Category: Blockchain

Overcoming Barriers to Generative AI in Life Sciences R&D

In the realm of life sciences research and development (R&D), generative AI holds transformative potential, accelerating advancements in drug discovery and optimising clinical trials. Yet, data privacy and regulatory compliance present significant barriers to its widespread adoption. Navigating these complexities is crucial for life sciences organisations to harness AI’s power while safeguarding sensitive data and adhering to stringent regulations. The Importance of Data Privacy in Life Sciences Generative AI models rely on extensive datasets to predict molecular structures, generate drug candidates, and simulate patient responses. Much of this data is inherently sensitive, involving personal health information (PHI), genetic data, and proprietary research findings. Beyond being a legal requirement, ensuring data privacy is a moral obligation, governed by regulations like the General Data Protection Regulation (GDPR) in the European Union. Breaching these laws risks severe penalties, loss of public trust, and possible litigation. Therefore, R&D teams must implement rigorous data anonymisation, encryption, and access control protocols when employing generative AI. Balancing Data Access with Compliance One major challenge in leveraging generative AI is achieving a balance between data accessibility and regulatory compliance. Effective model training often requires data sharing across multiple research teams and jurisdictions, each with its own regulations. To tackle this, life sciences organisations can turn to federated learning, allowing AI models to train across decentralised data sources without relocating the data. This approach maintains data privacy, as only model updates—not raw data—are shared, reducing the risk of breaches. Implementing Advanced Data Security Measures Standard practices like data anonymisation and encryption may fall short under the rigorous demands of compliance frameworks. Life sciences R&D firms should adopt advanced security measures, such as homomorphic encryption and differential privacy. Homomorphic encryption enables computations on encrypted data, keeping it secure during processing, while differential privacy adds mathematical noise to datasets to prevent tracing individual data points back to specific persons. Combining these methods with robust access protocols, blockchain for data traceability, and regular audits helps organisations protect both the organisation and the individuals whose data they use. Navigating Regulatory Complexities Different countries interpret sensitive data differently, complicating global research efforts. For instance, GDPR emphasises individual rights over personal data, while other regions may focus on varying aspects of data security. To manage this, life sciences companies should establish compliance management systems that adapt to changing laws and standards. A dedicated compliance team can help monitor AI processes to ensure they align with diverse global standards. Building Stakeholder Trust Transparency is vital to gaining the trust of stakeholders, including patients, healthcare providers, and regulators. Life sciences companies can foster this trust by implementing explainable AI (XAI) techniques, which reveal insights into generative models’ decision-making. Regular communication on data management practices and adherence to ethical standards reinforces credibility and promotes collaborative research. Conclusion The life sciences industry is poised for transformation with the integration of generative AI in R&D. However, addressing data privacy and compliance challenges is essential to unlocking its full potential. By adopting advanced security measures, leveraging federated learning, and maintaining regulatory compliance, organisations can drive innovation while protecting sensitive data and sustaining public trust. Implementing generative AI in life sciences requires a balanced approach that respects data privacy without stifling progress, paving the way for groundbreaking advancements. FAQs 1. What impact does generative AI have on life sciences R&D? Generative AI is revolutionising life sciences by accelerating drug discovery, optimising clinical trials, and simulating patient outcomes. This technology helps researchers explore molecular structures, identify potential drug candidates faster, and bring innovative treatments to market more efficiently. 2. Why is data privacy essential in AI-driven life sciences research? Generative AI relies on vast datasets, often including sensitive information like personal health data and proprietary research. Protecting this data is both a legal and ethical responsibility, crucial for complying with regulations like GDPR and maintaining public trust in research institutions. 3. How do life sciences organisations ensure data privacy while using AI? By adopting federated learning, life sciences teams can train AI models on decentralised datasets without moving data across jurisdictions. This method allows for privacy preservation and compliance while enabling cross-border collaboration and innovative research. 4. What advanced security measures are used to protect sensitive data? Life sciences R&D benefits from advanced techniques like homomorphic encryption, allowing computations on encrypted data, and differential privacy, which obscures individual data points. Blockchain for traceability and regular security audits further strengthen data protection and compliance. 5. How can companies build trust with stakeholders while using generative AI? Transparency is key. Life sciences organisations build trust by using explainable AI (XAI) methods that clarify how AI models make decisions. Open communication about data practices and ethical standards reassures stakeholders, supporting collaborative and ethical AI-driven research.

