If you’ve been following cryptocurrencies and blockchain, you’ve heard about distributed ledger technology (DLT). Although the idea of distributed computing isn’t entirely new, the execution of distributed ledgers is one of the most ingenious inventions of our time.

Distributed ledgers didn’t gain popularity until 2008 when the first cryptocurrency was created. Since then, they have evolved into programmable and scalable platforms where tech solutions that use ledgers and databases can be created.

In very simple terms, distributed ledger technology may be defined as tech protocols and infrastructure that allow concurrent access to records, updates, and validations across a network of databases. In this article, we explore the differences between DLTs and blockchain and explain their benefits and limitations.

Distributed Ledger Technology vs Blockchain

Blockchain is a form of distributed ledger technology. However, there are many other types of DLT systems. As decentralized systems, blockchains and DLTs facilitate transparent and secure data storage and updating. However, major differences exist between the two.

DLT systems use different structures to manage and store data while blockchains use linear blocks to record, store, and verify transactions. Each block has transaction data, a time stamp, and a cryptographic hash for the previous block.

The other difference between blockchains and DLT systems is immutability. Blockchain does not allow alteration of data after recording it on the chain. This isn’t the case with DLT systems. Although some DLTs offer immutability, this feature does not apply to all distributed ledgers.

Blockchains are mostly permissionless and public. However, some are permissioned. This is different for DLTs. The permissioned blockchains are designed to provide high levels of security and privacy. They can be made permissionless where need arises.

The two systems have wide applications. However, blockchains are often used in applications like smart contracts and cryptocurrencies. DLTs, on the other hand, are mostly associated with healthcare, supply chain management, and voting systems.

Benefits of Distributed Ledger Technology

Distributed ledger technological solutions are important because they have the potential to change how companies, governments, and other entities record, store, and distribute information. Their value is demonstrated by the range of benefits  they offer, which include:

1. Eliminating  Fraud

There are no centralized points of control in distributed ledgers. This reduces their vulnerability to widespread system failures and enhances their resilience to cyberattacks. Some DLTs use cryptographic algorithms that make it impossible to forge or alter records. This feature makes DLT data trustworthy and reduces fraud risk.

2. Improving  Efficiency

Distributed ledgers automate transactions and eliminate intermediaries. Since they facilitate automatic execution of transactions upon fulfillment of contract conditions, DLTs reduce human interaction in transactions. This streamlines organizational processes, increases efficiency, and reduces costs for organizations.

3. Immutability

Distributed ledgers allow users to make database entries without involving third-parties. Once records are entered into the ledgers, they cannot be altered. This means your records remain secure until the ledgers have been distributed.

4. Decentralization

DLT systems are highly decentralized. They store data across database networks in an accurate and consistent manner, which helps in reducing discrepancies and errors.

5. Greater Transparency

Distributed ledger technology enhances visibility of system operations for all users, which enhances transparency of transactions and data. With greater transparency, businesses, and governments enjoy stakeholder trust.

Limitations of Distributed Ledger Technology 

Distributed ledgers have several limitations due to their infancy. These limitations include:

1. Complex Technology

Another limitation facing distributed ledgers is their complex technological nature. This complexity makes it challenging to maintain and implement. Businesses and governments that want to leverage DLT solutions must invest in specialized expertise. The technical complexity of DLTs also makes it challenging for developers to design new services and applications.

2. Lack of Regulatory Clarity

Regulation is among the major limitations of distributed ledger technologies. Across the world, governments struggle to regulate DLTs like blockchain. This lack of clarity in the regulatory environment causes confusion and uncertainty for business. Without clear regulation, distributed ledger solutions cannot reach their full potential.

3. Slow Adoption

Distributed ledgers can only transform business operations through widespread adoption. However, awareness of how these technologies work remains low. Additionally, most people hesitate to try new technologies, which further slows down their adoption rate.

4. The Interoperability Challenge

Most DLT systems run independently without communicating with each other. This makes it impossible for users to move information or assets from one system to the other. Although there are efforts to fix this operation issue. But it’ll take time before such a solution is developed.

