Top Blockchain Development Tools in 2021:

Solidity:

Solidity is, undoubtedly, one of the foremost popular languages employed by Blockchain Developers. Influenced by C++, Python, and JavaScript, it had been designed to focus on the Ethereum Virtual Machine(EVM). Solidity is statically typed, supports inheritance, libraries, and sophisticated user-defined types. 

Solidity supports the OOP paradigm and is most ordinarily used for writing smart contracts. With Solidity, Blockchain Developers can write applications that will execute self-enforcing business logic embodied in smart contracts, thereby leaving a non-repudiable, and authoritative record of transactions. This comes in handy for creating contracts for voting, crowdfunding, multi-signature wallets, and blind auctions.

Geth: 

Geth is an Ethereum node implementation built using the Go programing language. it’s available within the three interfaces, including JSON-RPC server, command-line, and an interactive console. Geth is often leveraged for Blockchain development on all three major operating systems – Windows, Mac, and Linux. 

Geth is employed for a number of various tasks on the Ethereum Blockchain, like transferring tokens, mining ether tokens, creating smart contracts, and to explore block history. After installing Geth, you’ll either hook up with an existing Blockchain or create your own. the great thing is that Geth simplifies things by automatically connecting to the Ethereum main net.

Mist:

Mist is that the official Ethereum wallet was developed by the creators of Ethereum. When it involves Ethereum, before you’ll start using the platform, you want to have a delegated place where you’ll store your Ether tokens and execute your smart contracts. it’s available for Windows (both 32- and 64-bit), Mac, and Linux (32- and 64-bit).

While Mist is especially suitable for deploying smart contracts, you want to remember that it’s a full node wallet – you’ve got to download the whole Ethereum blockchain, which is larger than 1TB. Another critical thing to stay in mind is to recollect your Mist password since you’ll never change it – it’s a one-time setup ting.

Solc:

Solc (Solidity Compiler) may be a Solidity command-line compiler written in C++. Its primary purpose is to convert Solidity scripts into a more readable format for the Ethereum Virtual Machine. While Solidity may be a slimmed-down, loosely-typed language with a syntax almost like JavaScript, the smart contracts written in it got to be converted to a format that will be easily read and decoded by the EVM. That’s where Solc comes into the scene. 

There are two sorts of Solc – Solc (coded in C++) and Solc-js (it uses Emscripten to cross-compile from the Solc ASCII text file from C++ to JavaScript). Solc comes natively with most of the Ethereum nodes. It is often used for offline compiling, as well.

Remix:

Remix IDE may be a browser-based Blockchain tool used for the creation and deployment of smart contracts. Written in Javascript (so it is often accessed via any modern browser!), Remix is often used for writing, testing, debugging, and deploying smart contracts written in Solidity. It is often used either locally or within the browser. If you visit Remix’s website, you’ll see a ready-to-use screen:

Apart from having excellent documentation, Remix can seamlessly hook up with the Ethereum blockchain through Metamask.

Metamask:

Metamask maybe a wallet designed to function that acts as a bridge between Ethereum Blockchain and a browser (Chrome or Firefox). Essentially, it acts as a browser extension. Metamask offers a software platform that permits you to serve Ether and other ERC-20 assets while also letting you interact with Ethereum dApps. the simplest part – you’ll do so right from your browser. 

Metamask is often linked with Shapeshift and Coinbase to sell and buy ETH and ERC20 tokens. It also can save keys for ERC20 tokens and Ether. Since it can interact with different Ethereum test networks, it makes a perfect wallet for Blockchain Developers. Once you installed the app in your browser, you’ve got a built-in Ethereum wallet able to be used. 

Truffle:

Truffle is an Ethereum Blockchain framework designed to make a development environment for developing Ethereum-based apps. It comes equipped with a huge library that gives custom deployments for writing new smart contracts, develops complex Ethereum dApps, and helps tackle other challenging requirements of Blockchain development.

Truffle can perform automated contract testing using Chai and Mocha. It also can enable smart contract development, including linking, compilation, and deployment. Plus, it offers a configurable build pipeline for performing custom build procedures. 

Ganache:

Ganache may be a Blockchain tool from the Truffle Suite that permits you to make your own private Ethereum blockchain to check dApps, execute commands, and inspect state while taking full control of the operation of the chain. 

The greatest feature of Ganache is that it allows you to perform all the actions you’d otherwise perform on the most chain, without incurring the value for an equivalent. Blockchain Developers use Ganache to check their smart contracts during development since it comes with many convenient options like advanced mining controls and a built-in block explorer.

Blockchain Testnet:

When talking about Blockchain development, we cannot stress enough the importance of Blockchain Testnet. A Blockchain Testnet allows you to check dApps before making them live. Each blockchain solution has its unique Testnet, and it’s highly recommended that you simply use the respective Testnet for the optimal result. There are three sorts of Blockchain Testnets – Public Test, Private Test, and GanacheCLI. 

Testnets are extremely useful because it allows you to test your dApps for bugs and errors without spending plenty of cash or resources. as an example, Ethereum uses gas because of the fuel for performing different operations. Spending on gas, whenever you would like to try to do a test run, can become a considerable financial burden. because of Testnets, testing becomes feasible. 

Blockchain-as-a-Service (BaaS):

Since it’s not practical (nor financially viable) for a corporation to implement a full end-to-end blockchain solution, it gave rise to the concept of BaaS. BaaS is modeled to function similarly to a SaaS model. It allows you to leverage cloud-based solutions to create, host, and use your custom-made Blockchain apps, smart contracts, and functions on the Blockchain, with the cloud-based service provider handling and managing all the essential tasks/functions required to stay the Blockchain infrastructure operational and agile. 

BaaS are often a convenient tool for individual entrepreneurs or companies who wish to adopt Blockchain tech but haven’t been ready to do so thanks to operational overhead and technical complexities.

Conclusion:

So, that’s our list of the highest ten Blockchain Tools/Blockchain Software every budding Blockchain Developer should experiment with. The Blockchain platform is comparatively new, and hence, if you’re ever-curious to undertake out new tools and acquire new Blockchain skills, you’re bound to have a promising career in Blockchain.

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1. An Expected Rise of Federated Blockchains

Federated Blockchain is actually one of the simplest blockchain trends within the industry today. it’s nothing but only an upgraded sort of essential blockchain model, which makes it perfect for any specific use cases. The federated blockchain functions under different authorities rather than following one secure, trusted node.

Experts are of the opinion that in 2021 there’ll be a rise within the usage of federated blockchain because it provides private blockchain – a more customizable outlook. Conceptually federated blockchain is almost like a personal blockchain, with a couple of added features.

Unlike private blockchain, which is controlled by one organization, multiple authorities can control the pre-selected nodes of federated blockchain. This selected group from various nodes can validate the block so as to process the transactions further.