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Crowdfunding Future

Crowdfunding Future: Navigating with Quadratic Funding

Crowdfunding innovations are the need of the hour today, especially from the perspective of the funding mechanism finding greater acceptance amongst people in the future. This is where collective decision making and community empowerment come into the picture with crowdfunding as an enabler of the same. There is a school of thought that puts greater emphasis on Quadratic Funding as the best solution fit to meet future needs. Here’s learning more about the same in this article.  What is the future scope of crowdfunding blockchain?  Blockchain-based crowdfunding innovation and algorithmic funding are juxtaposed neatly by Quadratic Funding. Here’s Quadratic Funding explained for your benefit:  This crowdfunding innovation helps in amplifying the voices of smaller donors, making sure that they have a say in the distribution of community funds, while making sure that projects with the highest support base get the funding that they require.  What is the role of blockchain technology in crowdfunding? Now what does blockchain do for crowdfunding? Here’s looking at some key pointers in this regard:  Taking all these factors into account, it can be said that Blockchain can be a vital source of support for Quadratic Funding and high-quality content in the future.  How crowdfunding platform can be managed using smart contracts?  Blockchain-based smart contracts can play diverse and important roles in managing crowdfunding platforms. Here are some aspects worth looking at more closely:  These are only a few use cases of the Blockchain ecosystem and smart contracts in terms of supporting and enabling crowdfunding innovation in the future. Quadratic funding may well become a massive trend in terms of future initiatives and community empowerment. By giving smaller contributors a voice, it may ultimately enable a better arena for prioritising projects and campaigns for the public good.  FAQs 1.Can you elaborate on the algorithmic process behind Quadratic Funding? Quadratic Funding follows a unique algorithmic process where smaller individual contributions are combined with matching amounts from bigger donors or sponsors. Every donor’s contribution is matched by the total generated amount, the number of individual contributors, and the total donated amount. Hence, the total number of contributors, irrespective of the donation amount, influences the funding ratio. 2.What role does Quadratic Funding play in supporting grassroots projects and initiatives? Quadratic Funding has a vital role to play in supporting various initiatives and projects at the grassroots. With its unique model, it ensures more equitable and transparent fund allocation based on the community desires instead of the interests of a few affluent donors. It thus incentivises smaller contributions from a larger number of people. They can make sure that their desired community or grassroots projects get the funding they deserve. It builds a more democratic and pro-community system.  3.What potential challenges or criticisms are associated with implementing Quadratic Funding? Some of the challenges or criticisms include impact measurement. There are risks of it becoming overtly complicated or arbitrary. This will hinder equitable resource distribution in some cases. Technological awareness and lack of familiarity with Blockchain are other challenges that may arise in this regard.  4. In what ways does Quadratic Funding intersect with the concepts of decentralised finance (DeFi)? Quadratic Funding is deeply intertwined with DeFi (decentralised finance), since it can be supported by Blockchain technology. DeFi apps leverage smart contracts and public Blockchain decentralisation to offer more accessible financial solutions. Quadratic Funding can use the same platforms for allocating capital in the crowdfunding segment.

