Welcome to my blog. Some blogs will be of a technical nature, some may have a more philosophical or ethical ground.
Thom Heemstra is owner of XSbyte.
XSbyte is a webhosting and internet service company.
BlockChain is an innovation of technology that has taken the world by storm and revolutionized the concept of digital transactions. Primarily associated with Bitcoin, BlockChain technology has more tricks under its sleeves. According to popular definition, this chain is a storage space where transactions are stored in form of blocks which are interconnected in the form of chain; hence the name, BlockChain. It is also referred to as ‘Append-only data store’; that means you can only add data to the bank but cannot take it away. (Tennison, 2015)
It is quite clear that this technology is providing its users with fool proof secure storage of valuable data. Here, we are going to discuss many aspects of its burdens and benefits in this blog post, so brace yourself up for all the fun!
The Brightside of this new horizon!
BlockChain technology provides peer-to-peer communication and transfer of data is done without interference of third party. This reduces, even eliminates counterparty risk. This ensures the safety of your valuable data. (Blockchain technology: 9 benefits & 7 challenges, Disrupting multiple industries)
The data stored through BlockChain technology cannot be tampered with, changed or deleted once it’s fed in the system, as it is Append-Only Data Store. This makes your information secure and can’t be manipulated by malicious entities. Every transaction that happens and the changes to a public Chain are viewable publicly.
BlockChain provides an automatic storage space for the ownership and maintenance information of IoTs you have in your name. The data transmitted through IoTs is a Big Data that needs secure storage and what better place than a BlockChain? It will keep the data flowing through your IoTs safe from being manipulated all the while keeping it stored and secured.(McKendrick, 2016)
The other-side of the coin!
The first and very alarming drawback of BlockChain technology is the amount of energy it consumes to operate. Its computing power needs to process only Bitcoin is equivalent to the power used by fastest 500 supercomputers combined. This is a phenomenal figure we are talking about and it is not eco-friendly, least to say. (Macaulay, 2016)
Being a public entity, any illegal data stored in BlockChain can make the entire system illegal making every user to be part of an illegal setup. This becomes a big problem for the law to tackle the real culprit. This vulnerability of the system is yet to be addressed. (Macaulay, 2016)
The volume of business done through BlockChain is growing by the minute and this eventually is slowing down the processing time of the technology. The average time taken by Bitcoin transaction is 43 minutes. And while making payment at the shop, this long time of processing of data and verification is completely impractical idea. (Street, 2016)
Like any technology ever surfaced or introduced, this tech holds its advantages and disadvantages. So anyone can analyse his needs and scope for deciding whether to use it or not. It is totally dependent on an individual or company’s needs and capacity.
Blockchain technology: 9 benefits & 7 challenges, Disrupting multiple industries. (n.d.). Retrieved July 8, 2017, from Deloitte: https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-and-7-challenges.html#
Macaulay, T. (2016, Nov 09). BlockChain limitations: Is the distributed ledger technology overhyped? Retrieved July 08, 2017, from Techworld: http://www.techworld.com/startups/what-are-limitations-of-blockchain-experts-from-odi-explain-3648881/
McKendrick, J. (2016, May 14). 6 Reasons to love blockchain technology. Retrieved July 8, 2017, from ZDNet: http://www.zdnet.com/article/6-reasons-to-love-blockchain-technology/
Street, S. L. (2016, March 06). Limitations of Blockchain Technology. Retrieved July 08, 2017, from LEXOLOGY: http://www.lexology.com/library/detail.aspx?g=98e6a1ba-35a1-4750-b444-2e5bf2ddd7ff
Tennison, J. (2015, November 12). What is the impact of blockchains on privacy? Retrieved July 8, 2017, from Open data institute: https://theodi.org/blog/impact-of-blockchains-on-privacy
Talking about the technology, everything now seems a cliché. Same goes for Internet of Things and Big Data for some time now. The connection between IoT and Big Data become obvious when we see tons of data being transmitted through Internet of Things on daily basis. This data is being used to run analysis, to help develop a pattern and trends and bring positive changes in our lives. Let us start by first learning a little about Big Data and IoT.
