Blockchain technology has found its big utility in trade and finance and there have been a substantial increase in the number of trials. However many pilots and trials have failed also. There is an increased awareness among parties and certain well-known names have come up in this blockchain in trade & finance.
As on date, the trade finance has bottlenecks and factors such as–
Manual contract documentation The bank manually reviews the financial agreement provided by the importer and sends financials to the correspondent bank
Invoice factoring Exporters use invoices to achieve short-term financing from multiple banks, adding additional risk in the event the delivery of goods fails
Delayed deliveries The shipment of goods is delayed due to multiple checks by intermediaries and numerous communication points
Manual review The export bank must manually conduct AML checks using the financials provided by the import bank
Platforms Since each party across countries operates on different platforms, miscommunication is common and the propensity for fraud is high
Duplicative bills Bills of lading are financed multiple times due to the inability of banks to verify their authenticity
Multiple versions As financials are sent from one entity to another, significant version control challenges exist as changes are made
Delayed payment Multiple intermediaries must verify that funds have been delivered to the importer as agreed prior to the disbursement of payments to the exporting bank.
Advantages of Blockchain technology
In view of the factors listed above, it has been found the blockchain in trade finance brings about following added advantages-
Review and appraisal in real lime
Financial documents linked and accessible through Blockchain are reviewed and approved in real time, reducing the time it takes to initiate shipment.All bills and invoices are easily accessible on the blockchain giving real time transparent viewing
Removal of intermediaries
Banks facilitating trade finance through Blockchain do not require a trusted intermediary to assume risk, eliminating the need for correspondent banks financial institutions and banks which are in trade and finances through blockchain do not require intermediaries resulting in faster transactions
Elimination of double spending
Bills of lading are tracked through Blockchain and are thus eliminating the problem for double spending All invoices and bills which are being tracked through blockchain remove the requirement of double spending.
Simpler contract execution
In view of contract terms being established and met the final status is there on the blockchain in real-time. This results in a reduction of time. As contract terms are met, status is updated on Blockchain in real time, reducing the time and headcount required to monitor the delivery of goods
Authentication of ownership
The blockchain provides the clarity of the location and ownership of the items as it is well established.The title available within Blockchain provides this transparency .
Settlement and fee reduction
As there is the removal of intermediaries there is substantial reduction in fee. All contract terms executed through Smart Contract remove the need for correspondent banks and added transaction feesRegulators are provided with a real-time view of essential documents to assist in enforcement and AML activities
It is hereby seen that with the introduction of blockchain the business clarity and hurdles have been removed, there is authentication of ownership, simpler contract execution, review and appraisal in real time etc
Payment ecosystems are evolving at an accelerating pace to embrace new transaction processing methods and technologies. Let us understand how we can use blockchain use in simplifying payments.
The payment verticals of retail banking, merchant retail, transaction banking, billers, and digital banking that have traditionally operated in isolation are evolving toward a consolidated, real-time, any-to-any ecosystem.
Payment ecosystems square measure evolving toward a period of time, any-to-any payments experience for consumers; blockchain is a fundamentally disruptive technology that will play a role in the evolution toward real time.
Blockchain has the flexibility to modernize a payment’s elementary imperative of transferring price between multiple parties, securely and with minimal operational or technical friction. Modernizing the fundamental imperative delivers substantial benefits in the future use of computing for banks, businesses and governments.
Recent rapid growth of peer-to-peer market exchanges for lending (Zopa, Lending Club and Funding Circle, etc.), accommodation (AirBnB) and taxi services (Uber) has demonstrated the potential of peer-to-peer architectures. Blockchain has the potential to accelerate and change such models in each new and existing markets.
The areas of application for blockchain stretch so much on the far side pure payments. Across the banking system, uses include post-trade settlement, asset management, securities, and trade finance. Beyond banking, blockchain interest includes insurance, government, identity management, and accounting services. Not only is this likely to generate new opportunities for payment providers, but also new entrants with disruptive business models, as new market areas become more practically addressable.
Blockchain technologies are immature and their ability to support the challenging non-functional requirements of payment services has yet to be proven.
Current blockchain proof-of-work algorithms require seven seconds on average to gain consensus; further technical maturity is required in this area to support consensus in under 25 milliseconds. Recent advancements leveraging a proof-of-stake approach hold promise to improve consensus performance. Technical advancements are being made toward maturity; technical maturity has accelerated over the past year, fuelled by increasing blockchain investments worldwide that exceed $1.5 billion.