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Blockchain in Industry 4.0

Blockchain in Industry 4.0

Industry 4.0 is generating sizeable buzz these days in (no prizes for guessing) global industry circles! It is billed to be the first such major revolution, one that focuses more on digital transformation as a key component of enabling interconnections, support, knowledge, and openness. This will eventually extend to aspects like smart manufacturing, supply chain management, data security, interoperability, and more. This is where blockchain comes into the picture as a foundational pillar of Industry 4.0. From production on demand to automation and robotics, companies are increasingly leveraging technology to solve a variety of problems. AI and Blockchain can be a dynamically potent duo that covers transparency, sharing, safety and various other aspects. At the same time, Industry 4.0 technologies are embedded with the concept of massive computing abilities and sufficient storage along with swift detection, linkage, and authentication through cloud-based servers. Let us take a closer look at how blockchain will drive the proliferation of Industry 4.0 paradigms worldwide. What is the 4th generation of blockchain? Blockchain 4.0 is a whole new generation of this pioneering technology. Here are some pointers that are worth noting in this case:  Sounds exciting doesn’t it? That is precisely what Blockchain 4.0 promises and within the larger Industry 4.0 blueprint, it can have a bigger bouquet of benefits for companies.  How will Blockchain transform industries and the economy? We’ve mentioned smart manufacturing, smart contracts, supply chain benefits and more applications of blockchain already. What more can it do? What are the transformative effects that it will have on the economy and industries? Read on for a glimpse of the same:  From 3D printing to mainstream manufacturing, blockchain will herald a paradigm-shift in how business is done, especially with the focus on achieving an outcome economy.  Digital Supply Chains The digital supply chain concept has already garnered significant headspace in recent times. Here are some factors worth considering in this space:  As can be seen, blockchain is an integral part of the epoch-breaking towards Industry 4.0 models as far as businesses and manufacturers are concerned. There will be more ground-breaking innovation enabled by blockchain and it will re-envision and reshape business and economies like never before.  FAQs  Blockchain plays a key role in securing transactions and sensitive information with encryption and immutability. Distributed ledger technologies enable data structuring into blocks, with each containing a transaction bundle. All blocks connect to each other in a chain which cannot be tampered with.  Blockchain can help in easy tracking of information gathered by IoT sensors, without any duplication. Data transfers can be facilitated by blockchain technologies without trusted third parties required for the process. This will naturally boost interoperability between IoT devices.  Some of the biggest challenges include data privacy, consent mechanisms, and the quality of data. AI can gather data while analysing huge datasets for identifying patterns and generating unique scenarios. Blockchain enables fraud-free, secure, and flawless data sets. New patterns from AI can be authenticated with decentralised blockchain mechanisms. Using blockchain platforms, players can get NFTs or tokens as prizes for completing tasks, for instance. They can sell assets or trade them. This is an example of what already happens. Going forward, users may be able to monetise data in a similar manner through tokenisation. Data can be converted to digital assets for sale/trade on decentralised marketplaces. Users can set prices and conditions for sharing data. They can thus take part more actively in a data economy and get direct benefits in turn. 

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Blockchain's Impact on Risk Management & Insurance Underwriting

