Securing Health Data with Immutable Records

Protecting the privacy and accuracy of patient’s medical records is a major issue in the healthcare system. There are legitimate privacy concerns and issues with patient’s trust in traditional systems due to their susceptibility to data breaches and manipulation. A decentralized and irreversible ledger is what blockchain technology offers as a solution for the secure storage and unauthorized access of health data. Ensuring the integrity and confidentiality of patient information, every transaction on the blockchain is cryptographically secured.

Enhancing Interoperability and Data Sharing

Fragmented care and ineffective treatment are the results of healthcare providers’ inability to share data seamlessly due to interoperability issues. By eliminating the need for intermediaries and lowering administrative burdens, blockchain technology enables safe and smooth data flow across different systems and organizations. Blockchain technology allows for better care coordination by creating a unified and standardized architecture for data sharing. This ultimately improved patient outcomes and satisfaction. DEFI Development Integrating decentralized finance solutions can streamline transactions and incentivize data sharing among healthcare stakeholders.

Improving Supply Chain Management

Fraudulent pharmaceuticals, theft, and inefficiencies in the pharmaceutical supply chain pose serious threats to both financial stability and the well-being of patients. Since blockchain technology creates an immutable record of every transaction from producer to consumer, it can improve supply chain visibility and tracking. To improve patient safety and reduce costs, stakeholders can use blockchain to trace the movement of pharmaceuticals in real time, verify their validity, and assure compliance with regulatory standards.

Facilitating Claims Processing and Fraud Detection

The yearly loss of billions of dollars due to healthcare fraud is a major cause for concern. Healthcare expenses rise and confidence plummets when traditional claims processing systems fall prey to fraud. By creating an immutable and auditable record of all transactions, blockchain technology can simplify claims processing and make it easier to spot and stop fraudulent actions as they happen. Payers can save money and patients can get better care with blockchain technology that automates claims adjudication and reduces human participation in claims processing.

Empowering Patients with Data Ownership and Control

People worry about their privacy and lack of autonomy because they are not always able to manage their own health data in the present healthcare system. Patients can gain control of their health records with the use of blockchain technology, which gives them cryptographic keys that allow them to securely access and share their data. Patients have full control over their privacy settings in blockchain-based health records, even as they authorize researchers and healthcare practitioners to access certain data pieces. Health outcomes and patient satisfaction are improved as a result of this change towards patient-centricity, which increases transparency and trust in the healthcare system.

How Flexsin is Helping the Healthcare Sector with the Use of Blockchain Technology?

By solving persistent problems with data security, and patient empowerment, blockchain technology has tremendous promise to transform the healthcare sector. Here at Flexsin, we are dedicated to revolutionizing healthcare by using blockchain technology. In order to develop blockchain solutions that boost efficiency, improve patient outcomes, and bring value to the healthcare ecosystem, our team of experts will collaborate closely with healthcare providers, payers, and other stakeholders. With the use of blockchain technology, we build a healthcare system that is safer, more transparent, and focused on patients.

Decentralizing Financial Transactions

Many problems, such as delays, fraud, and cyberattacks, affect centralized banking systems. Blockchain technology provides a decentralized method of conducting financial transactions and eliminates the need for intermediaries and the related costs and risks. A distributed ledger securely records and verifies transactions via blockchain technology, allowing for quicker, more transparent, and tamper-proof monetary transactions.

Enhancing Security and Transparency

Because trust is so important in the financial services sector, security and transparency are of the utmost importance. Financial transactions can be recorded and tracked in a secure and transparent manner using blockchain technology, which makes it nearly impossible for unauthorized parties to change or manipulate the data. Blockchain improved confidence and trust among stakeholders by using cryptographic methods and consensus processes to guarantee the immutability and integrity of financial information.

Facilitating Cross-Border Payments

Problems with lengthy settlement timeframes, complicated regulations, and exorbitant costs are commonplace when making cross-border payments. One possible answer is blockchain technology, which eliminates mediators and allows for instantaneous cross-border transactions between users. Businesses and consumers throughout the world benefit from the increased efficiency and accessibility of cross-border payments made possible by blockchain-based payment networks, which allow financial institutions to settle transactions immediately, decrease costs, and improve liquidity. DEFI Development Implementing decentralized finance (DeFi) solutions can further streamline cross-border payments by providing decentralized liquidity pools and automated smart contracts for instant settlements.

Empowering Financial Inclusion

Millions of people around the world, especially in areas that are underserved or do not have bank accounts, continue to face a major obstacle when trying to gain access to financial services. By creating a decentralized and inclusive financial infrastructure, blockchain technology might help close this gap and eliminate the need for people to use traditional banks, payments, and money management. Financial institutions can reach more people, increase financial inclusion, and empower more people economically by using blockchain technology.

Revolutionizing Asset Management

The digitalization and tokenization of assets, such as commodities, equities, bonds, and real estate, are made possible by blockchain technology, which is causing a revolution in asset management. Financial institutions can boost liquidity, decrease administrative overhead, and fractionalize ownership through asset tokenization based on the blockchain. In addition, smart contracts backed by the blockchain automate asset tokenization based on the blockchain. In addition, smart contracts backed by the blockchain automate asset management tasks like compliance and dividend distribution, leading to more efficiency and transparency in asset management operations.

Improving Regulatory Compliance

The financial services sector relies heavily on regulatory compliance due to the severe regulation put in place by regulatory bodies to forestall illegal actions such as fraud, money laundering, and other forms of corruption. Through the provision of transparent and auditable transaction records that authorities can access and validate in real time, blockchain technology presents possibilities for enhancing regulatory compliance. Financial organizations can efficiently eliminate regulatory risks, streamline compliance processes, and reduce compliance costs by adopting blockchain.

Collaborate with Flexsin to Leverage Blockchain Technology in the Financial Sector

Blockchain technology is revolutionizing the financial services industry by offering innovative solutions for security, transparency, cross-border payments, asset management, regulatory compliance, and financial inclusion. At Flexsin, we are devoted to advancing financial innovation and growth through the use of blockchain technology. Blockchain solutions that increase efficiency, strengthen security, and open up new avenues for growth and prosperity will be implemented by our team of specialists in close collaboration with financial institutions, fintech forms, and other interested parties. Partner with us today and embark on a journey to build a financial system that is safer, more transparent, and more inclusive through the use of blockchain technology.

Enhancing Trust And Security

Improving security and trust is one of the main advantages of blockchain technology for travel. Data pertaining to reservations, transactions, and identities cannot be changed or tampered with thanks to blockchain’s decentralized and unchangeable ledger. Travelers can feel more at ease knowing that this technology can drastically reduce fraud related to bookings and ticketing.

Streamlining Payments And Transactions

Blockchain eliminates the need for mediators like banks or payment processors to facilitate quick and safe transactions. This can result in cross-border payments that are quicker, less expensive, and incur no currency conversion fees or delays. By automating payments when specific criteria are met, smart contracts can streamline difficult reservation procedures.

Improving Loyalty Programs

Loyalty programs can be completely transformed by blockchain because of their transparent, safe, and compatible reward systems. Tokenizing loyalty points on a blockchain allows travelers to manage, earn, and redeem rewards across numerous partners with ease, increasing the appeal and accessibility of loyalty programs.

Enhancing Supply Chain Management

The travel sector is dependent on intricate networks of suppliers that include hotels, rental cars, airlines, and tour operators. Supply chain management can be improved by blockchain’s transparency and traceability, which allow for the tracking of goods’ provenance, the verification of service quality, and the assurance of environmental and safety standards compliance.

Empowering Peer-to-Peer Travel

Peer-to-peer (P2P) travel platforms, which remove intermediaries and lower costs by connecting customers directly with service providers, are made possible by blockchain technology. Decentralized systems for booking rooms, for instance, can help travelers make direct hotel reservations and proprietors market their properties safely.

Facilitating Identity Management

In the travel and tourism industry, identity verification is vital. Travelers may streamline travel procedures by controlling who can access their personal information during border crossings, check-ins, and other contacts with the use of blockchain-based digital IDs, which securely store and manage personal data.

How Flexsin Can Enhance Travel And Tourism With Blockchain?

The travel and tourism industry has the potential to undergo significant transformation, as Flexsin acknowledges. We hope to address problems and improve client experiences by using this technology to develop creative solutions.

Imagine a frictionless, transparent, and secure travel booking platform that is powered by blockchain. By booking lodging, flights, and experiences directly with suppliers, travelers may save money and increase flexibility with our decentralized booking system.

Traveler earning and redeeming of points will be revolutionized by our loyalty program. In order to guarantee openness and compatibility throughout our partner network, we tokenize loyalty points on a blockchain, increasing the value and accessibility of incentives.

Additionally, by putting strong identity management systems in place, we prioritize security and privacy. Through safe data management over check-ins, border crossings, and other travel procedures, travelers can benefit from our blockchain-based digital identification system.