Conclusion

Although the adoption of distributed ledgers by businesses and governments appears slow, the technology leaves a lasting impact on entities and industries that utilize it. The technology has the potential to change the way businesses operate and manage data. DLTs are becoming a necessity for modern enterprises and governments that need to prevent fraud, fix inefficiencies, and guarantee accuracy of supply chain and financial reporting data.

They improve efficiency and offer transparency and better security.  However, these benefits are curtailed by the complexity of these technologies, unclear regulations, and slow adoption. As DLTs advance, these drawbacks will be addressed and the potential of these technologies realized.

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Hacks happen. Whether it is your bank account getting hacked, or something more elaborate, there is always a chance that the thing you are trusting will be compromised. This article breaks down how the future of cybersecurity may very well be in blockchain and how this technology’s vulnerability can be exploited.

How Does the Blockchain Work?

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Bitcoin was the first and most widely used blockchain network. Ethereum is second, with more than 20 million active nodes. Other blockchain networks include Ripple, Litecoin, Cardano, IOTA, and Dash.

A hack on the Ethereum blockchain in the summer of 2016 resulted in $60 million worth of ether being stolen. The event sparked increased attention to cybersecurity risks associated with blockchains, particularly for cryptocurrencies that may have high value because they are not subject to government or financial institution control.

The Risks of Blockchain Hacking

There is no doubt that blockchain technology has the potential to revolutionize how we do business, but like with any new technology, there are also risks associated with it. In this article, we’ll take a look at one of the most common types of blockchain hacking – the DAO hack – and how it could have changed the future.

The DAO was a digital asset management platform built on the Ethereum blockchain. It was created in 2014 by a team of developers led by Vitalik Buterin. The DAO was designed to allow people to invest in “ DAO tokens”, which would give them a say in how the platform was run.

On May 15th, 2016, hackers exploited a vulnerability in the DAO code that allowed them to withdraw almost $60 million worth of ETH (Ethereum’s native currency) in a single transaction. This attack caused an uproar among Ethereum users, who saw their investment evaporate in just seconds.

The DAO hack has been cited as one of the catalysts for Ethereum’s meteoric rise in popularity over the past two years. It’s also important to note that this attack wasn’t even the first time the DAO had been hacked; in fact, another hacker successfully exploited a vulnerability in The DAO’s code in June 2016, which ultimately led to partial reimbursement of investors.

The DAO’s developers were ultimately able to restore their funds and return the remaining stolen Ether to its rightful owners. This incident showed that Ethereum was more than capable of handling the kind of complex smart contract functionality that many financial institutions are flocking to today.

Different Ways A Hacker Can Hack the Blockchain

There are a number of ways in which a hacker could hack the blockchain, and each one has the potential to have a significant impact on the future of this technology. Here are three examples.

1. Hacking the Software that Generates Blocks on the Blockchain:

This is by far the most common way in which hackers attack blockchain systems. If someone can hack into the software that creates new blocks on the blockchain, they can manipulate it to add false records, effectively cheating other people out of their rightful rewards. This could have serious consequences for the network as a whole, potentially leading to its collapse.

2. Hacking the Nodes that Make Up the Blockchain Network:

Nodes are computers that help keep the blockchain system running by verifying and transmitting transactions. They’re essential to its functioning, but they’re also vulnerable to attack. A hacker who gains access to a large number of nodes could use them to tamper with transactions or blockading others from accessing the network. This could have a devastating effect on the viability of the blockchain system as a whole.

3. Hacking into Cryptocurrency Exchanges and Stealing User Data:

Cryptocurrency exchanges are a popular target for hackers, just like the exchanges that power Bitcoin. If a hacker gains access to customer data on an exchange, he or she can use it to steal cryptocurrency from users who are unaware of their own accounts’ vulnerability.

4. Hacking into Individual User Wallets and Stealing Cryptocurrencies:

It can be stored in various types of wallets, including paper wallets and hardware devices like USB drives. If a hacker gets his hands on either one, he can theoretically use that information to steal cryptocurrency from a user’s digital wallet — again without the victim’s knowledge.

5. Hacking the Blockchain:

Itself attack that could have value for hackers even if it doesn’t lead to the collapse of a blockchain system would be simply deleting data from the ledger itself. That would mean a hacker could make changes to the blockchain without anyone noticing, and other users would have no way of knowing that their transactions had been altered.