Blockchain’s Impact on Risk Management & Insurance Underwriting

Blockchain continues to be a talking point throughout various sectors, including insurance. From insurance underwriting and risk management to fraud prevention, it has several applications that promise to change the future of insurance. This technology not only guarantees data integrity through its immutable smart contracts, but also promises to usher in higher transparency at multiple levels. The key take-away here is that Blockchain helps build higher trust amongst parties for information-sharing. This is encrypted as an electronic records list or blocks which cannot be tampered or erased. Smart contracts are digitally-signed and computable agreements between parties. They enable information sharing and execution in a secure way. Let us look at how Blockchain has a major impact on insurance underwriting and other functions like risk management.  Blockchain for Decentralised Insurance Blockchain applications in the insurance sector are increasingly being explored by several companies. With Web 3.0 and DeFi setting new process and system standards throughout various sectors, insurance is no exception. Here are a few points worth noting in this regard: How blockchain can reduce fraud Can Blockchain reduce fraud? Here are some pointers that are worth looking at in this regard:  Blockchain is not only helpful for fraud detection and decentralisation in insurance, but also for ensuring improved regulatory compliance. Blockchain for regulatory compliance There is a leading role played by Blockchain technology in helping insurance companies enable superior regulatory compliance across the board. Here’s how: FAQs 1.How blockchain can streamline claims processing? Blockchain technology can enable real-time information access for all parties. This helps reduce conflicts and disputes, thereby enabling faster claims processing and payouts.  2.How blockchain can improve customer satisfaction? Blockchain technology can enhance customer satisfaction in the insurance industry due to its impact on faster and streamlined claims management. Claims can be processed swiftly without conflicts or delays. This naturally improves customer satisfaction greatly.  3.The challenges of implementing blockchain in insurance?  Some of the challenges involved in implementing Blockchain in the insurance industry include technological integration into legacy systems and the absence of regulatory frameworks for several applications.  4. The future of blockchain in insurance Blockchain will shape the future of the insurance industry in a major way. Smart contracts and securely-held policyholder data will be the norm. Digital evidence required for underwriting will be provided by the Blockchain, while enabling higher data control and consent for customers. Underwriting and claims management will be automated and more efficient as a result. Fraud detection will also be enhanced with immutable and secure transaction records. 

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Blockchain's Impact on Data Interoperability in the Healthcare Industry

Blockchain’s Impact on Data Interoperability in the Healthcare Industry

Data interoperability is a buzzword that has gained traction throughout the healthcare industry. This usually comes with multiple levels, including semantics, foundational, and structural. At the same time, data standardisation and privacy are key concerns, since the system should enable interoperability of data with full consent, trust, and permission support.  Blockchain can thus add a whole new dimension to healthcare data management while solving several interoperability challenges simultaneously. It ensures a proper framework for anonymised information while making sure that the data cannot be modified, forged, or tampered with. Blockchain can thus add a whole new dimension to healthcare data management while solving several interoperability challenges simultaneously. It ensures a proper framework for anonymised information while making sure that the data cannot be modified, forged, or tampered with. Authenticity and data security are major worries that are solved with this technology and the owner of data through smart contracts can make it more accessible across treatment sites and providers in a selective way. Here are some of the vital aspects related to the impact of Blockchain on healthcare data interoperability.  Blockchain for clinical trials: Along with data interoperability, Blockchain has enabled better clinical trial management. Here are some core points worth noting in this regard:  Hence, Blockchain technologies can boost the quality and volumes of patients who are recruited for clinical trials. Distributed ledger technologies will help patients store medical information through anonymous mechanisms and it can be visible to recruiters who may reach out if the data is eligible for the trial. Blockchain for patient consent: Patient consent is another vital facet of healthcare data management and this is also enhanced by Blockchain. Here are some factors worth noting in this regard:  These are some of the ways in which Blockchain technologies contribute immensely towards enabling patient consent and putting data management in their hands.  Blockchain for drug supply chain management: Blockchain technology also helps immensely in terms of drug supply chain management. Here are some aspects that can be highlighted in this regard:  Hence, Blockchain technology is a game-changer in terms of ensuring seamless data interoperability in the healthcare industry and also ensuring better consent management, clinical trials, and drug supply chain management. The possibilities are endless in terms of reshaping and refining these systems to ensure the best possible outcomes for the sector.  FAQs 1.How does blockchain improve the accuracy and integrity of healthcare data during interoperability? Blockchain greatly improves the integrity and accuracy of healthcare information during interoperability. This is possible with the immutable nature of data that is securely stored on its networks. Blockchain enables one version of the truth that cannot be tampered with.  2.What are the potential cost savings and efficiency gains from implementing blockchain for data interoperability in healthcare? There are several benefits of using Blockchain for healthcare data interoperability. The first one is the higher efficiency involved in secure storage of immutable records with full authenticity and the second one is the lower cost involved in the process. Along with data security and authenticity, financial losses due to data breaches and losses are also prevented.  3.Are there any real-world examples or success stories of blockchain’s impact on data interoperability in the healthcare industry? There are numerous real-world success stories and examples of how Blockchain has positively affected data interoperability in the healthcare sector. For example, several healthcare stakeholders are already using this technology to ensure authentic data for clinical trials. At the same time, smart contracts are being used for securely storing patient data.  4.What are the main challenges in achieving data interoperability in healthcare, and how can blockchain help overcome them? Some challenges exist in terms of data interoperability in the healthcare sector and Blockchain solves them with ease. These include the absence of data standardisation, security, privacy, consent, and technological expertise. Blockchain ensures a secure and standardised way of storing verifiable records with full consent and privacy. 