New opportunities in the travel and tourist industry can be unlocked with the use of blockchain technology. In order to give everyone a more seamless, safe, and fulfilling travel experience, we at Flexsin are dedicated to realizing this potential. Discover a world where travel is fueled by innovation and trust by accompanying us on this life-changing adventure.

Now that you have an idea of what NFTs are, you must be wondering what NFT marketplaces are. As its name suggests, an NFT marketplace is a platform built on a blockchain network where you can buy and sell non-tradable tokens. The fact that the NFT market is poised to become a US$ 211.72 billion sector by 2030 speaks about this digital asset’s incredible popularity.

Many companies, from startups to established enterprises, are stepping into the NFT marketplace development. If you are also interested in building an NFT marketplace for your business, we have got you covered with this guide. Here, we will discuss the following:

a)       NFT application areas

b)      NFT marketplace architecture

c)       NFT marketplace features

NFT Application Areas

Real Estate

A parcel of land is unique. So, it stands to reason that the property can be converted into an NFT, which can then be sold to a digital real estate collector. Moreover, if you convert an NFT into a piece of land, you will make sure its ownership is easily traceable. Best of all, legal terms that bind a real estate deal can be coded into smart contracts that would streamline digital transactions.

Artwork

True art collectors need a sense of ownership, and an NFT can give that to them. NFT creators can own a piece of art that they want to sell to aficionados. Moreover, digital artists can use NFTs to connect with buyers directly, eliminating intermediaries.

Gaming

In-game assets – avatars, characters, virtual lands, weapons, etc. – can be turned into NFTs. Most gaming metaverse are already transforming game assets into NFTs to give their gamers and their business models a solid competitive edge. Moreover, gamers can trade NFTs that they may not use anymore.

Ticketing

Confirming ticket authenticity was a big challenge until NFTs entered the picture. From combating speculative ticketing to stopping ticket reselling, NFTs can transform the ticketing sector inside out. Not just that, but ticketing systems following the NFT principles can confirm a ticket’s ownership.

NFT Marketplace Architecture

When you partner with an NFT marketplace development partner, you will get a robust architecture that would have a well-defined frontend system and backend; also, an NFT marketplace would even use different technologies and services as well.

Architectural Components

1)      An NFT marketplace is a web application where users can buy and sell non-fungible digital assets. In general, this marketplace would include a server-side system and a client-side one.

2)      A digital wallet would be required as an online service to help users store their digital funds.

3)      You would need NFT metadata – a description of different digital assets traded as NFTs; the metadata of an NFT would include its ownership detail, creation date, name, and other attributes.

4)      You would need a database storage system that would work well with distributed networks or blockchains. One such database storage system is Interplanetary File System or IPFS. These dedicated systems are focused on storing the metadata of every digital asset (NFT) on the blockchain without consuming a lot of power.

5)      When your NFT marketplace has smart contracts, it would easily assign a unique identifier to every NFT. Generally, every NFT marketplace should come with smart contracts built using the ERC-721 standard. The tokens created on this standard are non-fungible.

6)      The project will also need a blockchain – Ethereum, for example – as a decentralized database that would store data on NFT transactions.

Allied Services

1)      Using Golang to create the backend of an NFT marketplace

2)      Programming smart contracts with the help of Solidity

3)      Ensuring faster blockchain accessibility with a special database – LevelDB

4)      Accessing a variety of storage classes with multiple data volumes using a cloud-enabled database – AWS S3

5)      Providing fast-paced entry to the Ethereum blockchain with specialized services, such as Infura.io (Ethereum is a popular blockchain that helps in storing the identifiers for different NFT assets)

6)      Getting a wealth of information about the cost of transactions with ETH Gas Station

7)      Tracking the price of tradable crypto assets with the help of the CoinMarketCap API

Top NFT Marketplace Features

Here is a list of the most common features that every good NFT marketplace should have. Besides, you are free to add different features to your NFT marketplace, depending on how much you would like to enhance its functionality.

Storefront

NFT marketplaces are similar to e-commerce websites. That means an NFT marketplace will also require an intuitive and attractive storefront. The marketplace’s admin must decide the level of information that needs to be displayed for every file. Just like physical art, NFT buyers would want to understand the authenticity and origins of files. All this will be taken care of by the marketplace’s digital storefront.

Filters

You may have a lot of NFTs listed on your marketplace. But you cannot – and should not – expect your buyers to just find out NFTs without any filtering functionality. When you add a filtering functionality to your NFT marketplace, you will reduce the time your buyers spend on finding any specific asset they want. The filtering functionality must help collectors/buyers sort items by price, artists, rarity, etc. That means adding a filter in the NFT marketplace would enhance the buying experience.

Search

While you are developing your NFT marketplace, you should figure out every NFT file’s scope that would be traded. OpenSea is the most commonly used marketplace for managing any form of NFTs. However, you now have newer marketplaces that zero in on specific niches too. So, whatever kind of NFTs you plan on listing on a marketplace, you would need a marketplace that provides search functionality. No doubt, the search function would streamline the buying process.

Listings

The fact is, every NFT marketplace must offer a positive trading experience to both sellers and buyers. Whenever someone needs to list a non-fungible token, they must be able to do that seamlessly. That is why businesses with zero experience in developing web marketplaces should invest in NFT development services. A marketplace built by experts will offer clear instructions on uploading NFTs. 

Listing Status

Every party in an NFT transaction needs to access process-related details. For sellers, a marketplace can list the data about the number of people viewing their files and bidding during auctions. Similarly, an NFT buyer would like to know whether a file has gone through proper authentication before being listed. 

Auctioning And Buying

When you build an NFT marketplace, you want it to have several features. That is why hiring an NFT developer makes so much sense; a team of NFT developers can bring different selling mechanisms to the marketplace. This way, the NFT buying experience is improved by a wide margin. Like selling, even the auctioning process must be simple for most NFT sellers. Many artists get the best prices for their NFTs only because they performed well-timed auctions. So, a good NFT marketplace must even help sellers perform auctions on time.

Wallet

Every tech-savvy crypto trader will have wallets. Traders with their crypto wallets prioritize the security of their assets. To respect the consumers’ needs for storing crypto assets securely, an NFT marketplace should let them work with their existing crypto wallet solutions.

Ratings

Every NFT marketplace should rate NFT artists and buyers. That way, a marketplace would help set the authenticity of an NFT buyer as well as a seller and prevent anyone from getting short-changed. Most NFT development companies make sure marketplaces come with a strong and unbiased rating mechanism backed by smart contracts.

Building a feature-rich NFT marketplace is no easy task if someone does not have a strong technical skill set. So, it is essential for businesses with fewer technical capabilities to look for a trusted NFT development company – a partner with deep expertise in NFT marketplace development.

Flexsin: An NFT Marketplace Development Partner

At Flexsin, we have a team of developers with expertise in building a robust NFT marketplace. From NFT marketplace maintenance to NFT marketplace development, we offer end-to-end solutions for every stage of the project life cycle. We have the capability of building your next NFT marketplace on different blockchain platforms – Hyperledger, MultiChain, Ethereum, EOS, TRON, AWS BaaS, etc. Connect with our developers today and make your vision of an NFT marketplace a reality.

Federated blockchain is the leading trend in the industry which is controlled by multiple organizations instead of one which can control the pre-selected nodes of the federated blockchain. The selected group from various nodes can validate the block in order to process the transaction further. Another emerging trend is BaaS or blockchain-as-a-service, which is a cloud-based service that enables the network participants to own their own digital products on the blockchain. BaaS leverages cloud-based solutions to build, host and use custom-made blockchain apps while the service provider handles and manages all the essential functions required to keep blockchain infrastructure operational and agile.

Technologies used in blockchain development

Most of these products are smart contracts or applications. Microsoft (Azure), Amazon (AWS Amplify) and SAP are among the leading developers of BaaS solutions. Blockchain interoperability provides the users the ability to share data and other information across multiple blockchain systems as well as networks, cross-chain transactions and multi-token transactions. For example, the users can transfer data from a specific Ethereum blockchain to the EOS blockchain. Hybrid blockchain operates in a closed system, hence every piece of information on the network remains secure. Recardian contract is a human-readable smart contract that gets converted into a machine-readable contract that defines the listed intentions of both the involved parties.

Blockchain is finding widespread applications across a variety of industries including insurance, loans & credit, wills & inheritance, hospitality, infrastructure, 3D printing, construction & architecture, e-commerce, agriculture & mining, crypto exchanges, internet identity and DNS, business & corporate governance, crowdfunding, and more.

Popular blockchain development languages

Solidity is one of the most popular languages used in blockchain development which is designed to target the Ethereum Virtual Machine or EVM. It is statistically typed, supports inheritance and complex user-defined types. Solidity supports OOP paradigm, and is used for smart contracts by the blockchain developers who can write applications that can execute self-enforcing business logic embodied in smart contracts. Solc (Solidity Compiler) is a command-line compiler written in C++ that converts Solidity scripts into a more readable format for the EVM. Solc is coded in C++ while Solc-js uses Emscripten to cross-compile from the Solc source code from C++ to JavaScript. Solc comes natively with the most Ethereum nodes and can be used for offline compiling.

