Category: Blockchain

Ethereum Virtual Machine (EVM) & Smart Contract

Ethereum Virtual Machine (EVM) & Smart Contract

May 19, 2023

The Ethereum Virtual Machine (EVM) has set the ball rolling for smoother smart contracts within the entire ecosystem. What is the difference between Ethereum and smart contract? The former is a blockchain platform that is decentralised and sets up a peer-to-peer network which verifies and implements smart contracts safely.  Smart contracts, on the other hand, are mechanisms for enabling participants to securely transact without the need for any trusted central authority. Here’s learning a little more about smart contracts before diving into EVM. Smart Contracts- How they work What is the objective of smart contract? It is a self-implementing program automating the actions needed for a contract or agreement. Upon completion, the transactions can be tracked and are not reversible. They enable agreements and transactions to take place among anonymous participants without the need for any central governing authority or enforcement procedures. What is EVM? The Ethereum Virtual Machine (EVM) is a runtime ecosystem for smart contracts in Ethereum. It is isolated and sandboxed from the other system components. Your programs and data will remain safe and unaffected by other EVM operations, irrespective of the number of times you call any specific function on the same. Ethereum has its own scripting language (Turing-complete) which is known as Solidity and this makes it necessary to implement the code. The EVM takes care of this necessary task. The EVM has been created with an objective of becoming a world computer and has massive power, executing scripts for generating outcomes which are arbitrary. It stores blockchain data while executing code in the smart contracts on the network.  The machine can easily run any type of crypto-based contract which is built on Ethereum. The EVM enables a platform for decentralised programs/applications to be built over it, making sure that all smart contracts and transactions are done in the right way as necessary for the smart contract code. It also functions as an application execution platform. How does the EVM work? Some of the major parts of the Ethereum Virtual Machine include the following: Actions-These are basic functions to be performed on the assets that are stored on the system, including addition and multiplication. Balance- This is the Ether amount that you can possess at any point of time. Block- This is the immutable action and transaction storage linked to Ethereum for the lifetime. The blocks are only 65,000 in total. Blockhash- This is the hash of the specific block and the data stored in the same. Block Number- This number identifies the block where any specific Blockhash belongs. It begins from zero and goes up each time any new block is added to the entire chain. Code- The code that is executed in the EVM helps determine the action that will result from an input taking place. CodeHash- It refers to the hash of the specific code. This number may change with the change in the code, on the basis of inputs. CodeSize- It indicates the real size of the code (bytes). GasLimit- It is the EVM part which enables users to specify the gas they are okay with spending for the execution of anything. If the number stands at zero, then nothing will take place, although such a scenario is rare. Summing Up The Ethereum Virtual Machine has its own set of benefits. It helps implement un-trusted code without any risks to data in the process. The computations will never interfere with any other events across the system. Complex smart contracts may be run easily on the system without being anxious about their interactions. The contracts written here will get access to all the states of Ethereum anytime they wish, enabling processing in a deterministic manner and ensuring higher guarantees about their accuracy.  The distributed consensus model is followed where the same program is run by each participant from his/her own machine. The network has to reach consensus at any point in time, gaining more robustness against individual node failures. Multiple node updates can take place together without any worries on disagreements on the code writing. The EVM is also tailored to write smart contracts along with helping develop decentralised applications that are programs running across distributed networks in a manner where each one witnesses the same version. This makes it easier to write stateful contracts which require access to any type of persistent storage.  FAQs 1. What programming languages are used to write smart contracts for the EVM? The programming language for writing smart contracts is Solidity. 2. How does the EVM execute smart contracts? The EVM implements tasks and function calls to smart contracts through the Opcodes instructions interpretation although data formatting takes place in byte-codes. 3. What are some advantages of using smart contracts on the Ethereum blockchain? Some of the advantages include higher autonomy, lower costs, higher transparency, automatic updates, and greater speed of transactions. 4. What are some limitations of the Ethereum Virtual Machine (EVM) and smart contracts? The EVM may be unable to access real-world data which is one of the limitations. Also, it is an isolated and sandboxed environment, which means that its code will not get access to any other file systems, processes, or the network.