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Breaking Boundaries: When Blockchain Meets Artificial Intelligence

Both artificial intelligence and blockchain are arguably the biggest game-changers in the cutting-edge technology space today. And what happens when they both combine? Something on the lines of next-generation synergy is created. This magical blockchain-AI integration has several possibilities for path-breaking development in the future. Here are a few aspects that deserve your attention in this context.  What is the impact of blockchain and artificial intelligence? To gauge the impact of blockchain-AI integration would be a tough task, since as mentioned, it offers near-infinite possibilities for the world to leverage. Yet, a few things can be clearly identified in this regard:  AI and blockchain also have the potential to deliver great results for businesses in several sectors, including the following:   AI for Supply Chain Management The next-generation synergy achieved through the combination of AI and blockchain will generate immense value for businesses and stakeholders throughout industries. From optimised supply chains to better productivity throughout industries like life sciences, healthcare, and financial services, the advantages are innumerable, to say the least. Blockchain for Smart Contracts Here are a few points that you may consider in this regard:  For instance, IBM and Sonoco are collaborating to fix issues in the transportation of life-saving medication through enhancing the transparency of the supply chain. Pharma Portal is a dedicated platform that is powered by IBM Blockchain Transparent Supply. This monitors pharmaceuticals that are temperature-controlled across the supply chain for enabling reliable, trusted, and accurate data throughout several parties. In another example, Home Depot makes use of smart contracts on the blockchain for swift dispute resolution with its vendors. AI is also playing a crucial role in enabling superior supply chain management. FAQs 1.How can blockchain enhance the transparency, security, and trustworthiness of AI-powered systems and applications? Blockchain uses distributed ledger technology and is based on principles like consensus, decentralisation, and cryptography. This ensures higher transaction security, trust, and transparency. AI governance can easily verify, record, and audit data and decisions within this spectrum.  2. What are some real-world use cases where the convergence of blockchain and AI has led to significant advancements? There are several use cases in the real world where AI and blockchain have combined for multiple benefits. For instance, Home Depot is already using blockchain smart contracts for resolving disputes with its vendors. AI is also being leveraged for verification and insights in this case.  3. What are the potential challenges and obstacles in implementing blockchain and AI together, and how can they be overcome? Some of the major challenges include the need for more bandwidth and specialised technological/hardware capabilities. Others include integration with existing systems, technological expertise, data quality, and privacy guidelines.  4. How does the convergence of blockchain and AI foster innovation and drive new opportunities for startups and businesses? The fusion of AI and blockchain in innovative ways automatically help businesses and start-ups seize new opportunities. This enables the creation of highly efficient, secure, and transparent data management and exchange frameworks. Intelligent and automated decision-making systems can be leveraged for reliable and accurate results/outputs, triggering particular real-world outcomes. Data will always be tamper-proof and immutable while AI-based insights and automation will ensure higher productivity and lower costs at almost all levels. For instance, blockchain will ensure that you have tamper-proof and accurate data, which AI can analyse to unearth invaluable insights for businesses. 