Remix IDE is a browser-based blockchain tool which is written in JavaScript for deploying smart contracts written in Solidity. It can be used to seamlessly connect to the Ethereum blockchain through Metamask, which is a wallet designed to function as a bridge between Ethereum blockchain and a browser. The software platform allows you to serve Ether and other ERC-20 assets while also letting you to interact with Ethereum Dapps (decentralized apps). Truffle is an Ethereum blockchain framework which is equipped with a vast library that provides custom deployment for writing new smart contracts. Ganache is a blockchain from the Truffle Suite that allows the developers to create their own private Ethereum blockchain to test dApps and execute commands.

Developing blockchain capabilities for you

Whether you need a prototype or a production-ready platform, the expert of Flexsin’s blockchain development team can help you leverage the benefits of blockchain. The experts at the Flexsin blockchain development company will evaluate the potential blockchains for your project, including Ethereum, EOS, Hyperledger, Tezon, NEO, Qtum, and more, and choose the best fit for your applications. Flexsin blockchain development company’s capabilities include blockchain deployment and development, enterprise native mobile apps, smart contracts, web platforms using Elixir, Phoenix, and serverless architecture, innovation in blockchain, blockchain and internet of things (IoT), privacy, security and identity in blockchain, and more.

At its core, blockchain is a distributed ledger that is built on peer-to-peer technology and is usually decentralized and open to all. In the world of blockchain, anyone can verify the authenticity of a transaction as it gets stored in an immutable and time-stamped ledger. All the transactions get stored using state-of-the-art cryptography algorithms, and every node preserves a copy of the ledger so that no party can tamper with the data at any point.

Blockchain’s primary feature is privacy, as the transactions on any blockchain can be anonymous, given that the entity has not exposed its government identity to the platform. That is why privacy-prioritizing blockchain has become a boon to the community. At the same time, blockchain continues to be a bane to the authorities, including intermediaries.

Also, blockchain enables its users to define the level of access each one of them will have over data and actions running on the network. This way, blockchain empowers its users to exchange its data between only those entities that are part of the transaction. No doubt, blockchain has taken the world by storm and has successfully transformed the way businesses operate. To help you understand the inherent power of blockchain, let us take a look at the top four use cases that are revolutionary in every sense.

Real estate tokenization and transfers

Most investors – even the most conservative ones – consider real estate to be safe to fetch the best returns. An ideal way of protecting capital is when someone invests it in commercial premises and apartments. Nonetheless, most investors may not be able to invest in a sizeable amount of capital that most of them may find unachievable, to begin with. But blockchains, especially real estate tokenization, make it possible.

With smart contracts, Ricardian contracts, and more, many real estate startups – such as Propy, ClickToPurchase, etc. – are trying to eradicate the mundane processes and paperwork involved with real estate property transfers. Whereas startups like Solidblock, Uvas, etc., have started offering seamless tokenization services for real estate assets using crypto tokens.

Issuance of healthcare and educational documents

With self-sovereign identity (SSI) and many other techniques, the centralized databases of education and healthcare systems get more strengthened and robust. For example, a healthcare database usually includes patient records such as certificates and reports. When the healthcare or educational databases are built over blockchain, the users – including patients and students – get their docs issued directly to the user’s ID wallet ap in a decentralized fashion.

On top of that, the documents can also be verified by a third party whenever required. In this way, students or patients with their records stored in decentralized educational or healthcare databases enjoy a benefit. It is that these users will not need to handle a huge stack of papers whenever they visit a doctor or an employer who needs to see their records.

Verifiable product provenance

With a blockchain-based record of the product’s origin and every change of hands, the user can stay assured that he is purchasing the original one. Most savvy producers use blockchain-enabled platforms to help their consumers and other targeted audiences understand the origin story of their product and its quality. These producers use blockchain to offer key details of the supply chain alongside the existing certifications.

That is why blockchain-verifiable product provenance is advisable while administering critical drugs or running clinical trials. This way, the data related to patients’ behaviors and the drug they got administered is always stored in an immutable fashion for everyone to see. Many businesses – such as Infinite by Suku (Running on Hedera Hashgraph, a competitor of blockchain) and Nike’s Cryptokicks (Running on the blockchain) – are sharing non-fungible tokens (NFTs) of the product identifier. Besides, businesses harness blockchain capabilities to provide accurate information with actual products so that whenever they change hands, the NFT gets transferred, too, confirming that the product is genuine.

Man-in-the-middle – go, go, go away

The early marketplaces were invented way back in the 16th century. During that time, citizens, brokers, and moneylenders would visit a specified physical location to sell and buy goods and to do business dealings. These physical locations usually included city squares where provisional governments were set up to settle debt issues and where trade activities happened.

With time, these exchanges involved middlemen. That is what we see today when two parties engaged in a transaction will have to visit an intermediary. That intermediary used to govern the authenticity of the transaction – and in return, the intermediary charged a hefty amount from both the parties.

This, however, changed with the advent and adoption of blockchain.

Imagine your worldwide transfers getting settled in a few moments – Ripple. Imagine getting paid automatically for the artwork every time it has got resold without queuing up outside the art gallery or making a new one or both – NFT platforms such as Opensea, Rarible, and Wazirx. Imagine being able to check the payments made with your donations by an NGO in a verifiable format! You do not have to imagine all that anymore, as these use cases are already running in a near-perfect fashion using blockchain.

Now, go back to your thoughts and write –

• Blockchain is not overhyped.
• Bitcoin is not a get-rich-quick scheme.

Convinced about the potential that blockchain can help unlock or still need more understanding? Give us a holler for blockchain development solutions and for meeting your enterprise-class blockchain consulting requirements. Call +1.844.3539.746 or email to: info@flexsin.com for more details.

The result:

• Distrust
• A billion people without any identity
• Bureaucratic failure
• Corruption
• Mounting losses
• Fraud
• Long queues for the basic rights

What if all that can get prevented by distributed ledger technology, decentralized identifiers, a bunch of cryptographic algorithms, and a few million dollars?

That’s true. It can get done. And what’s better than the public-permissioned Hedera Hashgraph running on the most secure Asynchronous Byzantine Fault Tolerant (ABFT) algorithm, which is mathematically the best in Distributed Ledger Technology (DLT).

Hedera network is extremely fast, scalable, incurs a low cost, and offers a great interoperability scope while storing fungible & non-fungible tokens along with sensitive files in a transparent, data compliant, robust, and smart system that boasts of a private ledger with the public trust.

From gaming to healthcare, from education to real estate, from governments to small-scale entrepreneurs, Hedera is already making some serious heads turn at the global stage while following Proof of Stake technology among its 39 governing council members hosting Hedera Mainnet nodes. The native cryptocurrency is HBar, which is worth roughly 18 cents when writing this blog.

Coming to SSI, Hedera’s objective is outlined as bringing credibility to credentials using decentralized identifiers while making the process of creating, issuing, and revoking credentials, fairly simple.

Also, the lifecycle and logs related to a credential get recorded in an immutable fashion, which is imperative for legal and administrative purposes while mitigating any looming crisis.

In case of any fraudulent access from inside or the outside, the credential can get revoked with finality in a split second, which is almost superficial when compared to tortoise speed of Bitcoin blockchain, i.e., 7 transactions per second (TPS), and Ethereum’s 15 TPS, whereas in Hedera, it is 10-100K TPS with fees well below a dollar.

An important fact to mention here is that Hedera’s DID framework got built as per the W3C standards; hence, the process of digital credential management becomes straightforward without friction, and thus the issuance, revocation, and verification could get done in a few moments.

Subsequently, the credentials and Hedera network can get used to club sections of individuals as per their skill set to assign roles, responsibilities, and power.

The ID wallet type can be non-custodial or custodial depending upon the business requirements; however, experts recommendation is to use a non-custodial wallet as a custodial wallet holds the keys of all the users and is vulnerable to hacks or data thefts — whereas, in non-custodial wallets, keys get distributed amongst the users, thus, hackers will have a hard time carrying out the attack.

The revoking right for credentials stays unaffected by the wallet type and always rests with the issuing authority.

With SSI over Hedera, users have the control of what to share and who all can see their data, and verifiers can stay assured that the credential is authentic, validated by the hash of the original document stored over the Hedera network and the attestation provided by the issuing authority attached as a signature or stamp or both.

All the documents shared across have public-private key pairs associated with them to ensure that only intended receivers can view them.

SSI can bolster efforts in multiple industries such as -

Healthcare 
Verify credentials of a new joiner and issue documents to the patient and staff wallets

Information technologies 
Easily manage data and give/revoke authorization accesses

Gaming 
With Hedera, no centralized control on your game winnings or in-app purchases; the power lies with the user as it should be.

Education 
Perhaps the most evident use case of SSI, giving students privilege to access and share credentials on the go and universities appropriate rights to award or revoke them

Why Hedera?

