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Category: Block Chain

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From Concept to Impact: How Blockchain Implementation Transforms Industries

From Concept to Impact: How Blockchain Implementation Transforms Industries

What is Blockchain Technology? Blockchain is a decentralized technology that enables secure and transparent peer-to-peer transactions over a distributed network. At its core, blockchain is a digital ledger where data is stored in blocks that are linked together in a chronological chain using cryptographic techniques. Key components include: Blockchain works through a step-by-step process: transactions are broadcast to a network of nodes, validated by consensus mechanisms (proof of work, stake, etc.), and grouped into blocks. Each block is then added to the chain, forming an immutable record. Types of blockchains include: Blockchain’s impact lies in its ability to enhance trust, security, and efficiency across various sectors by decentralizing processes traditionally reliant on intermediaries. Applications of Blockchain Blockchain implementation can happen in various domains across industries. Here are some key domains where blockchain technology is being actively implemented or explored: Moreover, blockchain is exploring applications in voting systems to enhance transparency and security in elections, preventing fraud and improving voter turnout. These diverse applications highlight blockchain’s potential to transform industries by providing trust, efficiency, and security in data management and transaction processes. As the technology evolves, its impact across sectors continues to expand, promising innovative solutions to longstanding challenges. Getting Started with Blockchain Implementation To get started with blockchain implementation, several prerequisites and choices must be considered: Prerequisites: Choosing the Right Blockchain Platform: Choosing the right platform depends on use case requirements (e.g., scalability, privacy), ecosystem support, and development complexity. Each platform offers unique features suited to different applications, from decentralized finance (DeFi) to supply chain management and beyond. Setting Up the Development Environment Real-World Case Studies: Successful Blockchain Implementations in India 1. State Bank of India (SBI): Blockchain for KYC and Trade Finance Overview: The State Bank of India (SBI) has leveraged blockchain technology to streamline its Know Your Customer (KYC) processes and enhance trade finance operations. Implementation: Impact: 2. Maharashtra Government: Blockchain in Land Records Management Overview: The Government of Maharashtra implemented blockchain technology for land records management to combat issues of land fraud and disputes. Implementation: Impact: 3. Yes Bank: Blockchain for Supply Chain Financing Overview: Yes Bank utilized blockchain technology to enhance supply chain financing, providing more efficient and secure financing solutions to businesses. Implementation: Impact: 4. Niti Aayog: Blockchain in Healthcare Overview: Niti Aayog, the Indian government’s policy think tank, piloted blockchain projects in the healthcare sector to enhance data security and patient care. Implementation: Impact: 5. Tea Board of India: Blockchain for Tea Traceability Overview: The Tea Board of India implemented blockchain technology to ensure the traceability and quality of tea exports. Implementation: Impact: These case studies illustrate how various sectors in India are successfully adopting blockchain technology to solve complex problems, improve efficiency, and build trust among stakeholders. As blockchain technology continues to evolve, its adoption is likely to expand across more industries, further driving innovation and growth in the country. Challenges and Considerations of Blockchain Implementation While blockchain offers a plethora of benefits, there are certain hurdles to overcome before widespread adoption becomes a reality. Here’s a closer look at some key challenges and considerations: 1. Scalability and Transaction Speed: Current blockchain solutions often struggle to handle massive amounts of transactions. Imagine a busy highway – too many cars (transactions) can lead to congestion and slowdowns. Similarly, popular blockchains can experience delays in processing transactions, making them unsuitable for high-volume applications. 2. Regulatory Uncertainty and Lack of Standardized Protocols: The regulatory landscape surrounding blockchain is still evolving. Governments are grappling with how to oversee this new technology, and a lack of clear regulations can create uncertainty for businesses considering blockchain adoption. Additionally, the absence of standardized protocols across different blockchain platforms can hinder interoperability, making it difficult for different systems to communicate and share data seamlessly. 3. Security Concerns: While blockchain boasts robust security features, it’s not entirely immune to vulnerabilities. Hackers are constantly innovating, and new attack vectors might emerge. Additionally, the security of a blockchain system also depends on the security practices of the participants involved. Weaknesses in individual nodes or poorly designed smart contracts could create security breaches. 4. Need for Industry-Wide Collaboration and Adoption: Blockchain thrives on a network effect – its value increases as more users participate. However, widespread adoption requires collaboration across different industries. Businesses need to work together to develop standards, best practices, and interoperable solutions. Without industry-wide buy-in, the benefits of blockchain might remain limited to specific applications or niche markets.These challenges don’t negate the potential of blockchain, but they highlight the need for ongoing development and collaboration. As these hurdles are addressed, blockchain is poised to revolutionize the way we conduct transactions and share data across various industries. This blog explored blockchain technology, its key components, implementation steps, and real-world applications across industries. From finance to healthcare, blockchain’s potential to revolutionize is immense. Now is the time to explore the possibilities! Techaroha offers a comprehensive suite of services including blockchain, AI integration, and Metaverse solutions to help you navigate this technological revolution.