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The concept of DAOs: Decentralized Autonomous Organizations

The concept of DAOs: Decentralised Autonomous Organisations

May 16, 2023

Decentralised autonomous organisations (DAOs) have been making waves lately, throughout the technology spectrum. DAOs are specific management structures leveraging blockchain technologies for automating a few aspects of transaction processing and voting. There is no central legal entity involved in decentralised autonomous organisations (DAOs) that holds responsibility for the regulation of the projects. There is smooth governance and transparency ensured through the decentralisation mechanism and distributed ledger technology. Smart contracts are made and tested for ensuring that vital details are not missed. Tokens are used as incentives for all validators in DAOs, ensuring their active, swift, and fair participation. DAOs have wide applications throughout the blockchain, including cryptocurrencies and Web 3.0 which is the proposed new-generation web architecture driven by decentralisation. The future blueprint here is that decentralised autonomous organisations or DAOs may enable easier creation of decentralised entities that respect stakeholder interests outside any one party’s control. They may be used for raise funds for specific purposes/projects while forming newer business mechanisms. They may also enable future automation of several financial steps and processes on blockchain platforms, making sure that stakeholders get compensation as per universally-agreed rules, while automating shared votes based on specific support, investment levels, or even engagement. How it could pan out for decentralised autonomous organisations? Many industry players feel that decentralised autonomous organisations or DAOs may eventually replace the inherent trust quotient in personal ties or with central authorities through specially-made blockchain smart contracts. DAOs may also automate a model where every stakeholder gets adequate compensation and a long-term project stake. Here are a few key points worth noting in this regard: However, there are a few disadvantages of decentralised autonomous organisations or DAOs. Automated smart contracts may be hard to tweak whenever any problem is found, while hackers may also find some loopholes for the illegal misappropriation of funds against stakeholder interests. Participants may also shell out higher transaction charges for every transaction, while human intervention will also be necessary for the implementation of legal and physical procedures. The legal applicability and status of DAOs is still being understood by global authorities, which mean current risks for all investors.  DAOs are still in their infancy. In the short term, they could have a major effect on overall fundraising for particular projects/objectives. Several services that promote causes will find them effective in the near future, enabling voting by participants alongside. DAOs may also enable newer investment entities while automating the procedure of returning money to all participants. DAOs may eventually help establish decentralised business models for support and investments alike. Participants may get tokens for their support and long-term stake in any venture. It is early days as of yet, although DAOs could well transform into some of the most exciting future trends. FAQs What are the benefits of a DAO? DAOs ensure automated procedural efficiency along with higher transparency and the absence of any central authority. It will enable swifter fundraising while enabling streamlined distribution of incentives/rewards/returns simultaneously. Are DAOs legal? The first U.S. State to legally recognise DAOs was Wyoming in 2021. They were recognised as limited liability companies, giving them a defined corporate structure and legal protection. Some other States are also considering the legalities of DAOs, while they are also attaining legal status in several other countries. What are the risks associated with participating in a DAO? DAOs are still works in progress, with several authorities yet to recognise them legally. This presents risks for participants, including personal liability. Any DAO participant may be liable for any action taken by an organisation, even when it was not personally authorised by him/her. What is the difference between a DAO and a traditional organisation? Any traditional organisation has its own centralised and legal entity. This is absent in a decentralised autonomous organisation (DAO).

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The emergence of decentralised finance (DeFi) and the potential impact on traditional banking and financial services

The Emergence Of Decentralised Finance (DeFi) And The Potential Impact On Traditional Banking And Financial Services