As per the Hedera website, their open DID specifications & Consensus Services provide developers necessary tools to handle credentials through their entire lifecycle in a standard, secure and privacy-respecting fashion.

Apart from that, we have already seen that Hedera is super-fast with low latency and guaranteed finality within seconds. It also follows the best security algorithm and keeps the logs of key events in a credential’s lifecycle.

REGULATORY COMPLIANCE

Embed KYC into the platform, share data with the authorities, freeze assets, and a lot more; Hedera is clamping down hard on the shady areas in crypto & DLT, one fraudster at a time.

Enterprise chain without centralized control is what Hedera offers. E.g., its use-case in the supply chain system is quite astonishing (product provenance, track & trace, timestamping, fair transactions ordering, etc.).

Also, interoperability with Hedera and other CRM, ERP, and other software is remarkably simple, and migration is even more so. Hedera can get connected to Hyperledger Fabric or R3 Corda.

Hedera Supremacy

• The data has verifiable timestamps
• The data is tamper-proof
• The transactions reach finality within moments, so one can rest assured that all are looking at the same data.
• Auditable and legal complaint network

Scaling Decentralized Identity

Both interacting actors can verify each other’s decentralized identifier (DID) over the DLT by retrieving the identity metadata for validation.

Most of these metadata have been previously written or are almost identical to another; hence they take less time to be read, e.g., University credentials, whereas when it comes to the Internet of Things (IoT), the data is enormous as each associated device may have separate DIDs and a significant logs/events history.

The identity lookups can get done by sending a query to the DLT node, which allows many subsequent reads without a significant load on the system if the identity has been written to the DLT, ensuring great throughput. E.g., A University issuing a credential on the DLT node which the student can share with multiple HRs.

These simple transactions can easily get handled by any blockchain framework, however, when IoT and huge data chunks along with frequent read/write mechanisms are involved, like in the case of IoT wherein it happens a lot, other DLTs won’t be able to efficiently support such transaction volumes as the data gets stored on the DLT itself, putting a significant load on the system architecture.

On the contrary, the Hedera Consensus Services (HCS) works on a model wherein identity metadata, e.g., Public keys, credential hashes, DID Documents, etc., are not stored on the Hedera mainnet nodes. Instead, they flow through the Hedera network to the connected computers on a business network, which helps prevent bottlenecks in the Hedera network as network nodes are not writing to the disks, courtesy of HCS.

Hence, Hedera network nodes focus only on the timestamping and the ordering of the transactions and assisting in the process of storing and updating the identity metadata on business network nodes. With this, Hedera network nodes can process transactions in the range of 10-100K TPS, while the business network nodes — without having to contribute to HCS can safely store, delete and update the data as per the commands.

Standardization

Decentralized identifiers (DID) and the associated DID documents get managed using HCS messages. The participants over the Hedera network create, delete and update the DID documents based on the HCS messages submitted to that topic. These messages and the corresponding DID documents they carry are then timestamped and ordered by the network before they flow out of the network aided by mirror network (nodes) and into the business nodes of a partner network. The Relaying Parties (RPs) utilize the business network to resolve identifiers into associated DID documents.

In case of revocation, whenever a credential is revoked by the issuing authority, the query to read the same will fail, as the hash of the document that was previously stored on the business network would have been deleted by now.

Java DID SDK

Hedera has created an open-source Java DID SDK, which abstracts away the CRUD operations (Create, Read, Update, and Delete) and aids with integrating the messaging patterns mentioned above for DIDs and verifiable credentials using HCS into your app or framework.

The DID SDK serves as an extension to the existing HCS features offered by the Hedera Java SDK while adding the functionalities to record the issuance of a verifiable credential, revocation of a verifiable credential, etc.

HCS Components (Terminology)

• Client (Hedera) – It sends the transactions to a Hedera network node for consensus. The types of transactions may include creating, updating, accessing, or deleting a topic and submitting messages.
• Hedera network node – It receives transactions from the client and submits them to the Hedera network for consensus.
• Mirror node client – It subscribes to a topic to receive messages from a mirror node in the consensus order.
• Mirror node – It receives information from network consensus nodes but does not act as a participant in the consensus itself.
• Topic – It is the information’s subject that an entity would send messages to, and the clients will subscribe to
• Message – it is the content that gets published on the network of Hedera to that specific topic present in the consensus order.
• Subscriber – It is a client who desires to subscribe to a specific topic to be able to receive inherent messages
• Publisher – A publisher can publish messages onto the specific topic

HCS Flow

• Generate a topic after having submitted the transaction from the Hedera client to the network node
• Mirror node client then subscribes to that topic from the mirror node
• Publish that message to the topic by submitting the transaction for consensus from the Hedera client to the Hedera network node
• The mirror node client then receives the message from the mirror node that got published to that topic.

The API used for consensus is the Hedera Consensus Service API, which does verifiable timestamping and ordering of the events for an app or the permissioned blockchain framework.

The major reason why permissioned blockchains and DLTs such as Hyperledger Fabric or R3 Corda are unable to deliver the expected results when it comes to enterprise blockchain is that most of the parts are siloed (isolated) with complex centralized architecture for transactions ordering, hence despite being low in cost, privacy-respecting, and flexible in a larger sense, they still lack the layer of public trust that is pivotal to web 3.0.

HCS, on the other hand, works like a consolidated trust layer for any app or permissioned network that allows for the propagation and generation of verifiable and immutable logs of messages. These messages receive a trusted timestamp & fair ordering once they get submitted to the Hedera network for consensus. Hence an equitable inter-mix of permissioned DLTs and Hedera is always considered fulfilling in every sense.

HCS has many applications in the real world scenario, such as – track and trace assets in the supply chain, generate auditable logs of crucial events in the advertising landscape, decentralized ordering services, etc.

It is also worth noting that apart from being able to perform many transactions within seconds with guaranteed finality, a single HCS message currently costs only $0.0001 whether used standalone or in combination with a permissioned blockchain. With Hedera, the entities only pay for what they submit minus the extras.

Hedera network has caused a ripple effect in the market, and almost every third of all the Non-fungible tokens (NFTs), Decentralized Finance(DEFI), and Decentralized Apps (DAPPS) projects are thinking of relying upon Hedera instead of other DLTs, as it is fast, secure, public and also offers an extra layer of security via encryption-decryption method for particularly sensitive messages.

The best part is public can view the digital media using the Hedera network and be assured that it is genuine in every sense.

We can understand if it’s a lot to take in at once, which is why we have expert Hedera Hashgraph consultants on the panel — who will help you understand, develop, and deploy not just SSI but any project on the Hedera network, given that it is feasible.

Call +1.844.3539.746 or email to: info@flexsin.com

Unfortunately, it will not take long for you to realize that you just dumped your precious ETH into a scammer’s wallet. You forget the incident, labelling it as a norm in the crypto world, and then you come across a P2P crypto-run marketplace involving smart contracts that get immediately executed when you purchase a physical asset over it; sounds futuristic?

Wait until you get to know that the person selling that asset does not actually own it.

What is the solution?

Ricardian Contracts; but before they came into the picture, people floated the idea of having an application read the code in smart contracts and display the meaning in the human-readable form to the user dashboard so that users will at least get a first-hand understanding of what is going to happen on the distributed ledger.

All was going well except for the following two issues:

• The app associated with the platform may show false data to the user for undisclosed monetary gains from the platform
• Even decentralized apps were not smart enough to read the actual transactions happening on the blockchain.

So the issues lingered on, and everyone who once thought that smart contracts are poised to make data collaboration between various agencies easier and faster took a backseat. Also, establishing the provenance of a product in the supply chain industry using smart contracts was debated for a while, without ever being introduced to the real world.

The uninitiated beings in the smart contract space can take it as an agreement happening between two or more parties that executes the given set of instructions. E.g., your access card to office premises or key card for the hotel room, wherein they are pre-defined by a set of code linked to a database; the only difference is that the data this time would get stored in an immutable fashion on a blockchain (Distributed Ledger Technology).

The data will remain accessible for an eternity and will perform some pre-defined tasks as per the set of conditions. E.g., imagine a person selling an NFT artwork on a marketplace and mentioning 3% as the royalty fees, which they will automatically receive whenever the artwork gets resold, all thanks to the smart contract.

Smart contracts can implement a complex set of instructions in an immutable, autonomous, and automatic fashion. Although they offer a great value proposition, they still lack one crucial aspect of any contract, i.e., a legal framework, since it is an agreement that has been written as a code but not the actual agreement.

Now, what would happen if there was a way to store an actual legal contract over the blockchain, which can be read by the people before falling into the traps of fake ICOs and Ponzi schemes? That’s where the Ricardian contract comes into the picture!

Ricardian Contracts: A Brief Introduction

Essentially, a Ricardian Contract is a legally binding contract that both humans and machines can read. This means that it is a legal contract written & deployed by a lawyer and can be produced in front of a judge when a dispute arises.