It is term used for data sets that are so large and complex that the traditional data processing apps are inadequate to handle it. The processing of such huge amount of data includes capture, storage, analysis, Data curation, search, sharing, updating and Information privacy etc. and this needs more developed apps and data processing systems to manipulate it. (Tolentino, 2017)
Internet of Things are the devices that are connected with the Internet and their functions can be switched on and off using the Internet. Internet of Things has given rise to the concept of Smart Homes and is trending these days. (Tolentino, 2017) There are thousands and thousands of devices connected or soon to be connected to Internet and the numbers are rising by the day.
The scope and affiliation of Big Data and IoT is best described by HortonWorks as:
“Every business is a data business. And in a connected world everything is an IoT device.” (Yong, 2016)
Big Data is characterised by four Vs; Volume, Variety, Velocity and Veracity. All these Vs are always big and bulky and their handling is not as simple as the data being handled in yesteryears. The processing of such volume of data, with such varying nature is not possible using traditional SQL queried Relational Database Management System. There are alternatives, now used for processing Big Data like Hadoop distributed data processing system.(McLellan, 2015)
Talking about IoTs and its usage in today’s world, the scope is huge as the low cost of connectivity has made it possible for more and more devices to get connected to Internet. Looking at the rate with which things are converting to Internet of Things, it is estimated that by 2020, around 50 Billion devices are going to be connected to Internet and this is just a rough estimate. (McLellan, 2015)
IoT and Big Data are considered to be two sides of the same coin. They cannot exist in alienation to each other. Internet of Things producing tons of data every second, is after all going to become a Big Data which is used later to learn about patterns and trends. These trends are analysed to develop better systems of healthcare, transportation, energy conservation and lifestyle. (Kushmaro, 2016) Both are growing with the same pace and are going to influence greatly the areas of business and daily life of a common man. The sectors, however, that are going to experience greater impact are expected to be manufacturing, transportation, smart city and consumers applications. Moreover, in the years to come, industries are going to take initiative to get Internet of Things in its folds as well. (McLellan, 2015)
Cryptocurrency, BlockChain, Digital Currency; these are the most circulating words these days in the financial echelons. The talk of the town! Bitcoin, LiteCoin, and Ripple in other corners. With the introduction of e-wallets and online payment systems, BlockChain technology found a big market for its propagation and eventually, a practical solution for safe money keeping in digital form.
To say that Cryptocurrency is a recent innovation would be far from the truth. Actually, this idea was coined as far back as the nineties, when even online payment was not even dreamed of. It was attempted to develop digital money but the project hit the snag and wasn’t realized at that time. (BlockGeeks) An interesting fact about Cryptocurrency that most people don’t know is that it is a side product of another invention and was not intended to exist in the first place. Satoshi Nakamoto is the founding father of Bitcoin while all he intended to develop was “A Peer-to-Peer Electronic Cash System”. Rest is history and now cryptocurrency has emerged as a global phenomenon. (BlockGeeks)
Lately the trend has changed, however. There are plenty of companies who are using this digital currency to make novelty sales now and then and many businesses are built around this new sensation. (Valenzuela, 2017) A chaotic trend has taken over the crypto coin market. The coins known to be safer investment are taking blows from lesser known coins which have taken the top 10 spots in ranking overnight. (Valenzuela, 2017) For instance, due to some technical issues, average time taken by Bitcoin transactions has escalated in the last few months; taking 168 minutes to 145 minutes in March. While on the other hand, Ripple is just taking 3.7 seconds which is costing it just $0.00031 per transaction as compared to $0.48 for Bitcoin. (Bovaird, 2017)
According to some market hawks, the rise of Ripple manifests speculative market activity. And according to Jacob Eliosoff, a Cryptocurrency fund trader, Ripple has benefited from speculation travelling in the market and sudden interest of some big wig to buy it and the rest followed suit.(Bovaird, 2017) This is just one instance of speculative trading that proves to be elixir for many dying projects. That’s the beauty of speculative market activity. Some speculators start throwing their money in some random coin that comes their way. Other investors follow this money trail and considering it a successful venture, start investing in a project which was abandoned and left for dead. The project comes alive and has a fairy-tale ending. (Valenzuela, 2017)