Transferring Coins from One Wallet to Another Without Hacking

When it comes to blockchain technology, there are a few things that users need to be aware of. For example, it’s important to remember that a blockchain is a digital ledger of all cryptocurrency transactions. This means that any user with access to the blockchain can view all of the activity that has happened on the network since its inception. In other words, if you want to move coins from one wallet to another without hacking, you’ll need to follow some basic precautions.

First and foremost, you’ll need to make sure that you have access to both of your wallets. If you only have access to one of them, you won’t be able to move your coins without hacking. Second, it’s important to remember that blockchain is decentralized, which means that no single party can control or manipulate the data within it. Incrementors give a technical SEO checklist that guarantees you the whole progress of our technical SEO service. This means that anyone who tries to hack your wallet will likely fail. Lastly, it’s always best practice to use a password protection scheme when moving coins between wallets. Doing so will help protect your coins from theft and attack.

Conclusion

Blockchain technology is one of the most promising new technologies on the market, and its potential impacts are tremendous. However, like any other technology, blockchain can be hacked. In this article, we explore a hack that changed the future of blockchain technology and how you can protect yourself from similar attacks in the future. By reading this article, you will understand what Hacken is and why it matters, as well as learn about some simple steps you can take to stay safe online. Finally, I provide a link to our full guide on how to protect your business from hackers.

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NFTs are the most trending topic nowadays. Recently you have seen people talk about selling and buying Images, posters. GIFs, videos, etc. These million-dollar artworks are called NFTs.

Let’s discuss more on non-fungible tokens and some Top NFT Marketplaces you can consider.

What are NFTs?

NFT means non-fungible tokens these are non-interchangeable units of data stored in the blockchain. NFTs are digital assets like art/Images, Videos, Collectibles, in-game items, and music that can be bought and sold online, frequently with cryptocurrency.

Imagine you’re an artist and you want to sell your digital artwork online. To do this you need to find some way of marking and tracking ownership of your artwork to prove its originality. That’s where you can use NFT Marketplaces to create and trade your artwork online.

Cryptocurrency and NFTs are different from each other except for the fact that they have is both built using the same kind of blockchain technology. Every cryptocurrency has the same value, for example, one Ethereum is always equal to another Ethereum. Whereas NFT is non-fungible /exchangeable which means one NFT has a Different value from the other.

Understanding NFTs Marketplaces

NFT Marketplace is the virtual economy platform where you can create and trade these non-fungible tokens. The marketplace is the platform where you can buy and sell your artwork. It is similar to that online shop where you can buy with your digital wallet.

Top 8 NFT Marketplaces to Trade

1. OpenSea

OpenSea is the most popular and growing NFT marketplace founded in 2017. Most of NFT on OpenSea exists on the Ethereum blockchain and it also supports other blockchains like Polygon and anKlatyn. It provides a simple and secure trading experience for its user. OpenSea offers 2M+ Collections with 80M+ NFTs on their platform. It also has assets including ERC115 and ERC721. You can also explore other digital assets, including Decentraland, CryptoKitties, ENS games, Axies, etc. It is the most popular and best-known marketplace. celebrities like Logan Paul, mark Cuban, and many others have also Used this platform.

2. Rarible

Rarible is another big NFT Marketplace just like OpenSea. This platform was Launched in 2020 with its own ERC-20 governance token RARI. This platform mostly focuses on users who wish to trade digital artworks. Rarible has two tokens, ERC-1155 and ERC-721. It exists on the Ethereum blockchain network and supports wallets like Fortmatic, Coinbase Wallet, MyEtherWallet, MetaMask, and WalletConnect. Rarible charges Gas fees + 2.5% marketplace fee and It does not support Split Payment.

3. Nifty Gateway Rarible

Nifty Gateway Rarible is an NFT marketplace based on the Ethereum blockchain network founded in 2018. Every three weeks, they release special collections of artwork from top artists like Grimes and LOGIK using drops that are accessible only for a limited period. Nifty Gateway is basically focused on Crypto art, Music, Photography, Fixed price auctions, etc. and it does not support Smart Contract Import. Nifty Gateway Rariblec charges a 20% fee plus 30 Cents from each secondary sale and it only supports Fiat Wallet.