One of the frontrunners in the crypto world, Ian Grigg, in 1995 proposed Ricardian contracts with cryptographic signatures to bind individually contracting parties in a legal fashion. Each part of the Ricardian contract can be hashed and stored on the blockchain so that altering them without the knowledge of the parties involved becomes impossible, making them arguably secure.

The contract follows Ricardo architecture laid down by Systemics Inc., which derives its name from the British economist David Ricardo.

Ricardian Contracts: How do they Work?

Let us take the example of a smart contract involved in a real estate exchange. If a person decides to sell a house — the ownership will get automatically transferred to the buyer once the seller receives the funds. Now, let us see how a Ricardian contract would make it happen.

Firstly an Oracle (Verifying entity, in this case, government office) will check whether the person is the current legal owner of the real estate or not.

If that’s true, then the next step would be to find if any debt is associated with the real estate or not?

If it is a yes again, then that debt will get paid automatically to the bank or the lending entity.

Once done, ownership transfer of the asset will happen while following the due process of the law, resulting as the conclusion for the entirety of the interaction.

A major example of a platform using a Ricardian Contract was OpenBazaar (A P2P marketplace that recently got shut down as they ran out of donations), wherein they have named Ricardian Contracts as “Trade Receipts” to safeguard the interests of sellers, buyers, and the platform concerning legal framework.

Quite recently, EOS blockchain, developed by Block.one, has launched a Ricardian Contract that looks promising as Ian Grigg himself is a partner in Block.one. Also, the EOS network actively promotes Ricardian contracts for agreements made on the EOS blockchain.

EOS offers a Ricardian contract, built using two modules:

• Ricardian Contract Specifications
• Ricardian Template Toolkit

The Ricardian Contract Specifications is a common set of specifications that help the developers prepare the contract while conforming to the guidelines, which using the Ricardian template toolkit, validating user-agents can validate.

All the resources associated with the contract should get hashed using the SHA-256 algorithm so that the validating user agent can check whether the content of the agreement at the original URL is original or not.

The contract is written using the English language with the JSON template for adding metadata, the formatting gets done via a subset of CommonMark/Markdown, and variable substitution gets carried out with the aid of Handlebars.

With that, you can rest assured that you are sending your tokens to the right entity, an app is not misleading you in any sense, and no one can defraud you with fake ICOs, phishing attacks, and Ponzi schemes.

Before Ricardian Contracts, users were at the mercy of authenticators (wallets) or apps to determine what the smart contract actually means and what will happen on the blockchain once it gets executed. Thankfully, it will not be the case anymore.

So now, smart contract developers can create and test easily understandable Ricardian contracts that the users can read and agree to, and the authenticator developers can render the contracts.

E.g., Ricardian Contract Specifications can get considered analogous to HTML specification, whereas the Ricardian Template Toolkit works like the browser that renders those documents that conform to HTML specification.

So, the data collaboration and legal compliances that we missed with smart contracts form the pillar of Ricardian Contracts, providing a great sense of relief. Even more so, they are a lifesaver in decentralized apps (dapps).

Additional Features of the Ricardian Contract:

• Reference to the Hash

Once the contract gets signed cryptographically, it starts referring to the hash. E.g., if there is any financial activity involved, it will have to be applied to the hash of the contract with the consent of the paying parties.

• Hidden Signature

The contract gets signed using private keys, and the hash of the same gets utilized to attach the hidden signature to the agreement.

Ricardian Contracts: The Road Ahead

The Ricardian contract is still in its development phase, and the awareness related to the role of the issuer and arbiter has to be shared more often than not on the public platforms. (E.g., who do we go to in case of fallout?)

Still, as far as the definition of pre-agreed and pre-defined agreements goes, they suffice the original intent of being adequately legally binding to be invoked in the court of law.

However, let us see who comes up with the possible ways to customize the contract to follow the laws of every state in consideration.

Meanwhile, we can help you with most of your projects (if not all) related to cryptocurrency, blockchain, hash graphs, and whatnot. Do not forget to give us a holler. Call +1.844.3539.746 or shoot an email to info@flexsin.com

Eventually, they figured out the way.

NFTs (Non-Fungible Tokens)

Unique, distinguishable tokens with proof of ownership stored over a blockchain, usually Ethereum!

Fungibility means that one piece of a financial instrument is identical to another instrument of the same kind & same value and can be used interchangeably.

Just like a currency note of $100 getting exchanged between Harry Potter and Ron Weasley in the muggle world

But their wands and broomsticks cannot be exchanged in the wizarding world because they are non-fungible.

So, it depends on the creator to make only one Nimbus-2000 or hundreds.

And in the blockchain world, they will all be stored in a verifiable time-stamped fashion. To put it plainly, the scarcity & popularity of NFTs drive their value upward.

You can sell and breed virtual kittens like Cryptokitties, list tweets for sale, Pokémon cards, digital art, song, videos, and whatnot? (Original www code is now minted as an NFT too, just putting it here for no good reason!)

No doubt, most of these files are available on the internet, and you can just go and copy-paste or download them, but owning the real thing is very much ethical while also providing a sense of ownership, not of a user.

So, if you are to own an NFT created from the collage of pictures captured by Nasa’s Perseverance Rover, then you might not actually own a piece of Mars, Rover, or Nasa for a fact, but you will surely earn yourself a place in the history.

To put it more bluntly — an NFT gif of a fungible token DOGE has been recently sold for just a shy of a million dollars, and an NFT of the iconic DOGE: The Shiba Inu Dog had been sold for a whopping (1696.9 ETH), roughly $4 million at that time.

So, as you can see, it is time that the power rests with the creators again, not the platform.

With NFTs, creators don’t have to post their content on stupid platforms such as Instagram and pride themselves with the audience in revenue, not real money.

Also, agencies, middlemen, and so-called custodians of art (Galleries) can all take a backseat as they don’t call the shots anymore. So no longer withheld payments for 90 days and follow-ups! Also, creators can earn loyalty whenever their work gets traded on the blockchain. So their incomes need not be limited to the initial sale.

With NFTs, get paid to do what you love, instantly.

NFTs get stored on the same blockchain that fungible tokens do, only the coding standard is different; for the Ethereum Smart Chain, it is ERC-721, for the Binance Smart Chain, it is BEP-721, for the TRON Blockchain, it is TRC-721. And for fungible tokens, it is usually ERC-20 (Like ETH) and replicas.

The coding standards ERC-721 and ERC-1155 are built as the successors and superior to the ERC-20 standard and can store more information than the latter.

Also, there can be a scenario in a game or something, wherein some of the collectibles in the game are fungible tokens like in-app coins & arrows, and other collectibles are non-fungible, like avatars & swords, then usually ERC-1155 and BEP-1155 protocols get invoked.

Naysayers always say that why put so much money into something that will only stay virtually and is susceptible to hacks, then let me remind them that their fav painting can get stolen too and the money that they pride sitting as a number in their net banking page also gets stored in a centralized bank, wherein thefts, bad loans, and other scenarios always find a way.

So, in my opinion, you should pay for an NFT, just like you pay to watch a film whose pirated download link is available on Telegram hours after its release. That’s how you incentivize the creators and pay your respect, not by downloading and passing it as one’s own or bragging in front of your friends for the meticulously smart heist that you were somehow able to pull off.

No matter how regular it has become and whether we give credits or not, it’s still not right.

If you like something, then pay for it; as simple as that!

Also, the original paintings of Picasso are worth millions, whereas its replicas are worth peanuts. So yeah, ownership matters; consumption, ahh, not so much!

Let us now look at how Artists and buyers are interacting with NFTs -

Artists

Let us assume that there is a brilliant avatar that you have created, now put it up for sale along with the royalty percentage that you want for the event that this piece of art changes hands; the platform such as OpenSea, Rarible will take a small fee, i.e., 2.5%, and boom, you hit the jackpot. No beating around the bush.

I’m a buyer

Own a verifiable piece of work, use it or trade it for a better price in whatever fashion you deem fit. And most importantly, pass it off as your own.
Remember, it depends on the creator to mint a standalone work or a bunch of these in one shot; afterward, even they won’t be able to mint the same again and list the same for grab.

The major challenges that NFTs currently face are lack of awareness and intrinsic value proposition, which we have associated with commodities, courtesy, our years of futile academic credentials.

People still raise eyebrows when someone pays some dollars for a piece of a picture on Getty Images, so imagine the frustration they will have when that goes for millions on the blockchain.

Hence, the easiest comeback is that NFTs are for ultra-rich who are putting up a price on something, which is practically not visible to the naked eye.

Bitcoin faced the same criticism, and look where we are now; a trillion-dollar crypto ecosystem.

Nevertheless, some are even making NFTs of something, which they don’t even own as the artist is blockchain-challenged, unaware, or doesn’t care.

E.g., Making an NFT of a small section of a YouTube video without obtaining permission from its creator; when the section gets sold on the blockchain platform, the original creator would not be able to know why a certain someone owns a part of his video, without ever giving him any money.

Hence, make sure that the seller owns the piece of NFT and original creation by performing basic background research before clicking on purchase.

