Tag Archives: technology

How Blockchain Technology Is Transitioning From Hype To Practical Applications: Report

How Blockchain Technology Is Transitioning From Hype To Practical Applications: Report

Blockchain technology has moved beyond its peak in the innovation hype cycle, marking a significant shift over the past two to three years, according to a new report.

Global Uncertainties Shaping Innovation

The past five years have been anything but normal, marked by the global COVID-19 pandemic and escalating armed conflicts, the report by International Association for Trusted Blockchain Applications states.

These disruptions have fundamentally reshaped industrial priorities and policy agendas, particularly in the tech and IT sectors.

The energy price hikes following Russia’s invasion of Ukraine and the subsequent disruptions to global supply chains have necessitated a complete overhaul of industrial strategies.

“Blockchain technology is not at the top of the innovation hype cycle anymore, nor has it been for the last 2–3 years,” the report notes, attributing part of this shift to the cyclical nature of the industry, driven by the Bitcoin halving cycle every four years.

The Future Of Innovation

The report emphasizes that the next decade will see entire industries either thriving or struggling amid increasing cyber-criminal attacks, industrial asset threats, and a skilled labor shortage impacting hyper-automation and hyper-acceleration.

“Exponential technologies will have to deliver a lot more than parroting chatbots or meme coins,” the report states.

It argues for a thorough assessment of technological capabilities to ensure they serve as integral components of future industrial frameworks.

Blockchain’s Practical Capabilities

Blockchain technology, according to the report, offers several key capabilities: flexible transparency options, secure automation, a rich governance toolbox, strong cryptographic building blocks and efficient settlement capabilities.

These features make blockchain particularly suitable for registry use cases and enhancing sector-wide performance through gamification and new financing options.

“Blockchain technology can gamify the key performance tableau of entire sectors and bring new financing options and processes to drive efficiency across and in between industry sectors,” the report highlights.

It also points out that blockchain can enhance the resilience of infrastructures using on-chain logic and a unified tech stack.

Anndy Lian, an intergovernmental blockchain expert, praised key initiatives like EBSI, Catena-X, and DIVE for their potential to revolutionize sectors from supply chain to energy.

“The emphasis on sustainability and regulatory compliance is particularly commendable,” Lian said, adding that interoperability challenges and fostering a robust ecosystem of developers and entrepreneurs are crucial for maximizing blockchain’s impact.

Basile Maire, co-founder of D8X, emphasized the significant influence of regulatory landscapes on innovation.

“The report illustrates the transformative potential of tokenized assets in financial markets,” Maire noted, highlighting D8X’s role in this transformation by offering derivatives collateralized in tokenized yield-bearing tokens.

Michael Repetny, a core contributor at Marinade, said blockchain projects are no longer in a ‘hype’ phase.

“There are a lot more practical use cases and applicability across public and private sectors,” he said. Repetny also highlighted the role of regulatory frameworks like the EU’s MiCA in fostering growth and partnerships among blockchain projects,” he said.

Blockchain In Finance

The report underscores that blockchain has already made significant inroads into the heavily regulated finance sector.

It argues that the coming decade of exponential technologies will offer more financial leverage options, not fewer.

“It is not an echo of Silicon Valley’s techno-optimism – but if we extrapolate the trend of technological breakthroughs at various fronts, the demographic erosion of our educated workforces in the first world and our tumbling democratic foundation, then innovation is a must, not an option,” the report states.

 

 

 

Source: https://www.benzinga.com/markets/cryptocurrency/24/07/39891731/how-blockchain-technology-is-transitioning-from-hype-to-practical-applications-report

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Evaluation of Advantages and Disadvantages of Transition from Traditional Database Structure to Blockchain Database Structure | Ministry of Industry and Technology of Turkiye

Evaluation of Advantages and Disadvantages of Transition from Traditional Database Structure to Blockchain Database Structure | Ministry of Industry and Technology of Turkiye

Anndy Lian will explore the advantages and disadvantages of two different database structures – traditional databases and blockchain architecture. Understanding the main differences between these two systems will help organizations determine which one best suits their needs for data management and security.