2. Stable Coins Are getting to Dominate the Crypto Space

Cryptocurrencies are possible due to blockchain technology. Cryptocurrencies like Bitcoin run on top of their own blockchain platforms. Many cryptocurrency prices are more subject to volatility than traditional asset prices. Though stable coins are in their initial phase and it’s predicted that by 2019-20 blockchain stable coins will achieve their all-time high. This high value of the stable coin will make them the second most looked forward to emerging tech trends within the industry.

As the name suggests, these high valued stable coins are more steady and don’t fluctuate that always , preventing users from worrying about frequent currency crashes. This stability factor allows users to take a position in additional cryptocurrencies.

3. Microsoft and Amazon Using Blockchain as a Service (BaaS)

Another emerging blockchain trend is BaaS or Blockchain As A Service. BaaS may be a new blockchain trend that’s currently integrated with a variety of enterprises also as startups.

BaaS may be a sort of cloud-based service that permits users to develop their own digital products by working with blockchain. Most of those digital products are smart contracts or applications which will work with none setup requirements of the entire blockchain-based infrastructure. Microsoft and Amazon are a couple of the known companies developing blockchain applications that provide BaaS service.

4. Blockchain is predicted to rework Social Networking

Social networking has become an integral part of our daily lives. consistent with Statista, it has been estimated that in 2019, there’ll be quite 2.77 billion social media users worldwide.

The introduction of blockchain in social media is going to be ready to solve inherent problems associated with privacy violations, notorious scandals, data control and content relevance. Hence the blending of blockchain within the social media domain is another emerging technology trend.

Implementation of blockchain in social media will make sure that all the published data within the social media domain remain untraceable and can’t be duplicated, even after its deletion. Moreover, users will get to store data more securely and maintain their ownership. Blockchain technology ensures that the facility of content relevance lies within the hands of those who created it, rather than the platform owners – thus making users feel safer.

5. Interoperability Among Blockchain Networks

Blockchain interoperability makes it convenient for users to transact from one blockchain network to a different one. In other words, blockchain interoperability is the ability to share data and other information across multiple blockchain systems also as networks. This function makes it simple for the users to ascertain and access the info across different blockchain networks. For instance, users can send their data from one EOS blockchain to a different specific Ethereum blockchain. This function also offers a variety of diverse functionalities, for instance, cross-chain transactions and also enhances multi-token transactions.

6. The increase of Ricardian Contracts

A Ricardian contract is really a human-readable legal agreement that’s also agreed and signed upon by both the parties involved within the contract. Thereafter, it gets converted into a machine-readable contract that clearly defines the listed intentions of both the involved parties.

The flow of this Ricardian contract can easily automate the operations on various blockchain applications that support this technology. The Ricardian contract is often stated as a sensible contract and is both machine and human-readable.

7. Hybrid Blockchains

Hybrid blockchain is an emerging concept within the blockchain domain. It is often defined as the blockchain that attempts to use the foremost appropriate part of the general public also as private blockchain solutions. Hybrid blockchain operates during a closed ecosystem, hence each piece of data on the network remains secure.

Transaction costs are said to be much lower in hybrid blockchains because the influential nodes within the network make the method simple and quick to verify transactions. Another added advantage being, it protects from quite 50% of attacks as hackers are unable to realize access to the blockchain network.

8. Content Streaming to be safer With Blockchain

Content Streaming is one of the emerging blockchain technology trends of 2021 which will be highly popular within the near future. Popular movie streaming services like Netflix and Hulu can incorporate blockchain technology to store user data in a safer and simply accessible manner.

Video, music and social media streaming companies also can choose blockchain technology which will enable third parties to not only read but even write information on the respective blockchain. The Blockchain promises to supply smart-contract technology, providing numerous benefits for video content to be stored and shared under a heavily encrypted and secure system.

9. Covid 19 Will still Accelerate Enterprise Blockchain Adoption

Every business has been suffering from the lockdowns and restrictions triggered by the Covid-19 pandemic. One advantage of the pandemic has been that it’s forced organizations to revamp their processes and digitize their operations so as to continue their day to day functions. Managers have realized the worth of adopting technologies and integrating them in their operations earlier, instead of lagging behind and are late. Organizations have recognized the necessity for security, smart contracts, instant auditability and trust. Blockchain technology will help deliver solutions that will establish trust and transparency. Organizations will still use blockchain databases and features within the solutions they create.

10. NFT’s will Revolutionize Digital Assets & Digital Art

Non-Fungible Tokens are on the increase and quickly gaining popularity across games, digital asset exchanges and blockchain platforms. NFTs enable digital scarcity. Meaning one copy of a singular digital asset is often stored within an NFT and can’t be replicated. NFTs were originally popularized by the sport Crypto Kitties but since then several digital art projects and startups have established themselves online. In-game assets are often digitized and exchanged using NFTs. Digital rights management is another space that’s set for disruption using non-fungible tokens.

11. Blockchains Will Establish Secure Digital Identity

We leave extensive digital footprints once we transact across the web. Digital identity solutions will help secure our online presence and drastically reduce online fraud and fraud. Blockchain technology stores data in a decentralized, trusted and immutable manner. Blockchains can make sure that a user’s single digital identity is stored in a secure and incorruptible manner. This single digital identity can always be up-to-date with the newest user information. Several digital identity solutions are being developed and integrated by online platforms. This trend is about to grow this year.

Final Thoughts

Looking at these latest blockchain technology trends, one can guess that the year 2021 is going to be a big-time for this emerging technology in various industries. The main advantages of blockchain technology include lower transaction costs, protection from cyber-attacks, the choice to vary the principles, help maintain confidentiality and operate during a closed ecosystem. Hence there’s no denying the very fact that the technology of blockchain is probably going to impact many various industry verticals differently.

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DeFi Solutions for eCommerce

Enter the booming online shopping market by acquiring DeFi solutions. The advantages are global access, exciting offers and coupons, and easy brand promotion. Defi Solutions for Ecommerce Will Lift Your Business Prospects

Availing Defi solutions for eCommerce helps you to witness a rich digital shopping experience. The feature-rich solutions developed by DX Business Group helps in eliminating the role of middlemen, ensuring faster delivery of the product, real-time tracking of supply chain management, use of interactive technological tools, a greater base of products, better profit margin due to a reduction in the overhead costs, the presence of exciting loyalty programs, and increased customer satisfaction due to the implementation of personalization.

Best DeFi Solutions Provider for eCommerce

By leveraging the blockchain technology and cryptocurrency opportunities, DX Business Group offers top-class Defi solutions for the eCommerce industry to make transactions faster, safer and more secure for end users and helping businesses to achieve their business goals by reducing their operational cost.

