blockchain, Cryptocurrency, digital

3 Key Concepts of Blockchain Technology

1. Smart contracts
With more and more companies investing in blockchain technologies, it is becoming vital for organisations to dig deeper into the concept of a smart contract. Smart contracts are gaining traction rapidly. The term smart contract was first used by a computer scientist and a cryptographer name Nick Szabo, long before bitcoin was created. Smart contract is completely digital, typically mini computers stored inside a blockchain.

2. Consensus
In Blockchain, there are different methods or algorithms to achieve consensus about the validity of a transaction. Two most known algorithms are (a.) Proof of Work and (b.) Proof of State.

3. Permission
Blockchain can either be with permission or without permission. Let’s dig deeper into the difference between these two.

Cryptocurrency, digital

Top 5 Challenges on the Road to Digital Transformation
  1. Legacy Infrastructure: For the longest time, IT has only played a support role, which is why many companies still shy away from upgrading their infrastructure. Adding to this, the maintenance of IT infra needs goes up to as much as 55% of the entire IT budget. As most of the IT infrastructure is set up right at the beginning, most companies remain under-equipped to handle the emergence of latest technologies.
  2. Outdated Processes: Since businesses across the world are now well connected in the digital realm, it becomes all the more challenging to follow traditional processes and operate in silos. We live in an era where there is no place for manual processes and stringent work policies any longer. Owing to the effort that goes into embracing Digital Transformation, organizations around the world have started adopting Agile working principles and building modern new-age workplace models for their employees as an important step towards adopting modern working methods.
  3. Traditional Company Culture: A big part of truly adopting Digital Transformation is for the company culture to also adopt the same. Digital Transformation should be deep-rooted and it should become a part of the company core values. Since traditional cultures can be slow to embrace change, the flag bearers of Digital Transformation would have to lead the change in the organization by taking steps to progress and earn a spot in the digitally transformed industry.
  4.  Lack of Automation: A prominent characteristic of digital businesses is the elimination of redundant tasks. On embracing Digital Transformation, an enterprise adopts automation and gets rid of manual tasks which mean faster go-to-market, rapid product updates and improvements, seamless customer experience and a faster response time.
  5. Limited Scalability: Digital Transformation would require re-allocation of resources for tasks that were non-existent before. However, with the coming in of so many changes, your enterprise should be well equipped to scale quickly at a short notice. The inability to accommodate these changes in a short period of time can become quite a roadblock in your path to Digital Transformation.
blockchain

Blockchain Technology to Streamline the Vehicle Registration Process

Is blockchain technology the new internet?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?

As we all know, Blockchain has literally enabled the technology ecosystem to take a significant leap of innovation. Along the years, as Bitcoin has managed to take prominence and grabbed attention from all over the world (and rightly so), people took to studying all about cryptocurrency and Blockchain- the very platform that enabled crypto transactions to take place.

By identifying the need to make transactions more secure and recording them seamlessly, Satoshi Nakamoto came up with Bitcoin- the digital, cryptocurrency and Blockchain, the technology Bitcoin works on.