Blockchain has the potential to disrupt transaction processing in a whole range of industries. It stores the data in a distributed ledger shared by all the peers in the network. No middle men are involved in the transfer of goods and services, thereby saving time and money. Financial services industry is occupying the first seat in the adoption of this technology, as Business transactions that took days to settle in a traditional environment, can be settled in minutes using Blockchain.
Security
Blockchains are secure by design because even a minor alteration will change the hash value of the block that will mark it as corrupted. Even though the ledger is shared, it doesn't mean all the data must be visible to every node. The visibility is controlled through privacy rules in smart contracts.
RIHU Software offers support for public and private cloud Blockchain solutions, as well as in-house deployment options on various platforms with it unique enhancements.
Public & Private Blockchain Network
A blockchain consist of few secure and trusted computers, These trusted computers are doing important unanimous & autonomous decisions. Decisions are algorithmically calculated by each trusted member.
Open Blockchain (permission less): Proof of Work (PoW) or Proof of Stake (PoS) are the two algorithms used in open distributed Blockchain architecture
In Proof of Work, the probability of the creation (mining) and existence of a block depends on the work done by the miner(s), Bayes' Theorem and the laws of Thermodynamics are used.
Proof of Stake isn't about mining, it deals with validation. Its motivation for use is overall better security via mitigation of monopoly and reducing the risk for double spending
Closed Blockchain (Permissioned): Blockchain is fundamentally based on the selection of consensus protocols. The less fault resistant consensus protocol chosen, the more architectural and implementation protection they demand.
The no trust bond in open Blockchain is traded away for the benefits of closed Blockchain for specific benefits such as fast time to market, high transaction speed and much lower maintenance cost compared to owning and operating a full scale Blockchain.
A Blockchain is only software with an attached database called a ledger.
• A Blockchain is only software based on computer science, which mean that it will do exactly what we tell it to do, no more, no less. • You can use a Blockchain and explore its potential in your organization without the need to use any existing or proposed cryptocurrency network. All this, without paying anything to a third party financial institutions. • Blockchain is a technology that can make fast, trusted, qualified & autonomous decisions, based on consensus data protocols, which can make transaction based network autonomous • Especially in the financial sector, where the banks as the middleman is cut out of the transaction made between 2 parties. • Blockchain has massive potential & must be perceived as the next big technology revolution
Benefits being ...Secure asset transfer, Decrease Risk, Reduce Cost, Faster, No single point failure, Improve Liquidity
In terms of Risks... Premature, Low adoptions, Scalability, Monopolies