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Securing Data Ownership in Indian Banking: A Blockchain Revolution

Data ownership in Indian banking is a prickly aspect that most BFS players are slowly coming to terms with. When it comes to data security and data privacy, banks and financial institutions are learning to depend on the Blockchain in recent times. They are integrating this advanced technology into their Cybersecurity initiatives on a bigger scale. But does Blockchain revolutionise data ownership and its security in Indian banking? Here are a few aspects that should be closely examined in this regard. How important is data security for the financial industry? Data privacy or security is one of the biggest concerns for the global financial industry in recent times. Institutions now have to maintain stringent data security standards in order to safeguard their customers and businesses. Here are some points that highlight the importance of data security for the financial industry: Technology is continually in a state of flux. With more updates and integrations, there are increasingly evolving cyber threats to deal with. The importance of data privacy and security is unparalleled today for the financial industry. Hence, widespread reliance on Blockchain technology, subject to governing protocols, may help them maintain stringent data ownership and security controls. This will automatically enhance brand reputation and safeguard consumers from data thefts. FAQs 1.What are the advantages of decentralisation in securing data ownership in Indian banking? Decentralisation does away with third parties, thereby eliminating risks of data loss or leaks. At the same time, users have more control over their data once they record the same on the Blockchain. They can control access to the same, while the data cannot be changed or modified. 2. Is blockchain the future of data ownership and monetisation? Blockchain seems to be the future of data monetisation and ownership with verified and immutable transactions along with higher user control over data. 3.What are the advantages of decentralisation in securing data ownership in Indian banking? Decentralisation means that third parties are not required for transactions. Hence, there are no third party risks or data misuse concerns for banks. At the same time, transactions are verified and authentic. Data ownership is higher for users, with full access control and blockchain data cannot be changed or modified in any manner. 4.What are the potential risks and challenges associated with data ownership in the Indian banking industry? Data ownership risks and challenges for the Indian banking industry include leaks and misuse of data by third parties, tampering of data by cyber-criminals, continual threats of malware, hacking and other attacks and so on.

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Decentralization and Blockchain are Critical for Web 3.0: Exploring the Key Aspects

Why Decentralisation and Blockchain are Critical for Web 3.0: Exploring the Key Aspects

Web 3.0 is at the heart of contemporary digital innovation. It is the next stage of evolution of the internet, promising to offer a web that comes with higher privacy, security, transparency, and decentralisation. Technologies like Blockchain and distributed systems are vital for this entire ecosystem, along with machine learning and artificial intelligence (AI). Web 3.0 has the potential to completely transform several industries like healthcare, education, and finance. It can not only enable newer collaborative forms, but also building trust and sharing data. It can facilitate things like peer-to-peer transactions without requiring any intermediaries. This automatically boosts the premise for DeFi or decentralised finance. Here’s looking at the reasons that make Blockchain and decentralisation so crucial for Web 3.0. Decentralisation- Why it matters Decentralisation is a crucial foundation or philosophy behind Web 3.0. This offers an alternative to centralised data ownership and control. It enables democratisation and decentralisation of information, empowering uses to share and store data across decentralised networks, thereby enabling higher control and ownership alike. The usage of public Blockchains also leads to higher transparency, making it tougher for any one entity to control or manipulate data. Web 3.0 will ultimately enable the operation of decentralised applications and transactions, while individuals will be able to maintain ownership over their data. There will be new infrastructure and protocols that empower developers to create apps where users furnish their personal data and identity is not linked to any one platform anymore. There will be more dependence upon peer-to-peer networks that are built on user communities. Every application or website will be distributed throughout innumerable nodes across multiple devices. This automatically lowers chances of server crashes, website attacks by hackers or even Government censorship/control over web assets for instance. The decentralised web will be a game-changer for not only community-building, but also application usage and transactions. Blockchain- Why it is another vital component of Web 3.0 The Web 3.0 story also rests on Blockchain technology. This has enabled cryptocurrency which is slated to be the future of digital transactions worldwide. This technology transforms transactions, making them immutable, tamper-proof, secure, and highly transparent. There is no need for any intermediary and they happen via a decentralised ledger. Blockchain is poised to be a major game-changer for several sectors like DeFi, digital identity, healthcare records management and more. Some examples of Blockchain-based applications and platforms that offer smart contract support include NFTs, Bitcoin, and Ethereum, among others. They also facilitate transactions with decentralised digital currencies while storing digital assets alongside. Blockchain completely changes the traditional perspective towards data management and storage. It enables unique data collection with a universal state layer and this offers scope for creating a value settlement layer on the web. The state layer also helps send files in a copy-safeguarded way to facilitate better peer-to-peer transactions minus intermediaries. This technology is a solid foundation for Web 3.0, since it plays a huge role in the transformation of data structures. Importantly, it also boosts the development of a Governance layer that runs over the current internet framework. It is not just Blockchain technology or decentralisation, but also artificial intelligence and machine learning that will drive the development of the new generation of the internet, in addition to IoT (Internet of Things). Going forward, there will be more applications/uses of Web 3.0 across industries as per the expectations of industry watchers. FAQs 1.What is Web 3.0 and why is decentralisation a critical aspect of it? Web 3.0 is the new-generation avatar of the web, offering higher decentralisation and privacy along with greater transparency. It will be built over the Blockchain and Semantic Web developments. Decentralisation is crucial since it enables transactions and ownership/data control of individuals without any centralised control or third-party intermediaries. 2. How does decentralisation in Web 3.0 enhance privacy and security? Decentralisation means that users have direct data ownership and control, thereby increasing privacy and transparency. The data is stored securely with total encryption and no third-party authorisation is required. 3. What are the potential benefits of decentralisation in Web 3.0 for individuals and businesses? DeFi (decentralised finance) applications are already been seen across the financing spectrum. At the same time, decentralisation can benefit digital community building, peer-to-peer lending and transactions, better storage of data/records, and more sectors. 4.How does decentralisation in Web 3.0 empower users and give them more control over their data? Users have more control over their personal data, without being tied to any central authority or platform. Their data is distributed through Blockchain technology across a network of computers, thereby ensuring higher transparency and privacy.