Launch Crypto Currency Exchange – Business Model

Launch Crypto Currency Exchange – Business Model

What’s the best business to get started and to earn millions of revenue. There are many like e-commerce , cloud based software like DropBox and many more. But the hottest topic and best business with least competition is the Crypto Currency Exchange. Exchange like Binnance , Poloniex have shown the potential of Crypto Currency Exchange and there is still a lot of space for growth for different players. What is Crypto Currency Exchange. Crypto currency exchange is a platform where user can exchange different crypto currency. It’s just like any other stock exchange like Bombay Stock Exchange or New York Stock Exchange. Difference is instead of companies share , crypto exchange are used to trade the Crytpo Currency. Basically there are 3 Broad categories of crypto Exchange Crytpo Currency Exchange against Crypto Currency – (Don’t Require much of Government Norms) Crypto Currency Exchange with Fiat Currency – (Need to Follow every Government Norms and Compliance’s) Peer to Peer Crypto Currency Exchange 1st and 2nd exchange are almost same , we will discuss them here. While Peer to Peer Exchange is altogehter a different topic we will discuss that in our later blogs. Which Currency Exchange to Launch We are considering first 2 type of exchange for comparison. Crytpo Currency Exchange against Crypto Currency.  – Crypto to Crypto exchange don’t require any type of banks or payment processing unit.All the deals are done in crypto currency. Since Crypto Currency don’t come under any law , this type of exchanges are bit of relaxed. If you have a good user base or you can acquire them only on the basis of your Crypto Model , crypto to crypto is good for you. In Crypto to Crypto Exchange it’s very difficult to establish trust and it take much more to time get popular among crypto users. Crypto Currency Exchange with Fiat Currency . – Crypto to Fiat has to obey all the compliance since Bank Payment processing is involved. Any fault in accomplices may lead to blocking of bank account. But positive thing is that users even the new users trust this type of exchange since it gives them an because of an  security from Government which is always welcome by every one. You can decide the type of you exchange you want depending upon the norms in your country or country of majority of your exchange user base or targeted user base. Features for Crypto Currency Exchange (Must Have) User Login and Registration Coin Info Page of All Coin Listed Place Buy and Sell Orders Chart Candles Stick and Custom Graphs One or More Market like Bitcoin or ETH Transaction History of Individual Users Market History Net Volumes , Price and Percentage Change Wallets and Address of Each Currency 2FA Security Profit Analysis Referral System User KYC Most Important Support Tickets Notices and Notifications Deposit and withdraw of Currencies. Profile and Password Update FAQ How Many Currencies to Be Listed in Crypto Exchange Many crypto currency have 100’s of currency in the market. But they have come over there over  a period of time. It’s not a good idea to list 100’s of currencies on the day 1 of launch. Reason is pretty simple Cost to run full node of each currency on our VPS is very high. Bandwidth require to maintain the code is very high , it may go upto trillion GB for 100 currency. Integration cost of all the currencies may go up to few thousand dollars. Best thing would to launch an crypto currency  exchange with 20-30 Currency and increase the number as exchange grows. What Currencies to Be Listed in Crypto Exchange Just like number matters ,  what currencies also matters. Listing all the high value currencies or low value currencies will create a problem. While deciding the currencies to be listed we need to consider the value and its acceptance and popularity. Listing all high value and popular currencies will drive away small investor. Their volume is blow but since the number of small investor are high , over all impact is much bigger. Consider both type of currency while making a list. Like Bitcoin Ethereum are high value and DOGE , SIA COIn are low value. Keeping such a mix will attract more users. Business Model for Crypto Currency Exchange Few assumptions are mentioned at the last of blog. Business model is based on those assumptions. Profit is very important , so is the investment. Lets understand how much investment is required for every year. Investment in Crypto currency Exchange. Here we have assumed , we are investing 2000 a month Sr.NO Description Amount Quantity Unit Year 1 Year 2 Year 3 Year 4 1 Development Cost 15000 1 15000 2 Server Charges 1000 12 Mon 12000 12000 12000 12000 4 Marketing Investment 1000 12 Mon 24000 24000 24000 24000 5 Maintained Cost 4500 4500 4500 4500 Total 55500$ 40500$ 40500$ 40500$ Yearly Revenue. Here we are assuming we are acquiring 1000 Users Per Month and Each user on an average will trade with 1000$ Per Month. This figure is very low and can be achieved easily. Another assumption is trading fees is very low 0.1% for Buy and 0.2% for Sale Sr.No Users Months Trading Volume($ USD) Trading Fees Year 1 Year 2 Year 3 Year 4 1 1000 1 1000000 0.15% 1500 19500 37500 55500 2 2000 2 2000000 0.15% 3000 21000 39000 57000 3 3000 3 3000000 0.15% 4500 22500 40500 58500 4 4000 4 4000000 0.15% 6000 18000 42000 60000 5 5000 5 5000000 0.15% 7500 25500 43500 61500 6 6000 6 6000000 0.15% 9000 18000 45000 63000 7 7000 7 7000000 0.15% 10500 28500 46500 64500 8 8000 8 8000000 0.15% 12000 18000 48000 66000 9 9000 9 9000000 0.15% 13500 31500 49500 67500 10 10000 10 10000000 0.15% 15000 33000 51000 69000 11 11000 11 11000000 0.15% 16500 34500 52500 70500 12 12000 12 12000000 0.15% 18000 36000 54000 72000  Total Revenue 117000$ 306000$ 549000$ 765000$     Profit in Crypto Currency Exchange