Different types of uses in payment system:
Value Transfer: The use case for transferring funds between parties is the major focus. Blockchain 2.0 technologies could be applied to a variety of different payment sceneries.
In single currency domestic payment the impact could be to reduce or remove the need for central counterparty and the delays in setting transaction net or gross in real-time. Transfers in multiple currencies between countries cross border payments.
Trade Finance: The use case for trade finance covers a single common record of the liabilities and obligations of parties in trade finance. Possible users of blockchain 2.0 include: invoice fraud prevention, process efficiency, service improvement.
Reference Data: Enable the rapid, auditable and secure updating of records by any authorized participant and sharing the change across the network of users. Potential areas where these technologies could be used to streamline the update process and simplify integration into existing payments processing include hot card files, sanctions lists, routing records etc.
As real-time, open-source and trusted platforms that securely transmit data and value, they can help banks not only reduce the cost of processing payments, but also create new products and services that can generate important new revenue streams.
The biggest key to turning the potential of blockchain’s use in simplifying payments into reality is a collaborative effort among banks to create the network necessary to support global payments. Blockchain technology itself works—there’s no debate about that. Now it’s time for banks to seem at the larger image and work along and with non-banks—to facilitate outline the backbone which will underpin a universally accepted, ubiquitous global payment system which will remodel however banks execute transactions.
Bitcoin mining is the process of adding new transaction records to the blockchain. It also results in creation of new Bitcoins in the system. It involves solving complex computational problems using computers (mining rig is the colloquial term). People who do mining are called miners and a group of miners who mutually agreed to divide the rewards of mining among themselves, form a mining pool.
Australian Bitcoin miner, Andrew Geyl, has conducted detailed research to compile Bitcoin mining statistics such as a number of miners, earnings trend of miners, transaction fee trends, and so on. In his research blog, Neighbourhood Pool Watch, Andrew estimates there are more than 10,000 Bitcoin miners currently. He calculates the number by using a miner hash rate distribution provided by some miner pools. Then he scales up the results to reflect the general trends.
So, what makes Bitcoin mining so attractive? And, will it be worthwhile to invest time, money, and energy in Bitcoin mining, going forward? This blog will dissect the variables you should consider before you jump onto the mining bandwagon.
First, a bit about the process of Bitcoin Mining
So, what is this Bitcoin mining? Millions of Bitcoin transactions (buying, selling, transfer, etc.) take place every second. But not all of them are legitimate. While some users might try spending Bitcoins that are already spent (double-spending), some might be over-spending their wallet balance. Since there is no bank or treasury to monitor cryptocurrency transactions, how can the system be made secure? This is the job performed by miners.
Without going into the technical intricacies of mining process, let us just state that Bitcoin mining is a labor-intensive and hard job. It is purposefully designed to control the number of new blocks added to the network and the number of new Bitcoins generated. In return for their hard work, miners get transaction fee plus a subsidy of new coins.
How to calculate mining profitability?
Use free profitability calculators that latest Bitcoin price. Just punch in your power consumption expenses and hash rate and you will get a chart with your expected earnings and recoup time. It will look something like this:
Is Bitcoin mining worth it?
Bitcoin mining might seem like an easy way to make money, and it was in the early days when the number of miners was less and mining costs were lower. But now, mining is typically done in large warehouses with hundreds of miners contributing their hash powers. Small time miners just can’t beat the competition. Joining flourishing mining pools might seem to be the answer. But it comes at an additional pool cost, about 1%. Smaller pools might offer free admission, but they seldom catch any blocks.
Moreover, Bitcoin rewards are halved every four years. They started with 50, halved to 25 in 2012, halved again to 12.5 in 2016 and will get chopped to half in 2020. Plus, the difficulty metric seems to get harder day by day. Remember, Bitcoins can’t exceed the magic number of 21 billion.
Plus, there is no regulating body that controls the number of new miners that can join the network. The unlimited army of miners (some with super computers) competing for a limited number of blocks is a sure recipe for disaster.
And you just can’t ignore the mounting operational costs- electricity bills, internet bills, maintenance cost of rigs, etc. Setting up a basic rig can cost anywhere between $3000 and $10,000. You might have to buy graphic cards that cost about $700 apiece. More sophisticated equipment would be needed for mining for longer period.
The only silver lining to this dark cloud could be Bitcoin value appreciation. But the coin is known to be volatile, so you won’t like to place your eggs in that basket!