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Blockchain beyond cryptocurrency

Blockchain beyond cryptocurrency

Blockchain has revolutionised new-age applications including cryptocurrency. But what are the applications of blockchain outside of cryptocurrency? We all know about the application of blockchain in cryptocurrency but what about its usage beyond this arena? Here’s looking at the possibilities. A simple guide to blockchain Blockchain is a distributed and shared ledger that enables decentralised control. A blockchain comprises blocks or units that are linked through chains. Every chain has encrypted data that is made up with data from the earlier block to build the entire network. Blockchains are available as both private and public ledgers and specific implementation procedures enable any party to take part while the others will require access and invitation rights. Some of the major rights of blockchain include provenance, encryption and immutability. There are no limits to the kinds of businesses and industries that may benefit from using blockchain technology. Applications of blockchain technologies Blockchain technology has diverse applications, right from digital identity and digital voting to use cases in the healthcare industry. Bitcoin is already expanding its presence throughout the global finance segment while smart contracts are also being used as replacements for escrow and also for managing digital identity. Public blockchains are already available, enabling any individual to participate while corporate blockchains leverage private ledgers, thereby restricting authorisation and access alike. Financial services are already considering the utilisation of blockchains with its immutability and security being favourable for meeting needs in both insurance and banking. Healthcare companies are already using them to store health data or records while open-source versions of databases are already enabling better access to patient data, thereby enabling superior coordination and communication. FAQs This technology enhances cybersecurity greatly with its core aspects of decentralisation, consensus and cryptography, thereby enabling higher transaction-based trust. Blockchain ensures security control at the highest level for ensuring data confidentiality. Encrypted data in the blockchain makes sure that threats are mitigated without hackers retrieving or reading information in a suitable manner. Digital identity is enabled immaculately by blockchain technology. It is a self-sovereign identity that cannot be altered and offers more security than conventional systems of identity. It can fully transform the manner in which identities are used for linking to various online services. Blockchain makes sure that this information can be easily traced, audited, and verified, in a matter of seconds. Individuals can curate their personal profiles and control the sharing of their data. Issuers can also verify credentials swiftly with these technologies. Digital voting is a procedure where voters can leverage a technology-centric process for voting, minus some of the conventional issues of the voting process. The blockchain-based system is fully decentralised and open, while ensuring higher protection of voters. Voter identity stays anonymous and there are decentralised nodes available for electronic voting in this system. Some of the inherent challenges to the implementation of blockchain beyond cryptocurrency include concerns regarding privacy and security. Some other issues include scalability, interoperability, security, consumption of energy and higher complexity levels.