So far, we have learned that NFTs can be anything, from digital land to artifacts, from crypto kitties to newspaper articles, from tweets to music videos, and more.

However, one problem is persistent; NFTs come down hard on the environment, be it high electricity uses or significant greenhouse gas emissions, which is why many people are still hesitant to use them.

Developers are trying to fix that with each passing day; let us see the amount of success that they get.

Also, bit rot (Code becoming obsolete and hardware and software cannot interact with that), blockchains & websites going down and forgetfulness related to private keys, and many other factors come into play, so all I can say is that there is a lot of scope for evolution in the NFT space for now.

However, an important fact to consider here is that physical commodities face wear & tear issues and n-number of times, transportation issues too; here, it’s all done using a bunch of clicks here and there.

Also, there are attempts by several big players to link NFTs to physical objects to establish provenance records.
Nike’s CryptoKicks running on blockchain and Infinite by Suku using the Hedera Hashgraph Network are pioneering examples of innovation in that space.

Irrespective of whether the NFT gets deployed on the Ethereum Blockchain or Hedera Network for that matter, it can be traded on an exchange using the supported cryptocurrencies, not only with native currencies like ETH and HBar.

As of now, it’s best to buy an NFT using a non-custodial wallet such as MetaMask and let the bids pour in.

If you wish to create an NFT, then we can help you with that. We are eagerly waiting to hear from you @ our calling number +1.844.3539.746 and email address info@flexsin.com

To begin with elastic supply tokens, we need to know why there was ever a need for them and the sector they belong to, i.e., Decentralized Finance.

The Decentralized Finance (DeFi) ecosystem is evolving with each passing day as people interact freely in a peer-to-peer fashion without the requirement of an arbitrator, permissions, trust in each other, and putting their money into strange hands, such as central banks.

The blockchain-powered decentralized financial services get governed on the set of codes known as smart contracts, which plenty of times allow people to have a passive income by yield farming — essentially a staking protocol wherein lending crypto helps you earn crypto as a fee for your generosity.

With the pool of money, flash loan borrowing also becomes relatively easy, without any collateral.

It is almost like you ask somebody for crypto assets, use them for whatever purpose you deem fit, slide the profit into your pocket and repay the loan. However, if there is ever a loss, the transaction never did happen at all. The code written in smart contracts, usually on the Ethereum blockchain, takes care of that.

Now, all the belief around crypto as a replacement to fiat currencies is that the supply is fixed in most cases — like Bitcoin — there will never be more than 21 million BTC in total, and the block mining reward which stands at 6.25 BTC after 2020 halving will be further reduced to 3.125 in 2024 and 1.5625 in 2028. (4 years gap)

It helps keep the financial instruments scarce, thus propel the demand-frenzy, which drives the market upwards as everybody HODLs instead of cashing out.

In these volatile settings, people got the idea of creating stablecoins like Tether that get pegged against a fiat currency, usually a dollar, to keep its value stable.

Imagine, instead of pegging the crypto with a fiat currency, we could change the supply after a period to bring its value to the targeted price. This was the idea behind inventing elastic supply tokens — not eradicating volatility but minimizing it without depending upon any fiat asset.

What are elastic supply tokens?

Elastic supply tokens, also known as rebase or algorithmic tokens, work on the fundamental concept of demand and supply that when supply increases, the value of an asset comes down, and vice versa.

Rebasing is the process of changing the circulating supply to accommodate volatility, usually after 24 hours depending upon the Time-Weighted-Average-Price (TWAP).

Suppose you have 100 elastic supply tokens whose targeted value is $1 each. If the price goes up, the supply would also increase, which means that you will have more tokens in your wallet, but due to an increase in supply, their demand would come down — hence the price will start decreasing to reach the target rate. During the process, the percentage of overall supply you own will remain the same.

Conversely, with prices going down, the supply would decrease, which means that you will have fewer tokens that are individually worth more than before.

Is investing in elastic supply tokens a low-risk gamble?

No. Although they aim to mimic fiat-backed stablecoins, their change in pricing is pretty wild.

Ampleforth (AMPL)

Check out the below data from CoinGecko about the Ampleforth (AMPL) elastic supply tokens v/s USD -

As it’s evident in the graph, the APML price, intended to be $1 for the lifetime, went from $0.22 to $3.83 in a short span of seven months thanks to the liquidity mining campaign known as Geyser —making it more popular than ever.

To put it in layman’s terms, you will earn big if the prices go skyrocketing; however, the other side of the token price is not at all amicable.

Making the matter even more exciting — there is an Ethereum-based token named Digg, which aims to mimic the price of BTC. Adding another drop to the pool filled with people latching onto the popularity of what many believe is the one-true-crypto-savior-of-all-time.

There are many other players in the rebasing space, such as

• Base Protocol (BASE)
• Yam Finance (YAM)
• DeFi 100 (D100)

Workings on a similar model, more or less; let us have a look at them -

Base Protocol

The BASE token considers the entire cryptocurrency market as one and is pegged at a ratio of 1:1 trillion of the collective market cap.

Truly one in a trillion and uniting the families of cryptos under one umbrella;

So, if the market cap is $1 trillion, its price would be one dollar. And in case the former reaches the milestone of $2 trillion, its price would double.

The idea behind all these elastic supply tokens is to create a synthetic asset whose price correlates with another asset(s) to moderate the supply to achieve the desired price.

Yam Finance

Yam Finance is an initiative backed by the community of Yan token HODLers who believe in the $1 target price, yield farming, and decentralized governance.

In the recent past, Yam achieved a value of 600 million dollars locked in its staking pools within two days before facing bugs in its rebasing mechanism that rendered more tokens than planned.

Ultimately, the community came together to fix the issues and relaunch the project — which is working seamlessly — as of today.

DeFi 100

The primary difference between Base protocol and DeFi 100 is that the former considers the entire crypto market, whereas the latter is concerned with only its league, the Decentralized Finance (DeFi) market.

DeFi 100 is pegged at 1:100 billion of the aggregate valuation of coins & tokens in the DeFi sector.
It is created on the Binance smart chain.

All of the elastic supply tokens that we had discussed so far offer a yield farming feature, allowing their holders to earn a passive income in other currencies or tokens by staking crypto assets into a pool.

Parting Thoughts

Getting more involved in the learning of the DeFi sector is a must before venturing into the new territory.
Sure, there are overnight millionaires, as we have seen with Doge, but the losers seldom get a mention.

The value proposition offered by rebase tokens is probably worth it, but its future is still under speculation as every nascent idea faces many hurdles before actually becoming promising.

So, if you are planning to build a project around them, then first consult with one of our blockchain experts. Call +1.844.3539.746 or email to: info@flexsin.com

Blockchain provides organizations with instant audibility, trust, smart contract, security and transparency to revamp their operations and digitize their operations. The technology components underlying the blockchain system include trustless computing, smart contracts and network security. With the introduction of smart contracts, an organization can be autonomous, based on the auto-execution of codes as participants need not worry about the trust issue. These features are in-built on the network security itself. Once data is sealed within a block, it cannot be changed retroactively. This not only includes financial information but anything of value.

Shifting from centralized to decentralized internet

While cryptographic technologies underpinning blockchain have been for sometime, their combination is truly innovative with wide-ranging implications. Combined with an economic incentive framework, also known as census mechanism, blockchain allows for peer-to-peer validation of transactions without the need of a trusted centralized intermediary to verify the transactions. The shift from centralized to decentralized internet without a third-party intermediary reduces transaction cost and time.

Federated, permissioned and permissonless blockchains

Federated blockchain is one of the best blockchain trends in the industry which is an upgraded form of the basic blockchain model. It is quite similar to a private blockchain with a few added features. Unlike private blockchain which is controlled by one organization, a federated blockchain has multiple controlling authorities who validate the block in order to process the transaction. Permissionless blockchains are based on open protocols, such as Bitcoin and Ethereum, that allow anyone to connect with any other network participant. Permissioned blockchains are primarily used for enterprise solutions.

Hyperledger open source community

Hyperledger is an open source community with a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments. It serves as a neutral home for a variety of distributed ledger frameworks including Sawtooth, Indy, Hyperledger Fabric, libraries in Hyperledger Ursa, and Hyperledger Caliper. Hyperledger Fabric is being used by enterprises for developing solutions with modular architecture. It allows blockchain components, such as consensus and membership services, to be plug-and-play. Its versatile design offers a unique approach to the consensus that enables performance at scale while preserving the privacy of the users.

Interoperability of blockchain

Interoperability of blockchain provides the users with the ability to share data and other information across multiple blockchain systems as well as networks. For example, users can send data from one EOS blockchain to another specific Ethereum blockchain. This function enhances multi-token transactions, and also offers a range of diverse functionalities including cross-chain transactions.