How Brugu can Help to Reach Your Business Goals with Our eCommerce Defi Solutions

People choose eCommerce because it makes their shopping experience more convenient for them. Also, eCommerce encourages startups by giving a powerful platform that makes it easy to approach people. It makes the brand more popular worldwide with other notable benefits

On the other hand, Defi provides better opportunities for startups by lending finance and other safety features for their business assets.So, the collaboration of both these systems brings amazing results from a business perspective. It also solves problems like fraud transactions as Defi uses smart contracts to make transactions fully automatic.

Defi in eCommerce ensures the business’s safety and security and protects from every type of transactional fraud.

Benefits of Defi and eCommerce Integration

We have already discussed some remarkable benefits of Defi based Solutions. Take a brief look at some more benefits listed below:

• Seamless Shopping Experience
• Beneficial for Customers
• Faster Product Delivery
• Real-Time Product Tracking
• Less Overhead Cost
• Resource and Time Saving

What Makes Us Unique Among Others?

Best Market Prices

Get the best market price for our quality crypto exchange solutions.

Highly customizable

We build custom solutions for your business that can be easily managed as per your business requirements.

Quick scalability

Our scalable solutions will help you to grow your business at a faster pace.

Saves time

Stay stress-free about the development cost as our team focuses on minimizing the overall software cost.

How DeFi development compromised the E-Commerce sector?

Decentralized finance (DeFi) is very famous in the crypto world because of its origin and it’s tempting benefits. While talking about the E-Commerce sector which is completely related to the business field and now became very common as well as preferred by this modern world people. The very common thing about these two entirely different industries is that they encourage start-ups. 

DeFi – encourage startups by lending finance & other safety for their business assets.

E-Commerce – encourage start-up by making it easy to approach people. That can result in easy globalized branding & face index benefits.

Hence, the e-commerce industry is quick as it grows the problem to arise alongside it and DeFi provides a solution to most of it. And that many of the problems are con artist activity which can be avoided by the DeFi smart contracts by the usage of DeFi tokens. DeFi is basically built from blockchain and DeFi tokens are widely developed from blockchain platforms like Ethereum, Tron, Matic, etc. So when businesspeople involve this DeFi in their business platform sector they will be likely worried about fraud deeds. Plus DeFi ensures the business asset safety & security for both involved parties.

We can have a clear view and details about how DeFi revamped the E-Commerce Industry.

How does DeFi add value to the E-Commerce Industry Growth & Yield Benefit?

So here we can have some particle and open talk about both the industries, that will clear how both industries are involved in each other and yield the benefits. All business people will hire traders for their business products as well as provide offers, coupons, discounts to attract the customers in the market. When these things happen there will be some drawbacks which will occur on both sides, in any format.

Some offers will attract the customers and they can buy it as tempted but due to some reason the issues can be occurred like, 

• Offers can be expired before time,  
• Can occur some technical issue from the business people side,
• Customers can be given a fake address or ID,
• Real customer can be replaced,

And there is a chance for many more drawbacks or hoodwink activities to take place.

These problems can be easily avoided and overcome by the involvement of DeFi. When the traders are hired to establish the business to the next level, DeFi protocol can aid them with finance as well as the DeFi smart contract ensures the asset safety & money can also be transferred automatically to the party as described in the contract so the clear communication clarifies everything between involved parties.

When offers are combined with the DeFi Token then it means that offered discounts or gifts are secured and only the owned person can have its benefit. Well, most of the DeFi tokens are built from Ethereum as you all know so that can explain how it enhances the secured feature.

Future of E-Commerce with DeFi Integration

When both the strong and well-groomed industry combines together there will be no chance of flaws and widely offer a huge benefit as a result. So it patently states the future of the e-commerce industry when it integrated with Decentralized Finance (DeFi). All businesses are shifting to the e-commerce industry because of its flexibility on both sides and also for other beneficial traits. 

This combination will surely aid all business people in different platforms, mainly it will play a vital role for the start-ups. The reason can be to persuade them on a financial level as well as in achieving global emblem plus profits. What more is needed for an entrepreneur.

This combination does not stop with it, it encourages normal people towards it. Now all people are starting to get aware of the DeFi which means there will be no second thought about the enormous success of this amalgamation.

Is there any Company Developing DeFi Based Protocol for E-Commerce Business?

There are various DeFi development companies which develop DeFi based protocol and tokens for different purposes and DX Business Group is one among them because it is one of the best DeFi development service providers across the world. It has well experience in blockchain platform too which means that there will be no problem for developing new DeFi based protocols nor its token.

Make your eCommerce Business Safe with Our Defi Solutions

Using our best-in-class Defi solutions for your eCommerce will help you bring a more customer-friendly shopping experience. Defi is known for eliminating any kind of third party during the transaction between buyers and sellers. It will make sure your product will be delivered faster. Our Defi solutions come with useful features like live tracking of supply chain management, advanced technology tools, etc.

The Defi Solutions offered from DX Business Group will help you to earn more profit margin, less overhead cost, and increase customer satisfaction due to our customized services.

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‘Crowdfunding’, ‘tokenization’, ‘blockchain’, ‘cryptocurrency.

In this article I will explain …

1. why I think these new financing options are needed and why they are useful additions for the economy,
2. the evolution of financing options from crowdfunding to security token offering,
3. the major differences between these different funding options so as a consumer, you can make better choices when deciding what businesses or projects you’d like to support.

First, the terminology

ICO – Initial Coin Offering | IEO – Initial Exchange Offering | STO – Securities Token Offering

Why were these new funding options needed in the first place?

I owned and operated a cloud-based mutual fund analysis software platform with my brother from around 1999 to 2009. It was an awesome experience to build something new from scratch. It was awesome to watch new customers’ eyes light up when they understood what our software could do for their business. It was awesome to see the cheques start rolling in. However, trying to get my business from a small two-man operation to the next level was not awesome.

Trying to raise money for a business venture in the ‘old days’, was not a lot of fun because basically, you had only a few options:

• You could go to the bank and secure a business loan with your home equity. This is a nice, time-tested option but it’s hard to raise a serious amount of cash and I’ve heard rumors that large loans secured by a family home are generally hard on one’s marriage.
• You could ask friends and family to risk their money in your business. This option is a lot easier on your marriage but if the project or business doesn’t go well, this option can strain friendships and make Thanksgiving dinner a lot tougher than it really should be.
• You could try venture capital — an option chosen by many, many businesses before attempting an IPO (Initial Public Offering). Nice, if you could get it but your business idea had to be really amazing and potentially, really, really profitable just to get your foot in the door for a meeting. Even if you managed to get a venture capital firm interested in your business, you’d likely have to give up majority ownership of your company (meaning you’d just be working for someone else again).

Crowdfunding changed all of that.