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Harnessing the Benefits of Hashgraph-Association

Accelerating Business Growth: Harnessing the Benefits of Hashgraph-Association

Accelerating business growth with decentralised networks and consensus algorithms is possible with the Hashgraph association. Enterprises require solutions like Hashgraph association for overcoming hurdles in terms of transforming themselves towards developing more Web 3.0 based use cases and using institutional solutions. Some of these potential use cases include developing secure and flexible smart contracts, data privacy mechanisms, decentralised finance, real-time supply chain visibility, innovative loyalty programs, targeted and automated content creation, diverse usage of augmented reality, and a lot more. Blockchain-based transactions and assets are fast becoming more effective ways of doing business for enterprises and this is where they require effective solutions like Hedera Hashgraph. The Hashgraph association is a boon for enterprises in several ways, helping them find ways to explore solutions on Web 3.0. More and more enterprise use cases can be accelerated for development and deployment alike, throughout a proven and efficient framework on the Hedera network. Companies can now build for the future with decentralised and more advanced applications. Why Hashgraph Association? Hedera is one of the most innovative and enterprise-grade public ledgers for a completely decentralised economy. It is also a sustainable solution for enterprises. The Hashgraph Association is a non-profit and independent entity that focuses on developing a better ecosystem for enterprises, startups, and Government institutions worldwide, tapping Hedera Hashgraph capabilities for the design and development of decentralised applications and other solutions. The network at Hedera is developed by a global community on the network that is governed by a council of top industry players including Avery Dennison, Chainlink, Boeing, DLA Piper, Deutsche Telekom, DBS Bank, LG Electronics, Tata Communications, Shinhan Bank, Nomura Holdings, Wipro, and University College London, among many others. Here are some other points worth noting: The management team includes industry experts like Co-Founder & Co-CEO Mance Harmon who has previously served as the Head of Architecture and Labs at Pig Identity, while founding two technology start-ups. Co-CEO and Co-Founder Dr. Leemon Baird is the inventor of the Hashgraph distributed consensus algorithm and the co-founder at Hedera. He has more than 20 years of experience in the technology and startup space, while having been a Professor of Computer Science at the US Air Force Academy and founding multiple startups. A little more about the Hedera Hashgraph Association The Hashgraph association offers grant funding to start-ups, enterprises, and Government programs for developing and executing solutions powered by Hedera. At the same time, there are HBAR grants and other venture development programs for helping create projects with future potential through the Hedera network. The association also assumes the role of a co-investor in big-ticket projects, while empowering enterprises for competing in the digital assets and decentralised finance segment throughout various business areas. There is also an initiative to reach out to Government organisations and backing national blockchain-related initiatives for the promotion of the higher adoption of DLT solutions and contributions towards economic growth. The Hashgraph Innovation Program taps the worldwide network while collaborating with trusted partners. There are ideation and professional training workshops for building the right perspectives required for competing and adapting in the decentralised economy. Other initiatives include design-thinking and modelling proof-of-concepts based on several use cases as explored through the ideation workshops. The Hashgraph association also looks into the development of MVPs or minimum viable products along with integrating Hedera-backed solutions into enterprises. Hence, businesses can benefit greatly from the Hashgraph association with regard to turbocharging and accelerating future growth in a decentralised economy with robust solutions and support with easy implementation throughout the ecosystem.

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