4. Foundation

Foundation is the Ethereum (ETH) Blockchain platform that aims to unite artists, collectors, and curators. Foundation is not just an easy way to start creating your own NFTs but one of the best platforms you can go for. Foundation was launched in February 2021. It has sold more than $180+ million of NFTs till now. Foundation has two tokens, Proprietary and ERC-721s and it supports the Proprietary and ERC-721s Wallet. Foundation also charges Gas fees + an additional 15% marketplace fee and supports Collaboration/Split Payment.

5. KnownOrigin

KnownOrigin is an Ethereum (ETH) blockchain NFt marketplace where you can find and purchase rare digital crypto artworks. Every artwork on KnownOrigin is truly unique and authentic. It focuses on the NFT market of Art, Games, Sports, etc. It also has assets ERC-721 and it also supports wallets like Fortmatic, MetaMask, and Portis. KnownOrigin also charges Gas fees + a 15% marketplace fee and it does not support Split Payment. If you are a Rear artwork collector this platform is perfect for you.

6. Axie Infinity

Axie Infinity is the second-largest NFT marketplace hosted by the video game Axie Infinity. You can play games and buy characters, train them and play against other players’ characters to earn rewards. It is an anime world-based game like pokemon. On Axie Infinity Marketplace, players can buy new characters called Axies and lands and many other items, as NFTs to use in-game. Axie Shards(NFTs) are built on the Ethereum blockchain.

7. MakersPlace

MakersPlace Makersplace is an NFT site that exists on Ethereum (ETH) blockchain. It was founded in 2019. MakersPlace provides its collectors with efficient tools to protect and sell their work to collectors and fans. The best thing about MakersPlace is it provides Fixed price auctions on its platform. In addition, they also offer 10% royalty as commission on every re-sold artwork. It also supports Split Payment and wallets like Portis, Fortmatic, MetaMask, and WalletConnect.

8. SuperRare

As its name, you can buy and sell single edition artworks on this NFT platform. The best part of treading on SuperRare is that it provides a record of ownership of all digital collectibles to maintain the transparency of trade. It has done $86+M in secondary sales so far with a 5,324% average resale value.

Why are NFTs so Popular?

NFTs are transferable. Unlike cryptocurrency, Every NFT has a different value based on its uniqueness and It can be bought or sold on special marketplaces. These are powered by Blockchain technology which defines its authentication that makes it genuine. It helps to preserve the ownership rights of creators and the originality of the artwork.

Is it Worth Investing in NFT’s Art?

NFTs are becoming most popular among digital artwork creators and people who want to invest in artworks. There are a lot of opportunities in investing in NFTs right now, including in the gaming industry with the rise of NFT game development companies. However, it also holds a little risk as these assets exist entirely in the digital universe. You can’t touch these like classic paintings or antique pieces, but you can get ownership rights of the same. NFT art can be a great investment as you can re-sell them for a higher price in the NFT marketplaces. Thus, it’s not necessary to be an artist to trade in NFTs; you can also make money by reselling these arts

There is also some risk of violation. The more NFT floated in the market the more volatile the worth of anyone and sustainability as the currency of trade in a crowded cloud of blockchain vapor. Sometimes people are stuck in a bubble of hype and when this bubble popped they realize their investment is worthless and suffer the loss. Again, We’re just at the tip of the iceberg. There are lots of opportunities to explore in this blockchain universe.

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With more and more fields moving onto the digital platform, the number of newer technologies vying for competition in the online realm has never been so high.

One such technology is blockchain which stands in the position to potentially revolutionize the way that the world does things. Blockchain is finding growing acceptance in the fields of data processing, banking, and finance, as well as governance.

Many other industries are eyeing the success of the blockchain but are still a little doubtful whether it can truly fulfill the promises that it makes.

In this article, we are going to tell you the history and workings of blockchain and the cases where Blockchain has the greatest potential to explode in popularity.