April 24, 2023

Decentralised finance (DeFi) has made a huge splash worldwide, with its potential for traditional banking disruption. It is a rapidly growing financial technology that uses secured and distributed ledgers, based on blockchain and smart contracts, just like cryptocurrencies. But how is it contributing towards disruption or financial services innovation? In the U.S., for instance, the SEC (Securities and Exchange Commission) and Federal Reserve have clearly outlined the regulations for centralised financial entities such as brokerages and banks that customers depend on accessing financial services and capital directly. DeFi poses a challenge to this centralised financial setup through empowering people with peer-to-peer digital transfers/exchanges. It also contributes towards the elimination of fees charged by financial institutions and banks for the usage of specific services. Those holding their money in secure digital wallets can instantly transfer funds, while anyone with internet can make use of DeFi. What is centralised finance? For understanding decentralised finance, one should first have an idea of what centralised finance is all about. Here are some core points worth noting in this regard:  Centralised finance has the money held by the banks and third parties. They are the ones who enable money transfers across multiple parties, each of them charging fees for the usage of services.  Networks clear charges and request payments from banks. Every chain entity gets payments for services provided.  All transactions are supervised in this system, right from local banking services to applying for loans. How does decentralised finance (DeFi) work? Decentralised finance (DeFi) has huge potential for traditional banking disruption. Here are some points worth noting:  This system does away with intermediaries by enabling merchants, individuals, and businesses to take care of financial transactions with new and emerging technologies.  DeFi makes use of security protocols, software, connectivity, and hardware advancements via peer-to-peer financial networks.  Individuals can easily trade, lend, or borrow funds whenever they get an internet connection, using software for verifying and recording financial transactions throughout financial databases that are distributed.  Distributed databases are those which are readily accessible throughout multiple locations, gathering and aggregating data across users and leveraging a consensus-based mechanism for verification.  Decentralised finance (DeFi) does away with the need for any centralised financing model, through enabling any individual to make use of financial services almost anywhere, irrespective of their identity or location. DeFi applications enable higher control over funds for users via personal wallets and trading solutions catering to individuals.  Decentralised finance does not ensure complete anonymity. Transactions, while not having individual names, can be traced throughout all entities with access, including the law and Governments.  DeFi makes use of blockchain technology as used by cryptocurrencies. The blockchain is the secured and distributed ledger/database. Transactions get recorded through blocks and verified by users. Once verifiers agree to transactions, the blocks are closed and then encrypted. Another block is made with data on the earlier block within the same. The blocks are conjoined through data in every proceeding block, which gives it the blockchain moniker. Information in earlier blocks cannot be modified without any effect on the following ones. Hence, there is no way to change a blockchain.  How DeFi is being used in the financial sector Decentralised finance (DeFi) is being used widely in the financial sector, with the following being the major take-aways:   P2P (peer-to-peer) financial transactions, right from payments through applications and issuing loans.  DeFi is enabling direct interest rate negotiation between two parties and lending through its networks, equating to lower fees.  Anyone with internet can access DeFi platforms and there are no locational limitations on transactions.  Smart contracts on blockchain and records of competed transactions can be easily reviewed and are immutable.  Income-generation and capital transfer abilities for investors with high security. Here’s how it is disrupting traditional protocols: DeFi is enabling lending/borrowing at scale between unknown parties and minus intermediaries with automatic setting of interest rates, based on demand and supply. Loans are secured through over-collateralisation, with loan access anywhere and anytime.  DeFi is also enabling the de-centralised trading and development of derivatives for various assets like commodities, stocks, and even currencies. Decentralised asset management for cryptocurrency is another growing trend.  Decentralised exchange concepts have come up, with cryptocurrency holders no longer needing to leave the arena for token swapping. DEX has several smart contracts with reserves of liquidity, operating as per pre-defined mechanisms of pricing.  Decentralised insurance is also available, covering bugs for smart contracts in this entirely new space. This is a major risk area for DeFi users, and is covered by these plans.  As can be seen, crypto-based decentralised finance has already reached an advanced stage in terms of its evolution. It is steadily taking care of all the necessary functions of a financial system as a result. DeFi could well be the next big thing in global finance, provided it can navigate security threats successfully.  FAQs What is decentralised finance (DeFi) and how does it differ from traditional finance? Decentralised finance is where distributed and secured ledgers are used with blockchain technology like cryptocurrencies. It means peer-to-peer transfers without higher fees for transactions as charged by all the entities in a traditional transaction chain. It can enable anytime and anywhere transactions between unknown parties, with automatic conditions and smart contracts, eliminating intermediaries.  How does DeFi work and what are the key components of DeFi platforms?  The main components include specific hardware, software, stablecoins, and so on. The infrastructure is continually evolving, and the system works through an independent yet secured and highly traceable network on the blockchain. Transactions are recorded, stored, and are verifiable easily. At the same time, there are no intermediaries and resultant charges. Parties can directly engage in transactions with automatic setting of interest rates or other crucial parameters.  What are the potential advantages of DeFi over traditional finance?  DeFi is a transparent and open system as compared to the closed and centralised system followed by traditional financial institutions. Transactions are public and may be viewed by any individual. They are readily traceable as well. At