Recardian Contract and Non-Fungible Tokens (NFTs)

Recardian Contract is a human-readable legal agreement that is also agreed and signed upon by both the parties involved in the contract. Therefore, it gets converted into a machine-readable contract with intentions of the parties clearly defined. Recardian Contract is essentially a smart contract which is both machine and human-readable. Non-Fungible Tokens (NFTs) are quickly gaining popularity across digital asset exchanges, gaming community and blockchain platforms. A single copy of the unique digital asset can be stored within NFTs and can’t be replicated. NFTs are used by digital art projects and startups to establish themselves online. Digital rights management is another area where NFTs can be used while game assets can be digitized and exchanged using NFTs.

Another emerging concept in blockchain domain is Hybrid Blockchain. It operates in a cloud-based ecosystem that uses the most appropriate parts of the pubic as well as private blockchain solutions, making every piece of the information on the network secure.

Groundbreaking solutions to product provenance

Blockchain technology provides the groundbreaking solution to product provenance in supply chain management with shared, consensus-based ledger to track the origin and processes of supply chain. Other application areas for blockchain use include digital right ownership management and notary services. The combination of digital locks and smart contracts in blockchain-based transactions will enable renting hotel rooms without human intervention. With the successful application of ready-made blockchain solutions, retail chains will be able to include them in their delivery processes, increasing customer confidence while at the same time reducing associated costs of the current inefficient accounting systems.

Implementation of blockchain in social media

Implementation of blockchain in social media will ensure that all the published data remains untraceable, and cannot be duplicated, even after its deletion. It will ensure that the power of content relevance lies with its creator, instead of the platform owner, thus making social media users feel more secure about their personal conversations. Video, music and social media streaming companies can use blockchain technology to enable third parties to not only read but even write information on the respective blockchain.

Another emerging blockchain trend is BaaS or Blockchain as a Service. This cloud-based service enables users to develop their own digital products and applications that can work without any setup requirements of a complete blockchain-based infrastructure. Microsoft and Amazon are already developing blockchain-based BaaS services.

There are basically three types of blockchains with different security features. These are:

Public blockchain - It works on a consensus mechanism and uses Proof of Work or Proof of Stake concept.

Private blockchain - This blockchain has pre-approved participants and operates on voting consensus basis.

Federated or Consortium blockchain - The blockchain has known identities with approved participants and multi-party consensus.

Additionally, based on their permission access control, blockchains can be classified as:

Permissionless blockchain - The whole network is publicly accessible on all computers and devices. Anyone can access the code and start running a public node on local devices. Examples: Bitcoin, Ethereum.

Permissioned blockchain – Only the authorized participants can access a segment of the blockchain based on their permission level. These are usually established on a set of rules that cater to transactional needs of an organization. Example: Multichain.

Improving the performance of apps

Blockchain-as-a-Service (BaaS) allows developers to link up their apps to a cloud-enabled backend space to connect to third-party cloud services and managing users. Blockchain in unison with IoT can help in improving the performance of apps by reducing risks and project development costs.

Steps to blockchain application development

Following steps are invariably involved in a typical blockchain application development:

1. Goal identification

The development team needs to identify the problem and how blockchain can be used to solve it. A cost-benefit analysis will help them know if your business indeed needs a blockchain solution for your problem.

2. Consensus mechanism

Different consensus mechanisms are available for blockchain development, such as Proof of Stake, Proof of Elapsed Time and Delegated Proof of Stake. One needs to identify which consensus mechanism will be best suited to authenticate a transaction in blockchain.

3. Platform

While there are currently more than 25 platforms for blockchain development, the top ones used by most of the blockchain development companies include:

Ethereum - This open source public platform takes into consideration dApp development and smart contract functionality.

Hyperledger - This open source platform is used to create advance blockchain solutions based on IoT.

IOTA - This distributed ledger technology (DLT) based solution helps in providing secure and faster payment services between the connected IoT devices.

Multichain - The platform is used by the mobile app developers to create blockchain solutions for use between multiple organizations.

EOS - The platform offers decentralized application hosting and storage of the enterprise solutions with smart contract capability.

For choosing a platform, the developers need to consider the consensus method and the problem they intend to solve. And if one is looking for an enterprise-grade solution, security and stability of the platform become significant.

4. Blockchain ideation

At this stage, one needs to evaluate, and formulate use cases for blockchain experimentation and decide on the components that need to be added as on-chain and off-chain business identities. Blcokchain ideation will help in designing a conceptual workflow model for the application.

5. Architecture

Blockchain architecture needs to complement the high level requirements of the applications that can reside in-house, on the cloud or in a hybrid model. One can choose among the below architectures:

• Permissioned
• Permissionless
• Private
• Public, and
• Hybrid

6. Application configuration

This requires careful planning as some aspects like asset issuance and reissuance mechanism, and hand-shaking are hard to change once configured.

7. Building the APIs

APIs need to be created for distinct use cases such as performing data authentication, generating key pairs and addresses, and triggering of smart contacts related to exchange and payments.

8. Admin and user interface

One needs to make decision regarding the front-end programming language and servers to manage soft launch of the application.

Before actual launch of the blockchain application, one needs to identify any performance issues and other glitches as well. The application should be scalable and designed in a way that upgrading its components to accommodate future business growth needs does not affect the existing application.

Languages most suited for blockchain application development

There are many choices before a blockchain application development company when it comes to choosing the languages for blockchain development. Developers can begin with traditional languages like Python or C++, or turn to blockchain-specific languages such as Simplicity and Solidity that have advance features for blockchain development.

Solidity - The language allows for easy running of self-regulated business logic and is often used for building smart contracts that run on EVM.

Simplicity - The language is advancement on the basic cryptocurrency languages such as Ethereum Virtual Machine (EVM) or Bitcoin Script, and makes use of static analysis.

Blockchain adoption across industries

Blockchain is getting wide adoption across a spectrum of industries including food, logistics, supply chain, finance, healthcare, real estate, transport, gaming and art. For mobile app developers, it’s now easier with blockchain to integrate chatbots on their website and apps.

Implementing blockchain into your business process

Blockchain can be implemented into the existing business processes in a variety of ways including the below ones:

Transactions - With the absence of middleman in transactions, blockchain technology is all set to revamp transactions.

Distributed cloud storage - Blockchain can be used by the businesses to offer faster, convenient and secure cloud storage.

Notary - The technology can be used for notary creation and authentication purposes.

Digital identification - Blockchain can be used to provide immutable and indisputable digital identifiers and seamless sign-in experiences for the network participants.

Flexsin Technologies is a leading blockchain consulting that can be approached for the development of enterprise blockchain applications and blockchain based business networks. Get in touch for more updates on your blockchain application development projects.

Most people think that smart contracts are a fresh concept, which was developed with the development of Ethereum blockchain. However, the phrase, smart contract, was coined in the mid-90s by Nick Szabo; that was much before any form of blockchain application development even existed.

Though Szabo publicly conceptualized smart contracts, the idea did not catch fire almost immediately. Instead, the concept of smart contracts remained dormant for quite a long time because there was no rock-solid technology to support them.

Then, in 2009, with the development of Bitcoin and blockchain, the implementation of a smart contract became a reality. In due course, smart contracts made their way into the financial world.

But before understanding how smart contracts will improve the financial services, let us take a deep-dive into what smart contracts are and how they work.

Smart Contracts At A Glance

When it comes to buying a new vehicle or renting a flat, contracts have become integral to every official agreement. Undoubtedly, the complexity and volume of a conventional contract can leave not only individuals but also enterprises overwhelmed. To top it all off, traditional contracts bring with them sky-high administrative costs and reliance on third-party systems.

With such a high complexity, confusions are bound to happen in between the parties involved in an agreement. As the world is moving toward digitization, the need for a digital business agreement is crystal-clear.

And none other than smart contracts will initiate the formation of the next-generation digital business agreement for reducing administrative cost and bringing down complexity levels.

Blockchain-backed smart contracts enable the involved parties to exchange property, shares, money, or anything else of value in a conflict-free and transparent way. The best part of deploying a smart contract is this: Once an agreement has a smart contract, its parties will avoid a middleman’s services altogether.

How Does A Smart Contract Work?

The idea of smart contracts stemmed from the idea of having decentralized ledgers. These ledgers could be used to self-execute smart contracts. Actually, these contracts are converted into conventional computer code that is executed automatically by computers; nonetheless, some parts of an entire contract may need human control and inputs.

These self-executed contracts could be enforced by obligation or legal enforcements of rights. Or they can be carried out by computer code’s tamper-proof execution. Here is an example for explaining how smart contracts work.

The concept of smart contracts could be likened to the working of a vending machine that self-executes and automates. When someone drops a dollar in a vending machine and press a button, they will get the candy for their liking. On observing the whole vending machine interaction, anyone will note that a program (a contract) is coded (written) in the machine; that contract ran when you pressed the button (signed it off) on the machine.

In simpler words, computer code is just like a digitized contract. So when an enterprise needs to execute a smart contract, it does not have to visit a lawyer to get the required documents; instead, the enterprise will just have to drop a token inside a vending machine (a ledger, that is) and the code will be executed to give an output.