Cryptocurrency market now is living example of speculative trading and an investment that can make you a billionaire or the other way round. And that’s what happens with investments for which, one should be mentally ready. Speculative market investment is done with the knowledge of the risks involved at the back of investor’s mind, at all times.(Staff, 2017)
In the long run, however, it is not considered beneficial for the business. Businesses flourish in stable and non-volatile environment and investments like these cannot guarantee your safe future. For the traders who are in it for fun, won’t be affected as compared to those who invested their whole life to take a shot at entrepreneurship.(Valenzuela, 2017)
Still, there are always two sides of a coin, and one must refer to both in order to have balance in one’s decisions. Although, this speculative trend in Cryptocurrency investment has created quite a buzz in commercial circles, having mixed reviews about its returns after major investment influx in it by serious as well as casual investors; it is the cause of major interest and excitement. This kind of excitement always proves healthy for businesses. Speculative market activity instils life in new ventures and provides opportunities to new developers and users. And as they say, you learn from your mistakes; so whenever there is a bad investment, the result gets you thinking about the real sound venues where you should have invested in the first place. So that, the next time you start a new venture or plan to invest in any project, you are better educated to know about its viability. (Valenzuela, 2017)
CMS or Content Management System is basically a set of related programs or software that is used nowadays to create and manage our digital content, such as websites.(Techtarget) CMS basically power these websites and enable them to make the necessary amendments in them with ease and without having to provide prior knowledge. (MTM, 2016) In this article we’ll focus on why CMS Maintenance is so important. [Read more…]
Cloud technology is the need of the hour and most sought after tool to secure ones’ data after the security breaches being reported by reputed online companies such as Yahoo. In 2013, Yahoo reported hack in its system and over 500 million users’ accounts were affected, this is huge number to say the least. (Eugenio, 2017) This glitch in Yahoo’s decision making as not to make security of data its top priority has cost the company and its users significant loses. This should come as a fair warning to all the users and companies whose data is floating on the Internet. [Read more…]
AlertCrypto is a webapp that will give you a notification when your wallet has a certain value.
Ideal when trading crypto currency. I’m proud to announce that our latest development has just been released into public beta. [Read more…]
With the digitization of the world and everything around us, it was just a matter of time that our monetary affairs came in the fold of it. The transformation of trading payments from barter trade, to gold and silver coins, to paper money to credit cards has been an interesting journey. But to think, this was end has been negated big time with the introduction of new payment method called Cryptocurrency. [Read more…]
Let’s start with a short recap of what Mixed Reality is. Mixed Reality (MR) is a hуbrіd оf bоth Augmented Reality (AR) аnd Virtual Reality (VR), Mixed Reality іѕ fаr mоrе аdvаnсеd thаn Vіrtuаl Rеаlіtу bесаuѕе іt соmbіnеѕ thе uѕе оf ѕеvеrаl tуреѕ оf tесhnоlоgіеѕ іnсludіng ѕеnѕоrѕ, аdvаnсеd орtісѕ аnd nеxt gеn соmрutіng роwеr. All оf thіѕ tесhnоlоgу bundlеd іntо a ѕіnglе dеvісе wіll рrоvіdе thе uѕеr wіth thе сараbіlіtу tо оvеrlау аugmеntеd hоlоgrарhіс dіgіtаl соntеnt іntо уоur rеаl-tіmе ѕрасе, сrеаtіng ѕсеnаrіоѕ thаt аrе unbеlіеvаblу rеаlіѕtіс аnd mіnd-blоwіng. [Read more…]
World has been digitized in the true meaning of the word and nothing is there in the world you can point out which is outside the scaffolds of networking and digitalization. Payment methods in the form of digital wallets are no exception. The use of smart phones and the phenomenal growth of interconnectivity between individuals and companies have seen a boom in the last ten years. The phenomenon is engulfing the entire population of the world and there is no turning back. The introduction of networking and digital technology in the e-commerce has brought more than prosperity to the trading profession; it has opened doors for small business owners like never before. [Read more…]
Every era coins a new term that becomes a house hold name and the word of this era is – Big data. [Read more…]