension Functions
We can create extensions for any class, pre defined class or custom classes. There's no limit
//Extension Function (Have the scope of the package if defined outside of the class), not defined inside a class
fun BigDecimal.percent(percentage: Int) = this.multiply(BigDecimal(percentage)).divide(BigDecimal(100))
//Extension function to set visibility = View.GONE of a view
fun View.gone() {
this.visibility = View.Gone
}
class Main() {
var bd1 = BigDecimal(100)
bd1.percent(10) //10 percent of 100
someView.gone() //Set the visibility to View.GONE
}
Yes, In Kotlin we can define values and functions outside of the class, its scope will be the package in which that property/function is defined into.
Inline Functions : (An evolved way to write extension functions)
infix fun Int.percentOf(money: Money) = money.amount.multiply(BigDecimal(this)).divide(BigDecimal(100))
class Main() {
val tickets = Money(BigDecimal(100), "$")
7 percentOf tickets //Using infix (returns 7 percent of popcorn)
}
Sealed / Open classes in Kotlin :
sealed class UserResult //Every class in kotlin is final by default hence cant be extended or use open
data class Success(val users: List<String>) : UserResult() //Extend user result
data class Failure(val message: String) : UserResult()
Open class can't be further extended by only those classes that are defined inside its scope can extent it.
Kotlin has both object–oriented and functional constructs. You can use it in both OO and FP styles, or mix elements of the two. With first-class support for features such as higher-order functions, function types and lambdas, Kotlin is a great choice if you’re doing or exploring functional programming.
That’s All for now! These were not all the new things that were introduced in Kotlin but to give you a taste of it. Hope you enjoyed it! Keep coming for more interesting blogs!
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