Block Chain for Forest Department

Block Chain for Forest Department

Block Chain For Forest We are well ware of the Forest.Forest Deforestation is being carried out to meet the demand of ever growing population. If this not checked today it may lead to UN imagine devastating situation.This article explains Block Chain for Forest can help to avoid such situation. This article is gonna take time and you need to read it carefully to understand it. It’s for Obvious Reason that many of us are new to Block Chain. Whats is Block Chain Block Chain is highly encrypted decentralized  data of Records and Transactions. It’s ensures the ownership of the Asset( Block Chain for Forest assumes Trees and their product like Wood are the assets). If you want to understand block chain in detail you can always refer this “Block Chain Fundamentals Index.“. For now just assume that “Block Chain ensures the Owner Ship of any Asset by an Individual or Corporation or any other entity”   More about Forest Department Forest Department is too big for this article to Explain. In simple language forest department helps to conserve the forest , it’s inhabitants , plant trees and  in the mean time to cut down enough trees to meet the demand of citizens of India. Now , here is the toughest challenge for the forest Department. They have to conserve the forest  as well as cut down the trees to meet the demand. To handle this forest department plants trees and each project is very long may last for 10 Years , 20 Years and many more. Such important department with such a big challenge needs a robust system with huge data and long term project. The Only Solution is Block Chain.     Major Challenges with the Forest Department To ensure enough trees is planted for our coming generations  Cut down trees to meet the demand  Eliminate illegal cuttings Co-ordinate with other Departments to cut down trees for Development Engage with Corp orates to give them land for Industries Setup. To collect data from all Departments and Share the  consolidated reports to Ministers and Law Maker   Whats the Solutions for Forest Department Plantation To keep track of each tree being planted and ensure that they grow to the expectations. Scheduled regular inspection with automated tools like Drone or GIS. To have a robust software software which can handle this data. Software like Plantation monitoring system developed by Techaroha can help. Have software to allot budget to officers and ensure that every rupee is spent as planned.Block the holes for budget slippage if any. Legal and Illegal Cutting Down Trees Illegal cutting of trees is a loss of tree , lost of forest and lost of revenue that can be used for many good works by State Governments. This is where block chain can help. We will see this later. Illegal cutting down of trees can be prevented by proper surveillance and squad. But this system are in place and have not being so effective. “Best way to Prevent Illegal cutting is to make the value of illegal cut down woods to nothing. This is the only to ensure that no people will be cutting trees illegally. How this can be achieved. By tracking the source of each wood made product.Making a national or state level Supply Chain Management System for Forest Department which can track trees , it’s cutting and it’s final product. This will ensure that how much stock supplier have , how he proceed the wood , any thing else will come under the subject of law and action can be taken against him. Eliminating trees cutting over a period of time. Even the plantation and seeds can be tracked to give good values to the cut down trees.  Such a big Supply Chain to End Product is only possible thorough Block Chain for Forest.” Block Chain for Forest Detail Explanation of Solutions   Many Corp-orates around the globe are using Block Chain to manage supply chain. Block Chain ensures the records in digital system are as good as signed document. With the help of Block Chain companies can track the exact origin of product. Origin of all the raw material is tracked as well to ensure the good product. Tracking origin of product and raw material ensures that all the product is coming form good and authentic source. Same principle can be applied for Wooden Products , which can be used to track the origin of Raw Material i.e Trees. With Block Chain in places government will know who owns the woods and who has produced the final. If Some one who have not purchased the wood from authorized vendor or department will be cached in the eyes of authority and respective action can be taken by the Government Agencies. If forest product obtained through legal channel is allowed to be sold in market , the value of illegal products will go down considerably. This will serve as big blow to illegal cutters and will save the forest , reduce deforestation and eventually save the environment. “Block Chain for Forest is the only solution to save our forest.” You want any help with Block Chain For Forest Department you can always contact us over here.                