The evolution of funding great ideas

Crowdfunding

Crowdfunding actually is a very old idea and has been around in various forms for many, many years. However, the modern version of crowdfunding was born with the internet. Think Kickstarter, Gofundme, Indiegogo, or Patreon.

Crowdfunding today requires three separate parties — a project initiator, a group of individuals who support the project financially and a mediator that hosts the project details on a website and matches donations with projects.

Crowdfunding has funded fantastic projects of all kinds over the years but crowdfunding has also been marred by quackery and charlatans.

ICOs — Initial Coin Offerings

ICO’s, the next evolutionary step in public funding options was made possible by the invention of blockchain.

• According to Wikipedia — The first work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.
• By 2008, the first blockchain was proposed by the mysterious Satoshi Nakamoto and by 2009, Bitcoin was born.
• By 2014, the development of Ethereum was funded by crowdsale by raising 3700 bitcoin in presale.

I consider ICOs an evolutionary step forward in business funding because it removed the need for a mediator in the transaction. In the stratospheric days of 2017 and 2018 when ICOs were really hitting their stride, companies were raising millions and millions of dollars, often with only a white-paper explaining the invention, project or business strategy and a wild dream of making money.

Blockchain allowed companies to create and issue their own tokens in return for cash. The tokens were connected to a smart contract which eliminated the need for a centralized platform that still remains necessary for internet-based crowdfunding. At least, in theory, this means it might be cheaper to get more of your money for the project you want to support. Additionally, if an ICO was successful, the tokens could be accepted by a cryptocurrency exchange allowing tokens to be traded in a secondary market.

Unfortunately, ICOs have also had their share of gangsters and con people enter the formerly unregulated space. Of course, there have been an amazing number of success stories as well but I would argue it was this secondary market trading and subsequent gambling by speculators in the crypto bull-run that ultimately led to the collapse and further evolution of the crowdfunding space.

IEOs — Initial Exchange Offerings

One of the big problems with ICOs is they were very hard to fairly assess by investors. Crowdfunding platforms tried to help investors by removing or rejecting obvious fraud. Although mistakes still occurred, having business professionals properly vet a project before money is allowed to flow into it, is a nice level of protection for investors.

In one way, IEOs are a step back and in another way, they are an evolutionary step forward. IEOs bring back ‘centralization’ that blockchain purists hate. Unfortunately (at least for now) this is a necessary step in my opinion. Involving cryptocurrency exchanges means tokens are now guaranteed to be tradable in a secondary market on the sponsoring crypto-exchange. This means vetting of projects should be better because the exchange (at least in theory) has its reputation on the line. I would also argue, IEOs will allow regulators to more easily monitor that KYC and anti-money laundering rules are being followed. Again, blockchain purists might hate this but I firmly believe regulation is necessary if we expect the masses to adopt this technology.

I would argue, added protection for investors combined with a guaranteed secondary market for tokens on a token exchange are a positive evolutionary step forward for funding great ideas and I look forward to seeing all of the interesting IEOs sure to come out in the near future.

STOs — Security Token Offerings

One of the side-effects of the ICO bull-bear cycle was deepening scrutiny from financial regulators, worldwide. What regulators taught us was that calling your ICO a ‘utility token’ did not make it exempt from securities laws if your token couldn’t pass the Howey test. Like crowdfunding before it, if your ICO offered future profit or fractional ownership of a business, then it really wasn’t a ‘utility token’, it was a security, meaning an issuer had to follow all of the rules and regulations a regular IPO had to deal with.

STOs will be the next evolutionary step in the world of finance. Also based on blockchain technology, STOs will allow anyone to tokenize any business or asset and offer it fractionally to investors around the world. STOs will come with more regulation and therefore more cost. However, I believe the benefits to investors will be staggering.

Imagine owning a small percentage of a business building in Tokyo through the purchase of a security token. Through the use of smart contracts connected to the security token on your phone, profits generated from the rental of the business building could be paid automatically to your hot wallet without ever having seen the building and never having met any of the other token holders. Regardless of where you live, you could share income, vote on major decisions concerning the property, and you could offer your token for sale on a token exchange if you ever decided you wanted to re-allocate the money somewhere else.

What are your investment options now?

Crowdfunding, ICO’s, and IEO’s are all possibilities, but as of the writing of this article, STOs are still in their infancy due to a current lack of standardization for trading purposes and a lack of understanding from the investing public. However STOs are evolving quickly and I believe likely to become popular as a funding strategy and as an investment in the near future.

Crowdfunding

If you are looking for an early model of a product before it is widely released to the general public or if you are looking for a discount on a future product or if you’d like a T-shirt as a thank you for offering your money toward the completion of a project, or if you’d like to support a YouTube channel, than this option might be perfect for you.

Crowdfunding tends to be limited to residents of first-world countries and legal rights seem to revolve around the idea of investors coming to some kind of a consensus in the case of legal trouble.

ICOs and IEOs

If you are looking for an ‘electronic coupon’ that will offer you access to special products or access to a token economy where you can purchase products only with a utility token, or if you’d like to offer a financial contribution to a medical or technology problem (with no expectation of participating in the growth of the company), this might be an option for you. Remember, the advantage with ICOs and IEOs is that if the project succeeds you have the option to sell your tokens on a secondary market or you can choose to use the token for the special rights it confers on the token holder.

ICOs and IEOs are generally available for purchase by anyone worldwide but regulations are changing quickly, particularly in the United States. If an ICO is a con, you’re probably out of luck. I think it would be much more difficult to coordinate investors to take legal action and the anonymity of such projects can make it harder to find project insiders. On the other hand, IEOs should improve token issue quality and if projects go well, the smart contract attached to your token should make rights and obligations immutable.

STOs

I believe this is the future of crowdfunding. STOs will give investors access to venture capital-like projects, to fractional ownership of iconic buildings, collections of art, businesses of all kinds, and perhaps even fractional ownership of sports teams, with all rights of every owner permanently secured on the blockchain. Similar to ICOs and IEOs, security tokens will be tradable in a secondary market on a token exchange.

Of course, there will be serious additional regulatory issues to deal with when investing in STOs but those regulations will also confer rights to token holders, perhaps ultimately producing unparalleled legal protection to token holders through automatic execution of the attached smart contract. I’m really looking forward to seeing what inventive STO creators come up with.

In conclusion

Next time you’re at a cocktail party or in an office meeting and the issue of crowdfunding comes up, excuse yourself, re-read this article, then go back and wow your friends and colleagues with your insightful opinions about crowdfunding options.

Better yet, start educating yourself about this new wave of investment options. This is the first time in history that average people, and not only insiders, are able to invest in projects on the ‘ground level’. The beauty of crowdfunding in its various forms, allows the average person an opportunity, at least in a small way, to shape the future of culture and technology through investment.