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Leveraging blockchain for secure supply chain management

Leveraging Blockchain for secure supply chain management

April 11, 2023

Blockchain has been a true game-changer if you consider cryptocurrency, and more such use cases. We all know that Blockchain is a specific digital ledger system where encrypted transactions are executed by parties on the basis of predetermined mechanisms and protocols. Ledger technology is an example of decentralization and distribution, where centralized control is not required. This enables users to transfer digital assets from anywhere without third-party involvement or contractors.  There is now a growing case for the use of Blockchain in supply chain management, in a bid to shore up security and overall transparency levels. Here’s taking a look at the applications of the technology throughout the SCM (supply chain management) spectrum.  Why Supply Chain Management Needs Blockchain Technology  Present supply chains are highly complex and are sometimes non-sequential too. They are multi-tiered frameworks with a sizeable count of logistic partners, suppliers, manufacturers, and storage partners. Whenever the system witnesses higher levels of complexity, then it becomes tougher to execute operations with transparency and higher efficiency. Supply chains can use blockchain for greater safety, transparency, immutability, and distribution.  One of the key hurdles for supply chains is the growing illegal practices and counterfeit products in the market. Supply chains have to make sure that raw materials and parts are legal. Tracing every process is also a challenge if a supply chain encompasses several locations and innumerable partners. How to know if a supplier is using unethical mechanisms for getting raw materials? How to know whether a product is counterfeit or real? Supply chains require blockchain technology which functions on the basis of smart contracts, cryptography, and traceability.  How Blockchain is Increasingly Indispensable for Supply Chain Management Blockchain is increasingly becoming crucial for more efficient supply chain management at multiple levels. Here are some of its core applications:  Traceability of specific products– A majority of supply chains begin with raw materials while concluding with finished goods. Blockchain technology traces the entire journey of any product from the raw material supply to the end-consumer. Blockchain technology ensures excellent traceability across every stage in the movement of a product which is fully transparent and immutable. This helps minimize revenue losses and recalls, while also ensuring safety at one level.  Payment mechanisms– If you are using blockchain for cryptocurrency-based payments, then these can be tracked easily and in a more transparent manner, without any central authority needed for tracking purposes.  Smart Contracts– These smart contracts can be implemented between supply chain partners using blockchain technology. Complex supply chains come with innumerable partners and there can be thousands of such contracts added to a block in the transaction. Owing to the immutability of blockchain transactions, every contract will be tamper and misuse-proof.  Information Flow Preservation– There is a humungous amount of data flowing across stakeholders in supply chains, including specifications of products, quality, and so on. With blockchain technology, the information flow is preserved, preventing loss of data, misuse, misinterpretation, or misplacement.  Higher transparency at all levels– Blockchain-based transactions are easily visible to every participant. Every transaction will be an immutable block that is also tamper-proof. This ensures greater transparency for the supply chain itself.  Finding errors in execution– Supply chain networks are highly prone to execution errors, including missing out on shipments, inventory information mistakes, payment problems, etc. Conventional systems may find it hard to detect and plug these errors on a real-time basis. Blockchain technology may be of help in creating a safer mechanism since it records each transaction immutably. Hence, stakeholders will find it easier to identify and find the cause of any execution error, thereby saving time and money greatly.  Higher Security Levels– Blockchain transactions come with encryption, courtesy of the digital signature or private key which initiates them. This makes transactions completely tamper-free and this works wonders for supply chains with several partners. Each partner will have his/her own digital signature which is unique. Whenever any purchase order or similar transaction gets initiated, it is secured with the help of this digital signature. This makes for an immutable transaction and the recipient can verify the authenticity of the purchase order alongside. Every transaction is added in the form of a block within the blockchain, and counterfeiting becomes impossible as a result. There is a sequential and trustworthy transaction trail that becomes possible, as a result.  On the whole, blockchain technology has contributed greatly towards the safety and security of supply chains, along with digitizing traditional procedures for better and more efficient operations along with real-time information transfer across participants. Companies can function at higher speeds while responding quickly to business requirements and movements. All transactions and contracts are easily saved in a secure blockchain and this means that the logic of the business, as we call it, is integrated within the supply chain network itself, and not in any offline documents that may be lost or tampered with.  FAQs What is blockchain technology and how does it relate to supply chain management? Blockchain technology is a distributed ledger technology where every transaction is stored as a block in the blockchain. It relates to supply chain management in several ways, enabling smoother operations, higher transparency, better information flow, and enhanced safety.  How can blockchain technology improve supply chain transparency and traceability? Blockchain technology stores each and every transaction immutably and in a tamper-proof manner as a block within the blockchain. Hence, there is higher traceability for every product from its origin and raw material supply to its delivery to the final consumer. This naturally enhances transparency at multiple levels, particularly with the implementation and proper storage of smart contracts.  What are the benefits of using blockchain for secure supply chain management? There are multiple benefits of using blockchain for secure supply chain management, including the immutable nature of stored smart contracts and transactions as blocks within blockchains, encrypted transactions initiated by private keys or digital signatures, easy authentication by receiving parties, easy visibility of transactions for all participants, and quicker detection and cause identification of execution errors.  How can