Step By Step Guide to Install Hyperledger Fabric in Ubuntu

Step By Step Guide to Install Hyperledger Fabric in Ubuntu

Before understanding how Install Hyperledger Fabric in Ubuntu  , please try to understand what exactly is block chain and what are the prerequisite required. What is BlockChain and Hyperledger Fabric Blockchain is finally making rounds around the globe. Initially started with Bitcoin , followed by many crypto currencies often refer as altcoin. Many people still believes that blockchain is all about Bitcoin and currency. But Block Chain has many other applications and it can bring decentralization and transparency in every application or service we use. Many organization and understood the importance of BlockChain and supporting platforms were launched to implement blockchain applications. Hyper Ledger Fabric is the a platform to developed and deploy Block Chain application/smart contract in Permission-ed network without requiring any sort of Crypto Currencies. Techaorha Team in India (Mumbai) helps corporate and government to implement block chain application in their existing application make it more secure and transparent. To Install Hyperledger Fabric in Ubuntu following componenets are required. Here is list. Steps required to install other components is detailed below that Curl Python Docker – Make sure you have made it accessible without sudo user and restart your system. Docker Compose Go Lang Node Js Install Dependencies to Install Hyperledger Fabric in Ubuntu Hyperledger requires some package to run the network, You must installing following dependencies to get started. curl to Install Hyperledger Fabric in Ubuntu. INstall curl using following commands in Ubuntu # command to install curl in ubuntu sudo apt-get install curl Installing Python  to Install Hyperledger Fabric in Ubuntu Python is require for running hyperledger. Below command will install python 2.7 , which is the required version of hyper ledger. # Command to install python sudo apt-get install python Installing Docker to Install Hyperledger Fabric in Ubuntu Hyperledger requires docker 17.06.2-ce or greater. So if you install docker from ubuntu packages it may not work as required. Follow the below commands to install Docker in Ubuntu for HyperLedger. #update the package index with the following command sudo apt-get update #install packages to help wiht Docker Installation in Ubuntu sudo apt-get install apt-transport-https ca-certificates curl software-properties-common # Add docker gpg key curl -fsSL https://download.docker.com/linux/ubuntu/gpg | sudo apt-key add – # Verify the key in Ubuntu with Following Command sudo apt-key fingerprint 0EBFCD88 #add repository to Ubuntu System with following command to Install Docker for Hyper ledger sudo add-apt-repository “deb [arch=amd64] https://download.docker.com/linux/ubuntu $(lsb_release -cs) stable” #again update the packages sudo apt-get update #install the specific version of Docker for Hyperledger installation. sudo apt-get install docker-ce=18.03.0~ce-0~ubuntu #thanks Installing Docker Compose to Install Hyperledger Fabric in Ubuntu # download docker-compose sudo curl -L