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Before proceeding with a project, the first and foremost thing we must do is clearly define ideas and product orientation. If the initial idea is poorly tested or the core values are not seen through, the project will inevitably have problems with the wrong values; From there, hinder the later stages and sometimes the final result. To avoid this situation, we should use the Proof of Concept (or POC) method for software development – a term that is familiar but not less important. Although Proof of Concept does not produce a product, it does provide certain visions and assessments of the project’s advantages and disadvantages; thus, we can come up with clear solutions that the team can go in the right direction, with the right spirit and product style.

In the following topic on Proof of Concept, DX Business Group Software solutions will show you the importance of Proof of Concept and outline 5 critical factors to success.

What is a proof of concept in software development?

A proof of concept in the context of custom software development comes to be the validation of a functional or non-functional aspect of an information system or part of it, either by the technical area or by the user area.

We could say, for example, that acceptance tests are a specific type of proof of concept.

Proof of Concept Example

During the establishment and implementation of the project, Proof of Concept was highly appreciated, playing an indispensable role. Thanks to the Proof of Concept Guideline, Project Managers can see suspicious factors and potential risks that can hinder the success of the project. Proof of Concept helps both the client and the developer team to agree on the value and general direction of the project; On the other hand, it also helps developers easily identify ways to carry out the project to achieve the highest efficiency.

At DX Business Group, we will take an example of good Proof of Concept, with thorough steps we take to create a successful Proof of Concept for our software product:

Step 1: Define customer requirements

The first and also the most important step, is clearly defining the requirements of the client. Determining the requirements of the client to help us understand the feasibility of the project, understand the nature, and at the same time understand the capabilities of our human resources, thereby identifying and selecting personnel suitability to join the project.

Step 2: Action Planning

Next, the Developer team will analyze and consider the specific project requirements, thereby providing specific scenarios, timeline,s, and guidelines, as well as selecting the appropriate staff to pursue the project. Each stage of implementation, each step is streamlined with the client’s time and the Developers’s team.

Step 3: Implementation

Based on the established Action Plan, the project will be conducted in a 6-stage loop to ensure effectiveness.

The implementation will start a new process of analyzing customer requirements once more thoroughly to proceed to the Design step. Then, the product will be formed and developed with Development, preliminary completion and to the Testing step. In this step, Tester will carefully check and find out the wrong points of the product, so that the Developers can see and correct it more appropriately. By the fifth stage, the product is nearly completed and deployed soon, the Developers will conduct product testing operations with customers and move to the 6th stage – Review, listen to feedback from customers and edit to please customers, and make products more complete.

Step 4: Delivery

The product is now completely complete in accordance with the requirements and spirit of customers. We carry out the delivery of the product, and at the same time provide general information on how to use it, along with some necessary information to ensure smoothness during the operation of the product.

Therefore, 

It can be considered as a useful tool in the development process. However, it is convenient to adequately manage your expectations and objectives in the current context of the project and the information system, that is, what is intended to validate? What are the minimum thresholds required? Does the validation meet qualitative, quantitative or both criteria? What are the consequences of not exceeding them? Are the limits well calibrated concerning the effects on the Current status of the project and the current phase of its life cycle? Who will participate in the proofs of a concept and know in advance what aspects are not going to have the expected behavior?

Test levels

In a formal testing process, test levels are often very easily confused with test types, and although they are intimately related, they have different connotations in the process. To understand a little more, let’s start from the fact that the tests can be executed at any point of the software development process, and this is where the test levels allow us to understand the different aspects or stages where specific tests can be executed. Because of the above, it is common for some people to refer to the levels of evidence or try to classify them as developer tests, functional tests, and end-user tests.

Nevertheless, the appropriate terminology to apply to the different levels corresponds to the following four (4) classifications that are: unit tests, integration tests, system tests and acceptance tests. In each of these test levels, different types of tests may be executed, such as functional, non-functional, architectural tests and the change of the products associated.

Here is a brief description of each level of evidence:

1. Unit or Component Tests: These types of tests are typically executed by the development team. They consist of the execution of activities that allow the developer to verify that the unitary components are coded under robust conditions, that is, supporting the entry of erroneous or unexpected data and demonstrating, thus the ability to deal with errors in a controlled manner. Additionally, the tests on unitary components, usually denominated tests of modules or tests of classes, being the convention defined by the programming language, the one that influences the term to use. Finally, it is essential that all the functionality of each unit component be covered by at least two test cases, which should focus on testing at least one positive and one contrary feature
2. Integration tests: It is as well executed by the development team and consists of checking those elements of the software that interact with each other, work correctly
3. System Tests: This type of test should be executed ideally by a test team outside the development team, a good practice in this point corresponds to the outsourcing of this responsibility. The obligation of this equipment consists in the execution of test activities where it must be verified that the total functionality of a system was implemented according to the specification documents defined in the project. The test cases to be designed in this level of tests must cover the functional and non-functional aspects of the system. For the design of test cases at this level, the team must use deliverable test bases such as initial requirements, use cases, user histories, designs, technical and end-user manuals, etc…
4. Acceptance Tests: Independently of the fact that the testing process has been outsourced and that the firm responsible for these activities has issued a quality certificate on the system under test. It is essential that the client appoint personnel to be part of the business processes for the execution of acceptance tests, it is even recommended that the end users participating in this process be independent of the personnel that supported the development process. When the acceptance tests are executed in facilities or environments provided by the developer, they are called Alpha tests, when they are performed from the clients’ infrastructure, they are called Beta tests. In cases where the acceptance tests of the product have been executed in the supplier’s environment.

On the other hand, the security of a system or application does not depend on the use of SSL protocols, firewalls or compliance with an ISO 27000 standard. The form of security tests (penetration testing) at the end of the software development cycle is not enough either. Security is a factor that must be taken into account in each phase of development since the production of software is a process in which it is necessary to identify and correct vulnerabilities continuously.

The key, therefore, is in the following question;

Are we building secure software?

At our site we propose the following tools that help develop secure software:

Checkmarx, which is a source code tool used for security analysis, can be integrated with the most common SW development environments (Eclipse, MS-Visual Studio, Jira, Jenkins …) that will alert programmers to the vulnerabilities they enter in their code.

Blackduck, a tool for analyzing the security, licensing, and operation of third-party open-source libraries used in the developments themselves. Also integrable with the usual development environments.

In contrast, a security analysis tool for the running application based on IAST (Interactive Application Security Testing), or what are the same gray box tests.

We help our clients in the implementation of the Secure SW Life Cycle, an essential practice:

1. Analyzing the situation of SW processes and the SW development tools used.
2. Propose the most appropriate security tools in each case.
3. Performing concept tests for the proposed tools and their use in customer processes validity.
4. Forming and supporting development engineers.

