How Blockchain is helping with data sharing in Government?

The government has taken support from different agencies and business partners to deliver services and maintain data which was actually complex to organize. Blockchain technology comes with the great potential to help with data sharing in Government departments.

Recognizing the challenge to government systems

One main challenge of sharing information is guaranteeing consistency with the bunch of protection laws and additionally individual assent. A conveyed record innovation like blockchain tends to these consistency and assent challenges.

Blockchain as an answer for sharing information

Blockchain gives a point-to-point agree to answer for build up trust between a consenting gathering and an accepting gathering. Blockchain likewise empowers smart contracts to cling to administrative statutes, administering when and how assent ought to be connected.

Government executives are starting to perceive blockchain's ability to discuss the difficulties of sharing information. Governments wherever can begin the trip by finding a way to investigate the usefulness of blockchain:

·        Comprehend the basics of disseminated ledger technology by enrolling to free online instruction.

·        Begin a little blockchain pilot task to secure the hands-on involvement of the innovation's change esteem starting with maybe a couple of service providers and a restricted arrangement of information.

·        Develop a minimum viable product in a creative domain.

·        Scale the arrangement as quickly as possible for your system.

We are in early stage of blockchain technology, but the Government visionaries have started recognizing its potential and begin the journey.

Governments like Dubai, Estonia, US and few other states are already in the process of testing blockchain application for few affairs. It can make the government smart.

Some other potential government use cases regarding blockchain are:

·             Healthcare sector

·             National Identity Management systems which can increase government welfare distribution efficiency

·             Taxation and internal revenue surveillance

·             It can protect important government infrastructure

·             Legal enforcement

·             Voting

·             Banking and finance service

Blockchain technology has the potential to disrupt different industries. However, not much business is confident about its capability. It is indeed a sturdy technology which can change the way every industry works. It needs proper planning and efficient business strategy to get the best output.

We are leveraging blockchain technology and finding novel ways to maximize the outcome which offer the best results to businesses. We are here to help out any small, medium or big-sized business. Feel free to get in touch for a discussion.

Why should you really care about blockchain technology?

The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolving and it is going to stay for really long. This is the high time that you should really care about it for a better business process.

To clear your idea more, remember bitcoin and blockchain technology are a different concept. Understanding blockchain will help you to understand how this technology will it serve different industries.

What is Blockchain?

Blockchain technology is a digital ledger which works as a series of a block that contains information, chained together to offer a reliable and secure accounting for any particular field of work. In a block the information shared is encrypted, confirmed and distributed to a number of linked computers (in the network which are known as nodes). This ledger is secure and tamper-proof. The activities such as transactions, exchanging cryptocurrency, medical records, shareholder records, agreements are some of the best uses so far. However, it has a huge potential.

Benefits :
·    Data management: Strong verification process for better data management.
·   Logistics: Goods can be traced to their origin which offers company and consumers better transparency.

·  Investing: It provides a strong space for crowd-based funding and other investment.
·  Internet of Things: Offers an infrastructure to assign automation for remote systems as many IoT devices come with some privacy concerns.

 ·   Security: Decentralize data makes it easy to save files in multiple locations.

What is Bitcoin?

In simple words, it is a digital currency exists in codes (encrypted) form. It is one of the most popular cryptocurrency. Users can use high-end computing hardware to mine bitcoin. There is a limited supply of bitcoin as it requires a lot of computer resources and time. In 2017, a single bitcoin was worth about $17,112 USD. It is a viable currency online for many e-commerce.

How bitcoin works over blockchain?

Let’s assume that Mr. A wants to send money to Mr. B. Initially, they both need a bitcoin “wallets” as it works as software to use blockchain. A wallet is just an access door.

Mr. A uses his cryptographic key to request the transaction. The cryptographic key is transforming plain text into coded one. The key is private and ensures high security. This is the main part of the cryptographic operation. Mr. A’s request is joining the other requests or orders in a block, containing a cryptographic sign or hash of the previous block, a timestamp and transaction data too. This ensures that a block is linked to other blocks and can’t be altered separately.

The requests are then analyzed by others in the network. They check whether Mr. A really has the bitcoin to spend to Mr. B. If everything is okay, miners on the network will initiate the request with other similar transaction to form a new block. The block is marked with a date and it is added to the chain over the network. Finally, Mr. B receives his money.

We at Sphinx Solutions are working on the blockchain app development, wallet development, smart contracts and many more. We are an experienced IT team offers the best solution to the different industry. Curious to know more, contact us to take this forward.

The Journey of Cryptocurrency

This article talks about the journey of cryptocurrencies and their potential.

Blockchain and Cryptocurrency have traveled an uncertain path to worldwide popularity. Many people are showing interest in the blockchain development even if they are not investing in cryptocurrencies.

1^st phase

The US subprime mortgage crisis was a banking emergency that affected the world economy. To prevent any such kind of event from happening again, Mr. Satoshi Nakamoto (real name not known) created a decentralized virtual currency called Bitcoin. And bitcoin is backed by blockchain technology which is transparent, unalterable, and eliminated from third parties like bank, government and any financial institution from the transaction process.

Initially, it served as a payment medium. This publicly verifiable virtual money gradually became popular among the IT developers. Eventually, innovation of other new cryptocurrency started flowing which helped to engage a broader audience.

2^nd Phase

Vitalik Buterin (Russian-Canadian programmer) came up with wider use of blockchain technology which is commonly known as Smart Contracts. And the platform is Ethereum. Certainly, Ethereum is more than just a coin. The IT intellectuals started reviewing the potential of this distributed ledger technology. Ethereum revolutionized and decentralized the internet. Thus, Decentralized Apps (DApps), Decentralized Autonomous Organizations (DAOs) came into being.

The developers from different parts of the world started experimenting to launch their own tokens and raise money from the public with ICO (Initial Coin Offerings).

Five Tips to Launch a Successful ICO

3^rd Phase

Scalable and practical, the 3rd phase of Blockchain technology is in its infancy. It's been predicted that in 2019-2020, there will be a blockchain of blockchains with millions of transactions per second. It will be enormous that includes organizational structures like cities and connected to the other bodies.

Cryptocurrencies have made a dramatic leap in terms of innovation and adoption in past few years. The tokenization of many businesses across different industries will open a wide opportunity for economic growth.

We at Sphinx Solutions, are working on Blockchain App Development and ICO services. Our experienced developers are thoroughly acquainted with the full development stack. You can rely on us for scalable Cryptocurrency Wallet, Hyperledger, Bitcoin apps & private blockchain development services.