History of Blockchain

The first idea of a blockchain originated in the early 90s. In 1991, two cryptographers named Stuart Haber and W. Scott Stornetta made their first literary work involving the concept of a secured chain of blocks that couldn’t be manipulated or disturbed.

However, throughout the years, blockchain never really became popular until the late 2000s.

In 2008, an anonymous cryptographer who used the name Satoshi Nakamoto worked to create Bitcoin, the first true application of the concept of a blockchain digital ledger.

After publishing a paper describing the workings and operations of Bitcoin, Satoshi Nakamoto vanished from the scene in 2009 and justify other core developers to further the open-source technology of Bitcoin.

The next big leap for blockchain was in the year 2015 when a developer called Vitalik Buterin launched Ethereum, a new cryptocurrency that wanted to evolve blockchain even further than Bitcoin did.

Ever since we entered the latter half of the 2010s, blockchain has been seeing greater acceptance even beyond the realm of cryptocurrency and has become a force to be reckoned with.

How Does Blockchain Work?

Blockchain is based on the fundamental concept of being a distributed ledger technology that runs on a peer-to-peer or p2p topology. This means that all the data is equally shared among multiple users in the blockchain.

In this digital ledger shared between disparate users, any transaction records can never be altered, and each one of them comes with a timestamp that links it to the previous transaction.

Whenever a certain set of transactions is completed it is stored as a block that is added to the ever-continuing chain of blocks. This is where the name blockchain comes from because it is literally a chain of blocks filled with data.

The data in the blockchain can only be added upon mutual consensus between the members of the public digital ledger.

Entries once made can not be changed or erased after being entered. This feature makes blockchain a very safe, traceable, and verifiable system.

It is a purely decentralized system that is transparent and accessible to everyone, but no one can change or delete the data.

Uses of Blockchain in Today’s World

1. Healthcare

Blockchain has a great potential to completely change the world of medicine in two ways. By storing all patient data in the blockchain, a patient’s medical history, and current status can all be accessed in real-time without any need to keep documents.

Doctors and hospitals can have instant access to medical records which can be crucial in life or death situations. In terms of supply chain management, blockchain can be used to track consumption and help with purchases.

2. Real Estate

By using the system of tokenization, real estate deals are now accessible to a much greater audience. Now, a piece of land can be divided into multiple tokens so that each person can jointly own and trade in real estate without having to completely own a single piece of land and spend a lot of money on trading.

3. Finance

Staying true to its identity as a digital ledger, blockchain is best used as a recorded ledger of transactions. In banking and finance, this can do away with the need for bulky record books and large servers storing data.

With every transaction being linked to a block, financial transactions become much easier and cheaper as there is no mediator required between the two parties.

This is useful for cross-border transactions, verification of user data and transaction history, and credit reporting. If you are worried about where to store your cryptocurrency, you can buy a crypto hardware wallet online.

4. Voting

Voting is one of the most important activities in any democratic country and is a sensitive issue. Voter fraud has been on a rise in many countries, with citizens and oppositions claiming to tamper with electronic voting machines.

This dissolves the public trust in elections. Blockchain voting can ensure that the votes cast are free and untampered. Even post elections, the results of voting generated via blockchain are clearly transparent and verifiable by everyone.

5. Data Identification

Large data centers that hold various amounts of files and digital identities are very prone and susceptible to hacking from data loss in the case of centralized structures.

By having a decentralized blockchain structure, each individual block is immune from being hacked due to one of them being vulnerable. This makes data privacy and data protection a dream.

In the case of individuals who want to track and protect their personal data, instead of giving their consent to each and every data service provider, they can store their personal data in an encrypted block and then give service providers access to it.

This method is much safer and easily trackable to see who accesses what data.

Conclusion

We have highlighted some of the advantages and uses of blockchain technology. It does have the potential to revolutionize several fields of public and private enterprises. This technology is evolving at a rapid pace and is gaining quick acceptance in multiple fields like data processing, banking, finance, and governance.

It can solve several problems that the current system is facing. The entries made cannot be erased and hence this feature makes blockchain technology very safe and verifiable. It is a completely decentralized system that is traceable, transparent, and accessible to everyone. Get ready for a future where this technology is going to play a major role.

The post Top 5 Real World Applications of Blockchain Technology appeared first on Tech Research Online.