The traditional database operates within a client-server architecture, where clients, i.e., end-users, send requests to a server that houses the database. Communication occurs through Open Database Connectivity, and access is fortified by login credentials to ensure security. For instance, in a hospital setting, confidential health records may be accessible to users directly from the website without necessitating a user account.

On the other hand, blockchain technology emerges as a transformative force, offering various architectural models like permissioned, private, and hybrid blockchains. Each node within a blockchain network possesses a complete copy of the entire blockchain. Transactions are recorded in blocks, and mechanisms like Proof-of-Work (PoW) validate and secure these transactions. The decentralized nature of blockchain ensures that no single administrator has complete control over the data, elevating security, transparency, and trust in the system.

The advantages of a blockchain database are noteworthy. Firstly, data recorded on the blockchain becomes immutable, fostering transparency and integrity. Secondly, blockchain technology employs robust security through cryptographic techniques, reducing the risk of data breaches. Thirdly, public blockchains allow anyone to view all transactions, promoting transparency and accountability. Additionally, smart contracts on blockchain automate processes, minimizing the need for intermediaries and reducing costs. Lastly, the decentralized nature of blockchain builds trust among participants, eliminating the need for a central authority.

However, alongside these advantages come certain disadvantages. Implementing and maintaining a blockchain database requires specialized skills and expertise. Blockchain networks may face performance issues with high transaction volumes, leading to scalability concerns. Moreover, smart contract bugs and security issues pose potential exploits, requiring vigilant attention. Organizations must also ensure compliance with data protection laws and industry-specific regulations when utilizing blockchain technology. The process of transferring data from a traditional database to a blockchain database can be time-consuming and error-prone.

Alternatively, traditional databases offer unique advantages. They provide more flexibility and customization options, catering to specific business requirements. Extensive usage and testing make traditional databases stable and reliable. Additionally, centralized database management allows for easy control and monitoring of data security, and for certain use cases like confidential reports and frequently modified data, traditional databases can be more cost-effective.

Nonetheless, traditional databases have their share of drawbacks. Centralized control raises concerns about data privacy and misuse by administrators. Users may question the trustworthiness of a system controlled by a single authority. A centralized database also poses a risk of data loss if the system fails or experiences downtime. Furthermore, sharing data with third-party vendors may raise privacy and security issues.

Ultimately, the decision between a traditional database and blockchain architecture hinges on specific requirements and use cases. Organizations need to conduct feasibility studies and risk assessments to make informed decisions. Blockchain technology offers compelling advantages, including transparency, security, and immutability, but it also presents challenges like complexity and scalability. On the other hand, traditional databases provide stability, customization, and cost-effectiveness but may lack the decentralization and transparency benefits of blockchain.

As blockchain technology continues to mature, we anticipate its integration into various industries and processes, enabling new levels of security, efficiency, and trust. Governments, organizations, and businesses must diligently evaluate their needs and embrace the appropriate database structure to achieve their goals effectively and securely. The road ahead promises exciting possibilities, and by leveraging the right technology, they can unlock new horizons of success.

This video is part of a consultation session on “Technical Expert Service on Improvement of Public Sector Efficiency Using Blockchain-based Database”. The implementing organizations include the Ministry of Industry and Technology of Turkiye and the Asian Productivity Organization. The event was held in Ankara and Bolu, Turkiye, from 4–7 July 2023.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Creating and Managing Blockchain Databases in the Public Sector | Ministry of Industry and Technology of Turkiye

Creating and Managing Blockchain Databases in the Public Sector | Ministry of Industry and Technology of Turkiye

Blockchain technology has been creating significant impacts across industries, and the public sector is no exception. Its transformative potential to revolutionize data management and bolster security has attracted the attention of government agencies and organizations globally. In this presentation, Anndy Lian sheds light on the steps involved in creating and managing blockchain databases within the public sector, along with crucial factors to ensure successful implementation.

Empowering the Public Sector with Blockchain

Before delving into the technical aspects of blockchain databases, it’s essential to emphasize the goal of empowering the people on the ground with the right knowledge. By equipping individuals with the ability to understand blockchain technology, they can communicate effectively and ask relevant questions when engaging with experts or vendors for blockchain solutions. This understanding ensures that the right decisions are made and the system is structured efficiently.