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Hackathon Diaries #3

Hackathon Diaries #3 Digital Democracy: Web-app Vote, One-click Remote

March 29, 2023

The INT. Hackathon 2023 was a call to all the tech enthusiasts, problem solvers, and innovators at our company to be a part of an electrifying opportunity to showcase their abilities, collaborate with their peers and bring their groundbreaking ideas to life. This offered a platform that left every one of us awe-inspired and amazed through the unleashed creativity.  In this edition, our tech gigs focused on our commitment to the Digital India initiative as we are already serving a plethora of government bodies time and again. ‘Digital Democracy’ is what the team emphasised with the motto, ‘No stress, no mess, just a simple click and your vote is expressed.’ Digital Democracy Digital democracy is a cutting-edge web application to revolutionise democracy through a decentralised voting system. It harnesses the power of blockchain technology to ensure secure, transparent, and tamper-proof elections. It acquires the potential to avoid long queues and outdated voting systems to welcome a new era of democracy. The Team Shankha Chatterjee Shankhya Subhra Datta Lokenath Karmakar Sayantan Sur Market Potential Increased demand for remote voting: The COVID-19 pandemic has accelerated the trend of remote voting, as more people are looking for safe and convenient voting remotely.  Blockchain technology adoption: Blockchain technology is growing across a variety of industries, and its potential applications for voting and elections are increasingly being explored. Potential cost savings: An online voting app with blockchain can provide cost-saving options compared to traditional voting methods, such as paper ballots and in-person voting. Problem Statement Voting: India is the largest democracy in the world, however only 67% of people vote Security: Electronic voting machines are vulnerable to hacking, tampering, and other forms of interference hampering the voting procedure Transparency: Voters face ambiguities in the counting of their votes and the accuracy of results Reliability: The data stored in the database can be hampered and manipulated resulting in trust issues Paper trail: Voting solutions lack a paper trail making it difficult to audit the results raising the possibility of disputes Expensive: Current conventional voting system is costly The Solution and Its Benefits Digital Democracy – A Voting Web-App having the following features: Decentralised identity verification through Blockchain technology allows each voter to create a unique digital identity that is linked to their physical identity Tamper-proof and transparent ledger to provide an immutable record of all casted votes, making it more difficult to breach results Maintaining privacy to keep an individual’s vote secret Voters would be incapable to give their voting rights to third parties  Easy voting and making everyone eligible to vote Maintaining immutability by keeping the unmodifiable records of the casted votes on the blockchain The system is easy to use and accessible to all voters, regardless of their technical abilities Facilitating seamless verification of votes to ensure validity  The system upholds voter anonymity to ensure their choices remain private The solution processes votes quickly and efficiently to make the results available on a real-time basis  The system is resilient to cyber-attacks and can withstand attempts to compromise the integrity of the voting process How It Works Workflow #1 Workflow #2 Tech Stack FrontEnd: React Js Backend: Node Js Web 3.0: Metamask, Solidity, Polygon, and Hardhat Database: MongoDB Future Business Scopes The platform can establish partnerships with other companies or organisations to offer additional services, such as voter education materials or voter outreach campaigns. These have the potential to generate revenue through joint marketing efforts or revenue-sharing agreements.  Tie up with the government and corporate sectors  The online voting system can offer customisation services for election authorities, like creating custom ballots or integrating the system with existing voter databases

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