Simplify and accelerate the tracking and review of data between partners throughout your workflow by instantly sharing data and logic over an immutable shared network. Implement Azure’s three-tier blockchain approach to build your consortium network, simplify management and administration, and integrate your blockchain solution with the systems and tools you use today.

Successful Blockchain Using Azure’s Proven Three-Pronged Approach

Here we have 3 steps:

STEP 1: Start and manage your networks

STEP 2: Model your smart contracts

STEP 3: Creating and extending the blockchain application

Become familiar with Azure blockchain items and administrations:

1. Azure Blockchain Service

Azure Blockchain Service is a completely overseen bookkeeping administration that empowers clients to develop and work blockchain networks at scale on Azure. By giving bound together control to find the executives and blockchain network the board, Azure Blockchain Service gives: 

• Direct association game plan and exercises 
• Inalienable consortium the board 
• Make insightful concurrences with normal headway instruments

2. Azure Blockchain Workbench

With Azure Blockchain Workbench, arrange and send a consortium network with only a couple of clicks. Ideal for dev/test investigation, Blockchain Workbench’s programmed record sending, network development, and pre-constructed blockchain orders incredibly decrease framework advancement time.

3. Azure Blockchain Development Chain

To convey start to finish blockchain answers for consortiums, engineers need to empower associations, individuals, and gadgets to interface with the blockchain and do it from a heterogeneous arrangement of UIs. 

Take for instance a start to finish store network for awareness, for example, cocoa. 

• SMS and voice interfaces empower little hold ranchers in Africa to execute and follow their products at the principal mile of the inventory network. 

• Web of Things (IoT) gadgets convey sensor information to follow the states of the merchandise at various focuses in their excursion to advertise – following the moistness in the holders where the beans are held to the temperature of the finished result of frozen yogurt that it is fused into. 

• Portable customers empower coordination suppliers to acknowledge and move obligation regarding items on their excursion from maker to retail utilizing the registered power that as of now exists in the pockets of its representatives. Cell phones likewise have sensors, for example, GPS and cameras that can add correlative information that can help confirm the what, where, and when of conveyances. 

• Backend Systems and Data as ERP frameworks, for example, Dynamics and SAP are utilized to oversee center cycles for various members. These frameworks additionally become customers through expansion and need to associate with shrewd agreements to give and get attestable information in the interest of an association. 

• Bots and aides empower makers and retailers to connect with the inventory network. This incorporates connecting with brilliant agreements for requests and provenance utilizing common language and utilizing attestable information from the blockchain to coordinate activities taken in the interest of a client. 

• Web customers empower end buyers to question the source of the item bought at retail, commonly a blend of provenance and story of the excursion of their item from “homestead to fork”

Architectures for Azure Blockchain Solutions

Finding out how blockchain technology, including Ethereum networks, works to protect your data and digitize your workflows in these illustrated architectural scenarios.

Azure Blockchain Service

1. The Establishment of Blockchain Applications in the Cloud

Fabricate, oversee, and extend blockchain networks at scale. Sky blue Blockchain Service Preview disentangles the arrangement, the executives, and administration of consortium blockchain networks so you can zero in on business rationale and application advancement.

2. Basic Blockchain Network Organization and Tasks

Make and design consortium blockchain foundation rapidly and offload network the executives while keeping up the capacity to refresh over the long haul.

3. Simple Blockchain Information Distributing 

Construct start to finish arrangements utilizing blockchain information chief. Get adaptable, solid, and versatile information streaming and application mix with a couple of snaps. Screen your savvy contracts, respond to exchanges and occasions, and stream on-tie information to off-chain information stores.

4. Underlying Consortium the Board 

Get the full hub of the board and oversee consortia at scale. Secluded controls give simple part onboarding, codeless permissioning, and streamlined approach implementation.

5. Open and Extensible Plan 

Construct blockchain applications with certainty on an open, adaptable stage that incorporates the dev instruments, information sources, and applications you as of now use.