From a practical point of view, the number of possibilities to exhaustively test a system is merely unmanageable; it is then necessary to use adequate techniques to maximize the number of essential failures found with the allocated resources. Each method used to detect defects leaves a residue of more subtle abnormalities against which this technique is ineffective.

The software test implies, therefore, the application of appropriate techniques and tools in the framework of a well-defined process, determined by the type of software development projects that are addressed.

The post Proof Of Concept In Software Development: 5 Critical Factors To Success appeared first on DX Business Group Software Solutions - Blog.

The Media and Entertainment Industry has been severely impacted by the COVID’19 epidemic. Due to the closure of theatres to distribute movies, total US cinema revenue fell to US$3.5 billion in 2020 from US$11.4 billion in 2019.

But thanks to technological advances like “Blockchain Technology”, the film industry can overcome all its challenges in this new normal. Blockchain simplifies and improves the operation of many industries.

The film industry consists of independent producers, film distributors, global studios, OTT platforms, and international banks and all these stakeholders can avail the remunerative benefits of blockchain. With the development of digital technology, India’s Media and Entertainment Industry is predicted to reach US$ 25.56 billion by 2021-22.

In this blog, a description of how Blockchain and Decentralized Finance (DeFi) are altering the film business to make it more transparent and free of difficulties is shown.

Major technical Challenges faced by Film Industry:

In case of script theft, the author must go to court and submit a claim to reclaim ownership of his or her work. This is a tough and time-consuming process.

The primary difficulties in the global entertainment sector are legality, ownership, and copyright.

Lack of Transparency on invested amounts:

In the film industry, the investors aren’t aware of how well the allocated money has been spent for the project during various stages of production. This prevents them from solely investing their hard-earned money on projects.

A big move from Traditional TV to the Internet:

The digital world, driven by smartphones, has forced the audience to shift from cable Television networks to the internet. Nowadays the internet streaming business platforms are making huge investments in the production of films, series, etc which subsequently led to the decline in traditional filmmaking.

A clash between Movie Theatres & Television:

Prior to the epidemic, many people enjoyed watching movies on big screens. UHD televisions feature 4K resolutions, which is higher than the 2K resolution used in movie theatres. Despite the fact that television has a greater frame rate and dynamic range than cinemas, consumers prefer to view movies in premium cinemas.

The emergence of Online Series:

The traditional theatre or movie has a lot of competition these days since online programs are becoming increasingly popular. As a result, people enjoy watching television shows or movies at home since they deliver a theatrical feel even on a little screen.

Lack of Variety in Genres:

When watching a film or a television series, people search for original material. Only movies which are one-of-a-kind are able to attract and reach a large worldwide audience.

The following are some of the more serious difficulties that the film industry is dealing with:

• Grants from the government are few for short films.
• Access to many markets is limited due to a lack of content.
• Longer working hours for little money
• Film personnel is unaware of their legal obligations.
• Surge in taxes
• Frustration with Film Franchises

How Blockchain & DeFi are the Rescuers?

Because blockchain and DeFi are based on decentralized concepts, they can both help the film business, which is plagued by a lack of transparency in funding.

Protects content privacy:

The number of films that have been leaked online before their release has increased dramatically throughout the years. Even though blockchain is not a single solution for privacy, it might be able to prevent the content from getting leaked in an illegal way. Smart contracts can be used to enforce the governing rules regarding the overseas release, distribution rights, and merchandise license between buyers and distributors.

Simplifies Sales and Distribution:

Blockchain has the potential to handle both complexities of digital distribution models and global networks. Film releases can now reach all audiences across the globe due to distribution models. Smart contracts automate revenue distribution by managing the collection process and it allows audiences to buy tickets using cryptos.

Blockchain technology has made a positive shift in the way through which contents have been shared and viewed. As implementation of blockchain frees the film community of the risk restrictions, large budgets, and intense scrutiny, and rankings. This major transformation will certainly be a happy ending

Enriching the Copyright and Ownership:

It is a challenging process to establish copyrights and safeguard cinematic material when it comes to copyrights. As a result of blockchain and DeFi, authors may immutably register their ideas, characters, or scripts on the network. No one has the authority or chance to acquire ownership of the scripts that have already been registered.

Equal Opportunities for Everyone:

Blockchain creates absolute transparency so even small players can get the chance to establish their scripts or ideas, produce their films,s and make revenues as opposed to the current Film Industry. As blockchain provides global access, investors from anywhere can purchase, sell or trade their film or script.

Easy and Transparent Financing:

The investors can monitor the spending of his funds on various stages of filmmaking and also the profits received for the projects that he has invested using Blockchain and DeFi.

In many ways, DeFi and Blockchain technology can uplift the media and entertainment industry.

DeFiFi – Crafting a New Path For Film Industry To Thrive In A Golden Age:

What is DeFiFi ?

DeFiFi is the intersection of decentralized finance and the film business, resulting in an efficient entertainment system.

How Film Productions can be improved using DeFiFi ?

Using the blockchain with DeFi concepts, Filmmakers can pitch their projects to the blockchain community, and members may vote on films that deserve financing. When the projects are chosen, they will be given the funding they require from community-managed funds.

Filmmaking takes place off-chain, or offline, and requires monitoring from the DeFiFi community to ensure that money is used effectively for filmmaking. When the film is finished, it should be made available on the platform for viewers to vote on.

The final accounting process will be more open removing the ambiguity about profit usability.

The architects of the DeFiFi community have entire control over the financial assets compared to traditional filmmaking.  This increased exposure of money utilization may encourage volunteers to invest in film projects, ushering in a new golden era for the film industry.

The Golden Era of Decentralized Film:

Investing in Films made it much easier and more transparent with the help of DeFiFi which encourages many investors to participate.

The more investment available, the more the films produced with great content ideas and scripts which attracts more fans and audiences across the globe. Utilizing blockchain and DeFi in the film industry may benefit audiences by giving them a chance to earn rewards.

Digital rights management system allows artists to register their ideas and receive funds for their projects. This decentralized film era can drive the film industry to the next level with greater transparency.

Main advantages of DeFi and Blockchain in the Film Industry:

• Reduced Content Privacy
• Improvements in Distribution of Royalties
• Increased Transparency
• For Creation & Maintenance of Smart Contracts
• Democratizing the oversights of digital assets
• Supports a global network that digitally connects content producers, distributors, and audiences.

Future of Film Industry with DeFi:

As of now, there are many decentralized platforms to produce films such as Filmio, Mogul Productions, and more which come under DeFiFi platforms trying to provide a decentralized film production space.

Blockchain technology, decentralized finance, and smart contracts can make a powerful and positive transformation in the film industry with improved transparency and security. Thus decentralized films will be the future of the Media and Entertainment Industry which will completely rely on the decentralization concept.