Aspiring miners can try mining Litecoins, z-cash or monero. These coins have poor exchange rates but can be converted into BTC. Of course, that again involves paying exchanges a transaction fee on each conversion.
It’s a Wrap…
Bitcoin mining asks for basic investments but promises no definite rewards. So, it’s somewhat a gamble. Consider your options wisely and pick what is best for you. Happy mining!
Blockchain is everywhere, literally. But not many people have a clear understanding of this simple, transformational technology. I say “simple” because if you understand its architecture and functionality, you will be marveled by how brilliant it is and in how many ways it can be exploited. Of course, there are complexities involved but they are at a micro-level. So, if you are looking for a jargon-free, not-so-technical explanation of the blockchain concept, this post is for you.
Another thing before you dive deep, blockchain finds many other applications apart from Bitcoin. In fact, Bitcoin is just one of the 700 applications that work on the blockchain principle. But since cryptocurrencies seem to be the flavor of the season, I will mainly talk about blockchain technology in the context of digital payments.
Why Blockchain Technology?
Historically, monetary transactions have relied heavily on intermediaries or middlemen for authenticating the transactions and maintaining records. They acted as a regulatory body to prevent frauds.
Digital assets are more vulnerable since they are easy to compromise and duplicate. They are generally files that can be duplicated if their source code is accessed. Therefore, permission had to be sought from banks in case of money) or intermediaries (for stocks, etc.) for completing a digital transaction. This process could take time but was important to prevent the problem of double-spending (spending the same asset more than once).
So, in 2008, someone called Satoshi Nakamoto released a whitepaper in which he detailed a revolutionary technology by which digital transactions could be verified, authenticated, recorded and completed, without any intermediary! In fact, all the checking and record-keeping was to be done by people themselves. But not everybody is equipped with special verification powers. This can be achieved by specialized people who can solve complex puzzles (miners) by a process called mining. The good news is that miners are normal people like you and me (peer to peer), not banks or middlemen. They use the processing power of super-powerful computers and software to solve big puzzles (like Sudoku, only tougher). Each puzzle has a definite answer and follows a complex algorithm. The puzzle gets harder as the network gets bigger. All miners in a network have to follow the network’s protocol strictly and they are rewarded for their services by Bitcoins. Once a transaction is verified and attached to the network, it is irreversible. Reversing, modifying or deleting a transaction would require manipulation of all previous transactions (remember, it’s a chain). This is practically impossible and thus blockchains are thought secure.
Blockchains have eliminated the need for a bank by fulfilling three of its roles- storing value, verifying identities and keeping transactions records. Hence, blockchains intrigue people more than other digital payment methods like PayTM that require tie up and verification from banks.
A network of value
Blockchain can be interpreted linguistically as a chain of blocks. A block being a bundle of transactions and the chain made up of many interconnected blocks. Miners compete with each other to verify all new transactions by solving complex puzzles. The miner who gets to the result first, attaches his solution (proof of work) and is awarded with a fraction of Bitcoins that are generated now. The other miners double-check his solution and if a majority is in agreement, the transaction completes (Consensus).
Verified transactions are bundled up with their proof of work and made into a block. The new block is time stamped and attached to the existing blockchain, in a chronological order. Now, everybody in the network knows that payment has taken place and it becomes impossible to spend the same currency twice.
Since every block contains an encrypted link to a previous block, all transactions can be back-verified till we reach the origin of the first transaction. So, data that once enters a blockchain becomes immortal, a property it shares with internet!
Some people describe blockchain as the internet of value, and it seems fitting. In the internet, anyone can upload information and others can view it. A blockchain allows anyone to send Bitcoins (encrypted currency) anywhere but only the person who knows its unique address (private key) can access them. So, to transfer your Bitcoins you have to share your coins’ unique address with the recipient.
A distributed ledger
Blockchains not only have an auto-verification system, record-keeping is also automated. A copy of the entire blockchain is available to everybody on the system. Since blocks contain encrypted records representing receipt or payments of money (Bitcoins, in this case), blockchain is a type of virtual ledger. There is no central server that holds the record database or that gives permission to access the database. It is distributed and decentralized. As explained before, there is no need for an intermediary.