Choosing the Right Blockchain Platform

When implementing a blockchain database, the first crucial decision is to choose the right blockchain platform. There are various options available, but two of the simplest and widely used ones are private and public blockchains.

Private Blockchain

Private blockchains are suitable for organizations seeking enhanced security for their data, ensuring only authorized participants have access to the network. IBM is a prominent example of using private blockchains to establish secure and efficient collaboration among trusted participants. By implementing strong identity verification measures, private blockchains maintain a certain level of transparency while streamlining processes.

Public Blockchain

Public blockchains, like Ethereum, offer an open and decentralized approach. They allow anyone to access and participate in the network. While this openness can lead to concerns about data privacy, it can be advantageous in certain scenarios, especially for public organizations seeking a higher level of transparency.

Essential Steps to Create a Blockchain Database

Whether you opt for a private or public blockchain, the process of creating a blockchain database involves fundamental steps. Here’s a concise guide to get you started:

1. Choose the Right Blockchain Platform

Select the blockchain platform that aligns with your organization’s goals and requirements. Determine if you need a private blockchain for heightened security or if a public blockchain’s transparency suits your needs better.

2. Decide on the Programming Language

The choice of programming language plays a significant role in developing blockchain-based applications. Depending on the blockchain platform, you can opt for languages such as Go, JavaScript, Python, Golang, C++, or Rust. Choose a language with an active developer community for ample support.

3. Define Data Structure

Once the programming language is chosen, define the data structure for your blockchain database. Consider what information you want to put on the chain and how you plan to verify and validate the data.

4. Establish Consensus Mechanism

Decide on the consensus mechanism that governs how data is added and validated on the blockchain. The consensus mechanism could be Proof-of-Work (PoW), Proof-of-Stake (PoS), or other variations. Each mechanism comes with its advantages and trade-offs, so choose wisely based on your specific needs.

5. Implement Security Measures

Security is paramount in any blockchain implementation. Implement robust identity verification, access control, and encryption measures to protect sensitive data and ensure the integrity of the system.

6. Test and Deploy

Thoroughly test your blockchain database before deployment. Identify and resolve any issues to ensure smooth functionality.

7. Governance and Consensus Upgrades

Set up governance rules and consensus mechanisms that allow the network to adapt to changing needs and upgrades. This flexibility ensures that the blockchain database can evolve with your organization’s requirements.

Considerations for Effective Management

Managing a blockchain database involves ongoing tasks and considerations to ensure its efficient operation:

Scalability and Performance

Address scalability and performance concerns by exploring solutions like hybrid blockchains or Layer Two solutions. These can enhance transaction speed and optimize the overall performance of the blockchain database.

Network Monitoring and Maintenance

Maintain a vigilant approach to network monitoring and regular maintenance. Ensure that all servers and nodes are functioning correctly to avoid downtime and potential security breaches.

Data Verification and Validation

Design a robust data verification and validation process to ensure data integrity and prevent fraudulent activities. This process is critical, especially in contexts like e-voting systems, where the accuracy of data is paramount.

Collaboration with External Experts

It is also important to engage with external experts who can offer valuable advice and insights. Collaborating with experienced blockchain consultants or seeking advice from other government organizations that have successfully implemented blockchain can be highly beneficial.

Implementing and managing blockchain databases in the public sector is a transformative endeavor with vast potential. The choice of the right blockchain platform, programming language, and consensus mechanism is crucial. While private blockchains offer enhanced security, public blockchains provide transparency and openness. The steps to create a blockchain database are not as complex as they may seem, and the benefits of proper implementation are substantial. By empowering the public sector with blockchain technology, governments can enhance data management, increase security, and improve efficiency for the betterment of society as a whole.

This video is part of a consultation session on “Technical Expert Service on Improvement of Public Sector Efficiency Using Blockchain-based Database”. The implementing organizations include the Ministry of Industry and Technology of Turkiye and the Asian Productivity Organization. The event was held in Ankara and Bolu, Turkiye, from 4–7 July 2023.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j