Let us hope for a Sustainable and Bright future for the Film Industry with the adoption of DeFiFi ! Stay Tuned with DX Business Group – Leading DeFi Development Company to get up-to-date innovations and moves of the crypto industry as a whole.

The post How Blockchain and DeFi can make a positive and powerful impact on the Film industry? appeared first on DX Business Group Software Solutions - Blog.

Decentralized Finance and why it is imperative today

Decentralized Finance or DeFi is a breakthrough that has completely revolutionized the traditional and conventional methods of financial services. While the majority of users relied on traditional financial systems like banks, DeFi brought in a completely different setup that plucked the power away from such centralized authorities. The reason? Centralized Finances incurred a lot of commission and transaction fees, provided an online platform that was not secure or protected, reliance on third-parties were tremendous and other factors such as privacy, inflation or depression, and other factors made them very unreliable and quite erroneous. With the entry of DeFi and blockchain technology, a myriad of financial services such as lending and borrowing, asset management, cryptocurrency exchanges, staking, Decentralized Applications, and more functions promptly on blockchain networks like Ethereum and TRON. These DeFi protocols offer advantages that centralized bodies cannot even attempt – immutability, interoperability, transparency, programmable smart contracts, self-custody of funds, and a permissionless platform.

One of the DeFi protocols functioning on the Ethereum blockchain is Aave – a lending and borrowing protocol that has gained quite a lot of momentum in the DeFi space. As of now, over $2.33 billion worth of assets is locked in the protocol. Entrepreneurs and business owners who are looking for a profitable business venture in the DeFi space can brazenly enter by availing of our DeFi protocol development like Aave solutions.

Aave and the buzz around it – Decoded

The term Aave comes from the Finnish word which means ‘Ghost’ – referring to the transparent nature of the protocol. It is an open-source, non-custodial protocol that allows users two predominant functions, lending, and borrowing for which they can earn both stable and fixed interests in the form of aTokens. Apart from this, users can also have access to flash loans through the protocol. Aave also has a governance token – LEND and supports over 20 cryptocurrencies. Now, the developers of the Aave protocol have released a second version of the protocol with added advantages such as trading of deposited assets, an upgraded version of flash loans, and flash liquidity to name a few. DX Business Group’s Aave-like protocol will uphold all the inner workings of the P2P platform and offer your users a robust platform for permissionless lending and borrowing experience.

How does Lending and Borrowing work in the DeFi protocol like Aave?

Users who wish to deposit or lend to the protocol may do so by depositing assets in the liquidity pools for which they can earn interest. This interest is not stable since it depends on the current market conditions. The borrowing rate and utilization rate are also factors that determine the amount of interest earned. For the number of assets lent, the users will be provided with the respective amount of aTokens with which they will receive continuous earning passively. There is no limit to the amount that can be deposited, meaning users can deposit as high or as low as they see fit. The lenders can also withdraw the amount they’ve deposited anytime they wish and walk away with the interest earned.

Borrowing on the other hand will first require the borrower to deposit collateral. This collateral amount must be higher than the number of assets being borrowed. Only then can the borrower make use of the liquidity pools and borrow in an overcollateralized or undercollateralized manner. The amount that can be borrowed depends on certain factors – the amount of liquidity available and the value deposited. The repayment of the loan will have to be with the same asset that was borrowed. Say a user borrows 1 ETH, he’ll have to pay back 1 ETH + interest. This interest rate depends on the supply and demand ratio of the borrowed asset. With the updated version of Aave, users can pay back loans using deposited collaterals. In the event of failure to pay back the loan or when the collateral value drops below the value of the borrowed assets, liquidation is initiated whereby the liquidators are rewarded.

Flash Loans – Aave’s renowned functionality

A popular feature of the Aave protocol, it allows users to take out any amount of assets as emergency loans without handing in any collateral. A smart contract will be built which will request the flash loan. Once the borrower receives it, they will have to pay back the loaned out amount with interest and fees within the same Ethereum transaction. If this condition is not met, the loan and all transactions made within are considered void.

Aave Token – LEND

Formerly known as ETHLend, the LEND token is now set to be swapped for AAVE – an ERC-20 token native to the Aave protocol. AAVE gives its holders a slew of benefits –

• They do not get charged for taking out loans.
• AAVE borrowers get a discount fee on collateral.
• Borrowers who deposit AAVE as collateral can borrow an extra amount if need be.
• Token holders also possess voting rights on governance issues.

Exceptional benefits of our Aave like DeFi Lending Protocol

• Ability to take out flash loans
• Interest rate switching
• A wide range of DeFi collateral types – DAI, ETH, BAT, LINK, MANA, MKR, SNX, USDT, USDC, TUSD, USDT, sUSD, BUSD, KNC, LINK,wBTC, ZRX, and LEND.
• Use of deposited collaterals to pay back loans
• Highly secure platform for lending and borrowing
• Immediate settlement of transactions
• A very reasonable source of investment for lenders

Create and Launch a DeFi Protocol like Aave with DX Business Group!

The DeFi market has never been in the prime of its popularity as it is now. And protocols like Aave and Compound are drawing in users and investors. This is the time to launch a proficient protocol like Aave using our DeFi protocol development solutions. At DX Business Group, we have gathered a team of adept and expert blockchain techs and developers who strive to produce services that meet international standards. Our solutions, followed by our round the clock support system will ensure your project sees success.

The post How to Create and Launch a DeFi Protocol like Aave appeared first on DX Business Group Software Solutions - Blog.

P2P Exchange Development Services 

Cryptocurrency is a trending talking point in the current business sphere. We come from a digital era, where many industries are evolving towards assimilating cryptocurrency for their business because of the high efficiency, quicker, cheaper transactions. Especially a peer-peer exchange platform comes along with a decentralized, highly secure, transparent transaction process. 

We at DX Business Group, have a team of blockchain experts, who have worked with several business entities, and helped them achieve their goals successfully. 

We offer reliable white-label solutions and strive towards building you a robust, scalable P2P exchange platform with cutting-edge blockchain technology.

Our P2P Cryptocurrency Exchange Software Features 

Multiple Cryptocurrencies 

Our platform is integrated with multiple cryptocurrency support like BTC, LTC, ETH, USDT, etc. 

Multi-Language Support 

The platform offers multi-language support, thereby providing global access to your P2P platform. We intend to provide the best user experience for every customer, from every nook and corner of the world. 

IP 

Dominant Trading engine Our team of expert developers will offer you a powerful, highly secure trading engine, with the capability of auto-matching buyers and sellers without any time-lapse. 

Automated KYC & AML verification 

The automated KYC/AML enables admins to verify the user profiles quickly and efficiently, which helps avoid scams and ensures authentic users for the exchange. 