https://github.com/docker/compose/releases/download/1.21.2/docker-compose-$(uname -s)-$(uname -m) -o /usr/local/bin/docker-compose #Apply executable to the binary sudo chmod +x /usr/local/bin/docker-compose #check docker composeversion docker-compose –version Installing Go-Lang  to Install Hyperledger Fabric in Ubuntu GO lang is high level language developed by Google. Many applications are written in Go-Language. Go-Lang is required to program logic and smart contracts in Hyperledger Follow below step to install go-lang in Ubuntu #Download go-lang tar file using curl with the help of below commands curl -O https://storage.googleapis.com/golang/go1.9.3.linux-amd64.tar.gz #verify the code is from authentic source using below command sha256sum go1.9.3.linux-amd64.tar.gz #Extract the tar file in any folder tar -xvf go1.9.3.linux-amd64.tar.gz #move the go directory to usr/local using the following command sudo mv go /usr/local #open profile using below command sudo vim ~/.profile #following lines to ~/.profile file export GOPATH=$HOME/go export PATH=$PATH:/usr/local/go/bin:$GOPATH/bin #reload the file using following command source ~/.profile #thanks. Installing NodeJs  to Install Hyperledger Fabric in Ubuntu Node Js  is script based programming language. NodeJs is required by Hyperledger fabric to program logic and write contracts. This can also be used to developed front-end with the help of angularjs framework. For Hyper Ledger NodeJs version are limited. Hyperledger fabric does not support NodeJs 9.x and its requires NodeJs above 8.9.x , so here you see option are very limited and the best to to install node js is via source code. Follow below steps to install hyperleger one by one. #update ubuntu package sudo apt-get update #install build essentials sudo apt-get install build-essential openssl libssl-dev pkg-config # change to source directory cd /usr/local/src #create node directory sudo mkdir node #enter into directory cd node #download node js version 8.9.3 using following command sudo wget https://nodejs.org/dist/v8.9.3/node-v8.9.3.tar.gz #Extract the tar file sudo tar zxvf node-v8.9.3.tar.gz #change to extracted nodejs directory cd node-v8.9.3 #Configure the Directory sudo ./configure # Run Make sudo make #Final Installation sudo make install #don’t forget to check the version using following commands node –version npm –version $thanks Download the fabric example and make the files readable. Make sure you navigate to the directory where you want to install the fabric example #download fabric example curl -sSL http://bit.ly/2ysbOFE | bash -s 1.2.0-rc1 Testing. To make sure everything is install as required. Lets run and create your first network on HyperLedger Fabric Generate the Genesis block of Your Network cd fabric-samples/first-network sudo ./byfn.sh generate Start Your Network #Start Your Network sudo ./byfn.sh up If every things goes well , stop your network sudo ./byfn.sh down Thanks for Reading till end. Hope the information provided above is very helpful to you. If you want any help you can always contact us over here.  Techaorha is always ready to take any project or challenges in block chain technology.

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