Bitproof blockchain api
Thank you for continuing to trust us with everything FinTech! There has been tremendous interest in blockchain, the technology on which Bitcoin functions. This lead to a number of firms adopting the technology in different ways to solve real world issues, wherever there was an element of trust involved. As you know, we at LTP have been doing a lot of research to understand other use cases of blockchain apart from Bitcoin-based payments.
Though there have been news of large companies accepting bitcoin Ex.: They generally partner with a Bitcoin payment processor who converts the Bitcoins to cash as and when they receive a payment and this converted amount is what the corporates take into their account.
By definition, blockchain is a ledger of all transactions that have been executed and could be seen as a write-only platform, wherein transactions once executed cannot be modified later. This platform has been further divided into Public and Private blockchain. Is there a third one? A public blockchain is a platform where anyone on the platform would be able to read or write to the platform, provided they are able to show the proof of work for the same.
There has been a lot of activity in this space as the number of potential users that any technology in this space could generate is high. Also, a public blockchain is considered to be a fully decentralized blockchain.
Some of the examples are:. Ethereum, a provider of decentralized platform and programming language that helps running smart contracts and allows developers to publish distributed applications. Factom, a provider of records management, record business process for business and governments. Blockstream, a provider of sidechain technology, focused on extending capabilities of Bitcoin. The company has started experimenting on providing accounting considered a function to be done on private blockchain with the use of public blockchain technology.
A private blockchain on the other hand provides only the owner to have the rights on any changes that have to be done. This could be seen as a similar version to the existing infrastructure wherein the owner a centralized authority would have the power to change the rules, revert transactions, etc. It could find use cases to build proprietary systems and reduce the costs, while at the same time increase their efficiency.
Some of the examples could be:. Eris Industries, aims to be the provider of shared software database using blockchain technology. Multichain, provider an open source distributed database for financial transactions. Let's explore if there is a hybrid blockchain concept third type.
A consortium blockchain would be a mix of both the public and private. Hence, they could gain a blockchain with restricted access, work on their solutions and maintain the intellectual property rights within the consortium. Last month we created an infographic that captures the block chain concept and analysis in great detail. From our analysis, we believe these could be some of the public blockchain companies in the above infographic: Private blockchain as a concept is still in its nascent stage and the number of firms working on this concept is expected to grow multi-fold in the next 2 years.
A surprisingly large percentage of people lie on their resumes to get an edge in a competitive job market. One school thinks so. These ledgers bitproof blockchain api shared and distributed amongst different computing nodes, and can only be changed once there is a shared consensus among all nodes.
In the case of Bitcoin, blockchain technology has already shown its effectiveness in removing the traditional financial middlemen in transactions, such as banks or governments.
For graduates of any reputable institution, it would mean bitproof blockchain api verifiable badge and proof to recruiters that the applicant actually attended the school. Indeed, authenticating school diplomas may only be the tip of the blockchain iceberg: Streamlining the hiring process In the case of Bitproof blockchain api, blockchain technology has already shown its effectiveness in removing the traditional financial middlemen in transactions, such as banks or governments.
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