Blockchains can be private
Another revelation- blockchains can be private. I know, this essentially kills our favorite feature of blockchains- decentralization. But hold on; there’s more to this. Bitcoin blockchains are public, meaning anybody who has a computer and an internet connection and follows the rules of the blockchain, can join. Then he is given a copy of the entire database. A new transaction cannot be added to the ledger till all its associated previous transactions are verified. Once everything is found in order, the new entry is written and the entire database is synced and replicated to reflect new addition. As you can note, their process has built-in redundancy. This also makes the blockchain concept a bit sluggish.
Enter… private blockchains. They have rules governing who can access the network. They are mostly initiated by enterprises for their private use; something like an intranet. Private blockchains can be accessed by anyone who has been granted permission (invitation) by the starter of the network or who matches the protocol set by the starter. Since the number of participants in private blockchains is less, processing speeds are much faster and processing costs are lower than of public blockchains.
Aside from the access rights, public and private blockchains share similar features:
Both are decentralized. A copy of the entire blockchain is available with each and every participant.
Both have an access protocol (consensus).
Both are immutable and irreversible.
Public or private, the blockchain concept is intriguing. They have made digitization of assets possible and transfer of assets faster. Their encrypted, peer to peer mechanism has phased out the need for regulatory bodies and administrators. And while the blockchain concept purists might protest that private blockchains aren’t exactly permission-free, we say- better a devil known than a devil unknown!
Blockchains are made to go beyond Bitcoins
Although blockchain’s application in digital currencies and asset transfers is most widely documented and exploited, blockchains go way beyond finance. Blocks can store any kind of encrypted information. Bitcoins are also lines of code that hold a unique address.
Apart from handling currency, the blockchain concept can be made to execute some actions (in the real and physical world) if they work in tandem with other technologies. Actions can be to fetch external data such as medical records, census information, intellectual property, weather reports, inventory details, etc. But here comes a problem. Not all participants in a blockchain trust each other. So, how can they filter who can access their data? This can be done using smart contracts. A smart contract contains sets of conditions that must be met by a user, for him or her to gain trust and enter a blockchain. Once a user meets all criteria, blockchain programs trigger and perform some action.
Consider an example. You must have heard of smart devices. They are regular appliances fitted with sensors and connected to the Cloud. These devices are programmed to operate in a predefined manner if certain conditions are met. For example, a smart glucometer keeps monitoring the user’s glucose level and triggers an alarm when levels rise beyond a certain defined limit. They might also send a message to the user’s physician if a low or high sugar situation arises. Now, add blockchain to this equation.
Suppose the physician stores all patient records in a blockchain and shares its private key with his patients. He will be controlling access to confidential records. Apart from securing his patients’ data in encrypted form, the blockchain will be governed by smart contracts that will control who can access the data. Suppose an invalid transaction is tried, the entire blockchain is alerted and doctor, as well as patient, gets a notification. A smart contract can set a protocol that if an input is valid, access should be granted. Programmed devices will be triggered to perform any action- increase insulin dose, contact emergency room, etc. incredible, isn’t it? No need for manual intervention, no hassle, no delay! The Blockchain concept is more than a bubble. It’s an ocean of possibilities and opportunities. Take a dip and find out for yourself!
Brings clarity, focus and direction to the project
Brings together a multi-functional team together to achieve a common goal
Develops systems and techniques for resources to deliver the vision
Security token marketing requires smart planning. Investors should be able to discover the company at an initial stage.
Therefore, aim to better the results with accurate planning and schematic execution to gain the investors’ trust and reach the target.
Security Token Marketing Services
A team of designers, content advisors and technical expert add creatives for a better explanation of the project and make the owner’s manual more attractive for investors.
The company’s brand plays an integral part in gaining investors to fund the project. It is important to prove the value to the investors and maintain brand integrity of the project.
Maintaining the reputation in the crypto-communities, telegram and other social media channels, thereby, protecting the brand from negative reviews.
The relationship with influencers allows the project to have a voice which will, in turn, drive the target audience to the project. The team includes bloggers, social media stars in crypto-community and Youtube Vloggers.
The content team is a driving force for the project through an engaging and a value-creating content which matches the goals and strategy of the project.
The E-mail service is initiated through newsletters, tracking of the performance through monthly reports and analytics.
The signals received through social media and communities play an essential role in understanding investor behavior. Therefore, creating positive brand awareness and a digital footprint thereby increasing the conversation rates.
These include the leadership team attending as delegates, speaking as visionaries, sponsoring as leaders and exhibiting their future in blockchain & investment related events.
Press Release adds a layer of credibility to the security token. It also includes working with PR distribution agencies to create a compelling story that provides the right overview of the project.
