Blockchain is the real game-changer
We already know Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.
And behind Bitcoin, what emerged out as a marvel & a shiny new asset was the technology used:
Blockchain - A decentralised ledger that records transactions in a transparent and undisputable manner. Blockchain is the real game-changer.
RISE OF WEB 3.0 - The New Internet Era!
Blockchain Technology: Answer to the security and Privacy concerns on Internet; Making Web much safer place!
This Technology makes it possible to store data securely in a trusted, transparent and traceable manner. Having data decentralized, confidential or personal data will not be stored in the large Company’s data centres or databases.
And that’s why Blockchain will be an integral part of Web Era 3.0 and possibly of Web Era 5.0 as well.
How Blockchain works?
Blockchain is a database structured architecture created on transactions. It’s like a chain of nodes/blocks that run together in a specific arrangement. The complete chain having all the nodes in a blockchain provides a full copy of an event history/transaction history.
This Ledger is very crucial & valuable as it provides a full list of every transaction. Inside every block/node there is a code called Hash (made of the previous block). A hash is an algorithm that turns a large amount of data, into a fixed length hash-code.
Sometimes, event called a ‘fork’ can occur in the blockchain. Whenever two blocks are formed at the same time, Fork is made. These two chains with a shared genesis are identical until the point the chain ‘forked’, after which these chains then exist in parallel and two separate networks have been created.
The blockchain is a simple yet resourceful way of passing information from A to B in a fully robotic and secured way. One party to a transaction initiates the process by creating a block. This block is verified by thousands, perhaps millions of computers distributed around the net. The verified block is added to a chain, which is stored across the net, creating not just a unique record, but a unique record with a unique history.
Wallet - A wallet is a specific, private key assigned to each user to access the blockchain
Mining - Mining is the process through which users of currencies like bitcoin keep track of transactions. Using the blockchain as a distributed ledger, all transactions are stored and recorded around the network of users holding the currency. However, it is important to confirm transactions and store them in a general ledger so they can be tracked and recorded and this is done by miners.
POW/ ‘proof of work’- POW is to ensure the hashes used to seal blocks are of sufficient quality and standard.
Source- Simplexity Analysis
Blockchain: RNTrust Expertise & Services
At RNTrust, we understand how Blockchain technology will be deeply infused in coming years to secure the future and so we along with our partners TenChains from Europe provide following services in the field –
We can help you
We can help you particularly on Blockchain applications like doing Pilot, Redevelopment or management of main Blockchain activities and transactions, consulting on the scope of work for your ongoing Projects.
Enterprise Blockchain Journey To explore
Blockchain & Business
Blockchain plays a crucial role when it comes to encryption, Smart contracts, Ledger tokenization etc. It can work as both as public as well as private/ consortium or semi-private depending on the properties required.
Blockchain Impact on Business
Opportunities seen by Business
Source: Capgemini Research Institute, Blockchain Survey, April-May 2018
As stated by Gartner, blockchain will fuel new business application for the next ten years before reaching the plateau of productivity.
Blockchain & Dubai, UAE
In terms of blockchain technological advancement, The UAE government is working to be an avid adopter. In fact, it aims to conduct half of all of its transactions through a blockchain platform. There are a lot of Bodies made in UAE specifically to focus & encourage use of Blockchain Technology across various functions as well as Government sectors like Global Blockchain Council, Dubai 10x, etc.
"Adopting Blockchain technology Dubai stands to unlock 5.5 billion dirhams in savings annually in document processing alone — equal to the one Burj Khalifa’s worth of value every year. “Smart Dubai
Not just this, Blockchain technology & integration will help Dubai Paperless strategy (Paperless Dubai) as well by saving around US$1.5 billion (AED 5.5 billion) in administrative cost per year along with reducing C02 emissions by 114 MTons and free up 25.1 million hours of economic activity in the coming years.
Blockchain-based projects in the UAE
Many entities in UAE have already started venturing into this domain through the scrutiny of different Use Cases and on their way to conduct Pilots depending on their goal requirements.
Big names like ADDA (Abu Dhabi Digital Authority), DEWA (Dubai Electricity & water Authority), RTA (Road & Transport Authority), Morohub , Dubai Municipality, DP World, Top banks in the region & many more have started their Blockchain Journey to achieve goal of doing digital transactions leveraging Blockchain Platform.
Like Roads and Transport Authority (RTA) is working on a project to create a vehicle lifecycle management system using the blockchain technology. The project aims to provide car manufacturers, dealers, regulators, insurance companies, buyers, sellers and garages with a transparent record about the vehicle’s history from the manufacturer to the scrap yard.
Fill in the details to download World Economic Forum White Paper - Inclusive Deployment of Blockchain:
Case studies & Learning from UAE
Blockchain – Blue print for New Economy!
Irrespective of the functions from Banking, Retail or Supply chain, Blockchain proves to be a quintessential as well as efficient technology to make the Business transactions traceable, trustable, transparent and helps to go paperless.
Like mentioned before, RNTrust can help you on your Blockchain journey by giving value, particularly on the applications front.
To know more on Blockchain, or for any enquiry, please mail at firstname.lastname@example.org
or WhatsApp @ +971 588831955.
You can also Register for 1-hour free webinar with our Team of Experts on the Topic
Blockchain - Blueprint for New Economy .