Crypto Swaps Payment Gateway integration 

The crypto swapping option allows the users to carry out a reliable trading process, eliminating involvement from any third parses. The transactions can be executed or eliminated entirely, avoiding breaches of agreements. 

Multi-Factor Authentication 

Multi-Factor Authentication features such as email authentication or Google 2FA, are enabled for both the admin and the users to conduct secured 

Customers can send and receive currencies through various payment mediums within the platform for quick and efficient transactions. 

Multi-Currency wallet Admin Panel 

Users can store multiple currencies within the wallet, integrated with enhanced security features. 

A secure admin panel is inbuilt for efficient management of crucial components such as escrow and dispute management. 

Preferred trading 

This feature allows customers to choose their preferred sellers and vice-versa. This ensures a more secure, smooth trading process. 

Working Process Of The P2P Exchange Platform

• User Registration 

• KYC/AML verification

•  Placement of order

•  Creating a wallet address 

• Order matching between buyers and sellers

•  Confirmation of order from the and sellers buyers 

•  The Buyer makes the payment for the purchase

• Confirmation from the seller regarding payment

•  Escrow releases the asset and transfers to the buyers wallet 

•  Buyer stores the asset in the cold wallet

Our P2P Exchange Platform Development Process 

Step 1 

Research, requirements gathering, and exchange preparation that suits your business model. 

Step 2 

Essential technology integrations such as UX/U1 enhanced security with legal compliance based on the geography of the exchange corporation. 

Step 3 

Trading engine installation. 

Step 4 

Integration of various blockchains into the platform. 

Step 5 

Listing of tokens/ coins. 

Step 6 

Delivery of exchange platform. 

How does a P2P cryptocurrency exchange work? 

A peer-to-peer exchange platform is completely decentralized. Thus, it eliminates the involvement of third parties managing the customer funds and an order book to manage the buy/sell requests. Instead, it allows customers to exchange directly peer-to-peer between themselves and manage their funds. 

What are the advantages of P2P exchange? 

A p2p exchange is highly advantageous in the aspect of helping customers with highly-secure, quick, efficient, seamless transactions. And as it does not involve a third party, it is risk-free, hassle-free, time-saving, and cost-effective. 

How much does it cost to build a Peer to Peer cryptocurrency exchange? 

The cost of building a p2p exchange varies from customer to customer according to their required features and customization preferences. However, acquiring ready-made whitelabel solutions will cost way less than gathering equipment and building the exchange from scratch. 

What are the benefits of having a p2p cryptocurrency exchange? 

There are numerous benefits involved with having a p2p cryptocurrency exchange. Some of the significant ones include direct globalised transactions, improved user privacy, prevention of fraudulent, cost-effective business, enhanced security, etc. 

How to develop a P2P crypto exchange platform? 

Developing a p2p crypto exchange platform from scratch will consume ample time and money, also involves technical factors. The better choice is to obtain white label p2p exchange solutions from a sort after company, which is reliable, quick to deploy, integrated with quality technical elements, and cost-effective. 

The post Do You Want Multi-Factor Authentication P2p Cryptocurrency Exchange Development appeared first on DX Business Group Software Solutions - Blog.

Technology in today’s world is advancing at a breakneck speed. New technology advancements and improvements have made it feasible to create new synergies within an existing framework. Blockchain technology, which has astounded people all over the world with its efficiency, has made it feasible to fantasise about a decentralized unit. Similarly, the Internet of Things (IoT) has been rapidly gaining traction. Independent gadgets will be able to connect to the internet with the aid of IoT. This synchronisation will aid in the creation of intelligent gadgets capable of doing tasks without the need for human intervention. But what happens if IoT and Blockchain are combined? It sounds like something out of a science fiction novel. IoT and Blockchain, on the other hand, appear to be a natural fit. In this essay, we’ll look at how the Internet of Things will affect the future of Blockchain technology and why no one has yet succeeded in implementing IoT on the blockchain architecture.

IoT– A significant jump towards the future

IoT is based on the concept where wirelessly connected sensors are embedded in almost any commonly used devices such as refrigerators, auto-parts, washing machines and even dog collars. This means everything can be tracked, its inventory managed and can be made accessible through a continuous stream of signals. This constant flow of interacting devices will help the businesses to move away from the product-oriented theme to the service-oriented theme. But it also brings us to one important issue to address. According to estimates, there will be around 10 million inter-connected devices and objects in the next four years. This will create a huge amount of tracking to identify those things and also verify who owns them, authenticate their interaction with other things in the interloop.

How will IoT influence the landscape of Blockchain technology in the future?

Many reputed organizations such as IBM have already started testing and experimenting with the applicability and future potential uses for the blockchain network and the Internet of Things (IoT)

For integrating the blockchain network with the IoT, developers must ensure that they treat every individual device as a unique user of the blockchain. Therefore, every vital piece of information that gets transmitted from the IoT device is processed by the Blockchain network as a transaction.

In theory, this system does sound feasible, however, this is only possible if the size and the transmission of the messages are limited. Commercial deployment of blockchain-based businesses will take some time as the blockchain-based IoT network has to be upgraded significantly in order to serve many users.

Why is it still a long shot solution?

One of the main problems the blockchain network is facing these days is the scalability factor. To increase the scalability, optimizing the chain will help a bit but for mainstream market applications one must boost up the transaction processing speed which will affect other applications connected to the chain as well.

At present, only the Ethereum network has more flexibility than other networks such as bitcoin, which can process only six transactions per second. To make a jump from six transactions per second to hundreds of thousands of transactions per second is definitely unrealistic.

In order to handle this, an unprecedented scalability solution must be implemented. Plasma, an Ethereum scaling solution, could become a practical solution to the severe scalability issues of blockchain networks. It uses multiple blockchain networks that are interconnected with each other, and several aspects of transactions are kept confidential through the usage of ZK-SNARKs cryptographic system. This reduces the size of transactions and ultimately, increases the capacity of the blockchain.

However, even with side chains and second-layer solutions like Plasma or Lightning Network, it is still out of the question for a blockchain to handle hundreds of thousands of data points per second. IBM  is currently focused on developing centralized blockchain networks. With the implementation of permission blockchain networks, there is a definite trade-off between security and flexibility. Nevertheless, this will assist in the successful implementation of blockchain technology with IoT in the near future.

Conclusion

Currently, permission blockchain networks are the only realistic solution in terms of scalability and there are a few organizations that specialize in designing permissioned Blockchain networks. DX Business Group is one of the few reputed organizations apart from DX Business Group which has successfully created permission private blockchain networks for numerous clients. The conglomeration of IoT and Blockchain can do wonders for the business. If you have any further queries regarding the Blockchain network, please visit DX Business Group

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