Evaluating the product value created for the investors as well as the company. The value of the offerings to the fund managers must be more than just discounts, rather an investment with long-term benefits.
A right communication strategy is a key to creating and capturing value. It is important that all sources of official communications carry the same message; online & offline.
Analyse the offering among competitors and find the unique selling points (USPs) about customer’s product or service. The USPs tend to attract investors who will take a chance in investing in the company.
The project will be delivered with the team of blockchain and digital assets enthusiasts who will create security tokens on customer’s blockchain. The fully customized blockchain allows the customer’s to be in forefront of security token industry in a safe and secure way.
Effective STO Marketing Strategies is based on Consultation, Research, and Strategizing. These act as a foundation for any solid marketing plan. It organizes and assures positive results with a skilled team of content writers, SEO experts, and brilliant marketers to help realize the vision.
There are many factors involved when considering the development of dating apps like Tinder App. There are various different aspects to the development of online dating apps that can beat Tinder dating app at its own game or at least present some competition.
Now when you start developing a dating app, it’s hard to ignore Tinder. Since it entered the market, it has created a niche out of nothing virtually on its own. There were a couple things mainly that stood out from the rest in making Tinder App a hit amongst youngsters and teenagers alike.
Though it has great interactive design and a lot of functional features, it was its swipe gesture, geolocation feature and match on chat option that made it a hit. Now, it was as inventive as it was user-centered and practical. These are the things that you need to keep in mind as you go along the development of an app like tinder and will decide cost accordingly.
Below is the list of factors that affect the development of your Android app especially one such like tinder and this invariably your costing estimate for the same.
1- App development Platform 2- Backend Development 3- Web Portal Development 4- Q/A testing
When you take into account the above various factors, you get a rough estimate of the cost that would be required to develop an app like Tinder. Further, based on your geolocation and the workforce that you hire and expertise that you require, you can zero in on the total amount.
App Development Platform
There are mainly two app platforms being used worldwide i.e. Android and iOS. Both very popular amongst its users for their own qualities and specifications. When it comes to launching an app like this, it becomes hard how to decide between choosing two platforms.
Ideally, iOS users generate more revenue but that’s compensated by a large number of Android users worldwide. When choosing between one platform or other, you can always choose to go with cross-platform/hybrid apps as compared to native apps to each platform.
Now, native apps take somewhat 200+ hours for android app development and around 250+ hours for an iOS app development. Hybrid apps need approx 350 hours of development time and require more technical expertise which means higher developer cost as well.
With heavy traffic and the database that an app like tinder requires, you must have a fully equipped admin backend technical panel if you are hoping to compete with tinder app on some level. It usually takes around 180-200 hours for an efficient developer to create it.
This backend panel will not help you track down analytics of app users, it will also help you analyze user behavior and latest trends. You will have to keep yourself upgraded constantly if you want to last in a long time.
Note: To make the best out your backend panel, make sure that it has feasible integration with several other tools such as google analytics etc.
Web Portal Development
If you’re aiming big then you need to have some source of your entire database or information repository to which users can refer to via some extension. The cost for developing such an extension depends upon the features that you choose to go with. Generally, it can take 100-150 hours of development time.
Quality analysis for debugging purposes is one of the most important phases in which any flaws left whatsoever are detected and resolved before final release. Due to this stage being highly technical and through, it can take anything between 150-200 hours to be completed. That all is including the app deployment on the app store.
All the above things considered apart, there is also the matter of technical expertise required and resources needed. Most of all, everything can depend upon whether you outsource or hire a team to build your app.
These 4 are the general team members that you will need for a basic dating app:
1 Graphic Designer for about 50+ hours with charges ranging from $25 per hour and above.
1 UX designer for approx 100+ hours with the price per hour starting from $25 same as above.
1/2 programmers depending upon your choice between native and hybrid apps costing $25 per hour and above for native developers and $35 and above for hybrid ones.
1 Quality Analyst for about more than 100 hours with per hour cost starting from $15.
Note: Above is just a rough estimate for the cost of the team members and depends highly upon their technical expertise, experience and the country you are in. Hiring members in developed countries such as America can cost twice or thrice as much as hiring them from a country like India.
Calculating all the above hiring costs and number of hours required from initial development to app deployment, we can put an estimate between $30k-$50k for an average dating app with your basic features. Needless to say, the higher you go in terms of UI, UX, technical features etc, pricing increases with the same.