Blockchain Workflow Application

Companies use blockchain to digitize workflows they share with other organizations, such as moving physical assets through supply chains. The anatomy of blockchain applications is similar in use cases. Here, we utilize Azure Blockchain Service as the key overseeing blockchain organization and make a consortium application that can take signals from the important UIs and impart record information to shopper applications in the consortium.

Data Flow

• Applicable applications, gadgets, and information sources send occasions or information to a messaging intermediary (Azure Service Bus). 

• The conveyed record innovation (DLT) customer Logic App brings the information from the Service Bus and ships off-exchange manufacturers which assembles and signs the exchange. 

• The marked exchange gets directed to Azure Blockchain Service (completely oversaw Ethereum consortium organization) through a record explicit Logic App connector. 

• The blockchain information chief catches squares and exchanges information from arranged exchange hubs, translates occasions and properties, and afterward sends the information to designed objections. 

• Message intermediary sends record information to burning-through business applications and off-chain data sets. 

• Data is investigated and envisioned utilizing devices, for example, Power BI by interfacing with off-chain data sets.

Conclusion

How about we take a gander at what the future resembles in the Microsoft vision for blockchain innovation. Coming soon, the Microsoft Confidential Consortium (Coco) Framework is an open-source framework that empowers high-scale, classified blockchain networks that meet all key endeavor necessities for privacy, administration, and execution, and simultaneously give away to quicken creation undertaking appropriation of blockchain innovation.

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Virtual reality (VR) is one of the most intriguing and amazing concepts. In the past few years, VR has really taken off, it has moved up the Gartner hype cycles. The VR industry is predicted to be worth $40 billion by 2020, and we are already seeing it impact sectors from retail to data visualization. Blockchain, meanwhile, is on a similar trajectory, somewhat earlier on the hype cycle in the ‘peak of inflated expectations’, but still predicted to become a $20 billion industry by 2024.

Back in 2010, Palmer Luckey created the first prototype of the virtual reality (VR) headset, the Oculus Rift. The creation seemed poised and raised $2.4 million on Kickstarter. Afterward, the company was sold to Facebook for a whopping $3 billion in 2014. Today, it is clear to everyone that VR has become much more than a gimmick. It can be a potential alternative to a portal into a digital world, making anything and everything possible.

In 2016, Michael Gallagher, the CEO of the Entertainment Software Association, predicted a net market worth of $150 billion by 2020. However, in September 2019, a study of Fortune Business Insights suggested that the global market value of virtual reality has not even reached a tenth of that figure. Furthermore, the venture capital injected directly into VR tech startups has declined after peaking at $857 million in 2016 to fall at $280 million by 2018. Meanwhile, blockchain suffered an investment drop of 40% in China from 2018 to 2019.

The story of blockchain and virtual reality fails to live up to inflated expectations. As companies start to see the benefits of blockchain when combined with other technologies, VR has become one of the most beloved of all. The combination of two technologies into a single cryptocurrency-based economy yet seems to be one of the most compelling of the next decade. At first glance, the combination of blockchain and virtual reality might look like a bad attempt to force together buzzwords. However, to reach their full potential the two may need one another. Author of The Blockchain: Mapping the Decentralised Future, Simon de la Rouviere, believes that, ‘The more I think about it, the more I’m sure that once VR hits the mainstream, the blockchain will almost suddenly thrive much more in VR than in real life.’

Why Blockchain and Virtual Reality Need Each Other

Tech companies are tempted to use virtual reality as a way to help people escape the harsh realities of day-to-day lives, however, its real potential lies in expanding human experience. VR holds the power to enable humans to experience an infinite number of imaginary worlds while never leaving the comfort of their homes. They can meet their long-distance friends and interact in ways that were not possible previously.

Today, developers can alter a VR as per their desire. In case they decide to shut down along with them the whole VR world gets shut down. It is also important that the developer controls a huge amount of personal information provided by players. Besides, some of the major tech companies including Facebook are taking control. This is giving them control of yet another area in our digital lives, the monopoly on our virtual existence.

The combination of two technologies can decentralize virtual reality. It changes this dynamic by giving control of the online world back to the user. Let’s take the example of Decentraland, a startup making waves in the sector of Blockchain-based virtual reality universe. In Decentraland, users can purchase a plot of virtual land with the platform’s cryptocurrency called ‘MANA’. They can then build anything as per their liking such as a house or a virtual neighborhood and then populate it with unique virtual objects. They can host social events and even turn it into a profitable business. The virtual landowners in Decentraland can even monetize their worlds by selling or renting ad space in exchange for MANA.

The parcels in Decentraland are limited to ensure that they are not justified abandoned. This increases the value of the land if the platform gains traction. Transactions don’t require central authority or brokers because it is done using cryptocurrency. This also means that the users receive 100% of the compensation for their creation.

Last year, in the initial coin offering (ICO), Decentraland raised $25 million from 4,000 investors in less than 35 seconds for its MANA. ‘We believe virtual reality will flourish once users have a more prominent role in controlling their creations. Currently, the companies that create the virtual worlds own all of the content built by the users. They are the ones who profit, reap the benefits from the network effects, and have the power to undo, change, or censor what happens within the world itself. The true potential of VR might be realized, and certainly surpass what already exists if this power were put into the hands of the users instead’ explained Ariel Meilich, founder of Decentraland. But, VR is not the only one that stands to gain from the blockchain. In a virtual world, if cryptocurrency is an accepted fact, it will normalize its use.

This might help people understand how it can function in the real world as well. In the virtual world, bitcoin is governed by incorruptible smart contracts is where you want to live. In the coming years, many are suspecting a surge of people demanding the exact reality in the real world. People do not want corrupt governments and archaic governance anymore. Coronavirus can further boost this concept because of its social distancing and fewer contact measures.

By creating a virtual world that entirely runs on the blockchain, can help provide a template for ways blockchain functions in the real world. Blockchain and VR’s boundaries are still nascent technologies. Nevertheless, when combined the possibilities for the two are endless.

Platforms Combining VR and Blockchain

Blockchain and VR are both young inventions and are finding new applications with every passing day. As these technologies slowly drift closer together, the market has already soughed several examples of unique and useful solutions combining them as the trend catches on.

1. Decentraland

As we saw earlier, Decentraland is a platform that claims its purpose in the fields of science, engineering, and more. The virtual world offered by the platform is accessible through any normal VR headset. It is hosted on the blockchain.

Players register themselves to participate and can use their cryptocurrency to record their irrefutable ownership. Players can develop virtual land with houses, businesses, or other services and monetize accordingly.

2. Ceek

It transports the viewer through VR to places that they cannot get to physically. The place doesn’t have to be a virtual world. It enlists the combination of VR production and blockchain smart contracts. This allows anyone with a headset to attend live VR concerts and other events. They have even created a token and a token holder can vote for the acts they would like to see. The unique model of Ceek encourages users to get together in Ceek City to hang out, watch the show, or simply chat.

3. GazeCoin

It is a unique blockchain-based solution, seeking to solve advertisement issues in the VR medium. It tracks a VR viewer’s eye movements through a custom engine. This helps them to determine the number of attention users are paying to sponsored content. On the basis of this understanding, they reward users and advertisers proportionately. Brands can create derivative tokens by developing their own VR experiences on the Gaze Coin platform.

4. Blockchain 3D Explorer

This platform is for those people who are curious about the inner workings of the complicated blockchain. This platform enables the view experience of the working of blockchain in a virtual reality environment in real time. The 3D rendering of the decentralized ledger helps put in perspective the organized network. Views are able to pinpoint exact transactions on the network as they move. It is an excellent tool for teaching blockchain and it’s free on various platforms including Windows and Linux, which makes it even better.

The Bottom Line

Today, despite several failures faced by both VR and blockchain technologies, possibilities are still being tested. Innovators are not just waiting around for the next best thing but are actively working to build it. Several large players in the field of science and research, are stepping in to look for novel ways to leverage VR in their efforts to discover effective business solutions. The assistance of blockchain is enabling them to share information and data in a collaborative manner. This is due to the blockchain’s interoperability and security aid in interacting remotely. Using VR will both individuals and businesses with the enable it to transform experiences forever.

Conclusion:

In the examples given above, each contributor is taking a different approach to incorporating these technologies. The possibilities for the future are endless and as VR evolves it will help blockchain offer new immersive experiences and development opportunities.

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