Smart contracts have two top features that distinguish them from a run-of-the-mill contract. These two features are as follows.

Automation

A smart contract will always be able to perform partially with the help of computers. While achieving its partial performance, these contracts will not need to have any direct intervention from the involved parties. On the other hand, a traditional contract will have text or even oral communication in some cases. The execution of a conventional contract will rely on a party’s independent actions.

Enforceability

Smart contracts will be enforceable in two ways. First of all, this contract can be of the conventional legal variety (i.e., a court of law would enforce it). Second, it can be of a novel kind where a tamper-proof code will execute the contract.

A smart contract with a tamper-proof code will create a record that cannot be modified by any involved party or even a third party. In that sense, the enforceability of a contract would not necessarily be dependent on a court; enforceability, in the sense of a code-driven smart contract, means the outcome will be enforced by a completely autonomous technological process that cannot be tampered.

Now that it is clear what smart contracts are and how they work, it is important to understand how they are simplifying the financial world.

Smart Contracts Simplify The Financial World

After cryptocurrency, one of the biggest use cases of blockchain is a smart contract. These contracts are used for keeping records and managing transactions across a variety of industries. By depending on the security, trust, and accuracy of a blockchain network, smart contracts have the potential for revolutionizing the financial sector out and out.

The self-executing feature of smart contracts makes them ideal for a range of data-driven industries such as finance. In the financial world, smart contracts have already started disrupting different sectors such as trading and banking.

Making Banking Transactions Accurate

The financial services domain is one of the obvious places for using smart contracts. Why? That is because this sector generates and needs copious amounts of data for working seamlessly every day.

Smart contracts could accelerate and streamline commercial transactions and related processes in the financial sector. That way, these contracts make sure that the information is accurately transferred while enforcing every party’s obligations.

As the terms of the contract are completely visible to every involved party, its execution is known beforehand. As these contracts are self-executed, tamper-proof codes, they are bound to be executed as they are written leaving absolutely no room for error.

Most major banks have even started piloting different blockchain projects for simplifying cross-border payments, improving identity management frameworks, and enhancing the transparency of transactions.

Which is why, it is inevitable to see rapid adoption of smart contracts in the banking sector in the coming time.

Ushering In An Era Of Decentralized Trading

The best and most successful example of implementing decentralized trading can be seen in Switzerland. A blockchain-based platform for over-the-counter (OTC) trading of commodities, securities, and currencies has kick-started an era of decentralized trading.

A Swiss consortium of financial institutes is behind the implementation of OTC blockchain. Traditionally speaking, trading is conducted through a broker; and it has to face tighter money-laundering regulations. Because of so many regulations, more and more involved parties are losing their interest in this trading format.

A reliable P2P model on blockchain has the support of automatic smart contract verifications. These verifications resolve the dilemma caused by so many regulations. This setup became all the more lucrative with the implementation of a robust identity management system for identifying trading partners along with encrypted data storage outside blockchain.

OTC trading will make brokers redundant with trades taking place between trading partners. Also, through smart contracts, the legal compliance to different money-laundering rules has become automatic and auditable. The presence of smart contracts and well-built blockchain is changing trading once and for all.

Creating The First Blockchain Bond

In 2018, the World Bank gave the green light to Australia’s Commonwealth Bank (CBA) to issue the world’s first blockchain-backed bond. CBA took less than a year for developing a fully-fledged CBA bond. For developing it, CBA used private blockchain built on Ethereum.

That private blockchain is further powered by legally verified smart contracts for governing, creating, allocating, and transferring these bonds. All these activities related to bonds were carried out using an end-to-end distributed ledger technology.

The first blockchain-based bond is one of the finest examples that have accelerated the adoption of smart contracts in the coming time. As CBA is one of the biggest banks in New Zealand and Australia, this blockchain-driven bond will be available for global markets.

But what if a data-driven enterprise is just starting out with smart contracts and blockchain? How can it leverage blockchain with zero hassle for enhancing its business model? The answer lies with a trusted digital partner that can help enterprises unleash the power of smart contracts and blockchain.

Building An Enterprise Driven By The Power Of Smart Contracts

When it comes to managing the rapidly evolving capital market or the complex insurance sector, smart contracts will help. These contracts are flexible enough to comply with different financial use cases that require mature regulations and immense scalability.

Smart contracts present a transformative, exciting growth opportunity for the entire financial domain. Nonetheless, with groundbreaking innovations in the world of blockchain, the enterprises need to be very careful while leveraging smart contracts in the best possible way.

Which is why, it is essential to have a trusted growth partner that will help enterprises navigate the blockchain landscape and properly use smart contracts. Here is where Flexsin comes into play. Flexsin is a dependable digital partner that will help businesses analyze, innovate, build, and transact using blockchain and smart contracts.

From developing a critical proof of concepts to deploying tamper-proof smart contracts and private blockchain, Flexsin’s rich expertise has positioned it among reliable Blockchain-as-a-Service providers. Get in touch with Flexsin’s smart contract experts and see how this particular technology will enable any financial business to move forward.

Did you know that 9 to 5 business model is disappearing drastically and blockchain is the key role player in the transition? Internet and mobile technologies are making it easy for the businesses worldwide to run and earn, regardless of any time zone, location and currency. There is a decent rise in the number of freelance IT Outsourcing services. They are becoming ‘first choice’ for a larger consumer market and as a great alternative to the deterring, 9 to 5 office bound business model. This is an accelerating macro trend to the geographically autonomous and flexible business.

The future of business is certainly upon us: However this progressively flexible business model makes the need for better technological support all the more crucial. The current system has not been upgraded for years: They all are featured with high fees and stagnant characteristics. They moreover maintain an extensive market delusion in regards to the essence of freelance business. It’s time we invent an ecosystem that bridges people in need of optimal quality service with modern-market facility base, waiting to bear out.

The status quo: Current platform and their deficiencies

It is gradually getting a project and freelance based marketplace. We have been witnessing a consistent boom in this sector, ever since people sought a seat at the changing economy gig. Elance, Upwork and the like are a few of the most used platforms effective at a global level. The dealings on these platforms are plentiful and distinctive, and theoretically businesses that persistently bump up unique and highly useful service can always pull in a good reputation, charging competitive rates.

However, below are certain existing issues with these widely popular business dealing platforms:

• Some platforms are still operating under rate because of their initial value prop. Although the price point has now evolved, but these platform are somehow got trapped under their own value prop. There seems to be no way out.
• Unsecure payment system: There is a million of payments getting failed at the gateway due to technical glitch or scamming issues everyday. Neither of the parties gets paid and there is a tension growing gradually.
• By the time projects are accomplished, service providers are left with a small amount of what originally paid the consumers, since the commission rate of most of these platforms are getting consistently higher.
• Some service providers demand upfront payment, but never deliver the work. The concern grows severe when the sufferer doesn’t find an easy to probe the matter.

The blockchain way

Before we delve into the benefits of blockchain development, let’s begin with the basics. Blockchain is a distributed ledger, accessible to all the users in the network. A blockchain is a spreadsheet, accessible to anyone who has got the private key. Participants do have a copy of the key, which is changeable only when more than one participant agrees that it’s a reasonable change.

Blockchain has got a plentiful use cases today:  Whether it is user data, copyright licenses or transaction details, all can be stored and secured on blockchain. The mechanism of this technology is designed to be accessible to anyone, having a computer. And, more essentially, there is no central body having the control or enforcing new rules about it.

Insofar as finding a potential market for your newly started business is concerned, blockchain enables the potential market to connect with your business straightaway. This includes just about anything from copywriting to designing to charity initiatives, virtually any marketplace. Here’s how blockchain solutions are helping remover barriers and curtail costs:

Records are permanent: For services providers and their consumers, agreements turn out to be a permanent record. This further means that records are tamper-proof and definitely unbreachable.

Proof-of-work and identity: Business can store their portfolios and identities on the blockchain. User can track down all his data, check if there are any copyright disputes, and fake reviews staining his credibility. Disputes, if found, are settled with searchable arbitration and secure records.

Cross platform operability: Tasks are posted once only and then it is segregated across numbers of platforms. This closely solves the information distribution between several sites.

Reasonable fees: Financial transactions are big as well as an ongoing process in business. The fees on each transaction average nearly 45% globally as per World Bank Group. Only 5% drop in the rates and it was an extra income worth $16 billion. Now, if you make payments with cryptocurrency, you don’t have to pay any fee.

Based on such a drastic transformation, we have found you the immediate benefits of collaborating with blockchain enabled freelancing platforms. You will be spared scams, frauds and also experience an improved user security and protection.

Personal data is highly sensitive and vulnerable, and the level of volume represents the largest area of privacy risk today. Blockchain can be of help in such a scenario, and this is what we will keep our discussed.

How blockchain stores data

Deeper threat to individual privacy always exists in digital transactions and interactions that require a fundamentally new technological approach, and blockchain provides one to the companies. Blockchain essentially consists of digital ledger of blocks whose contents are interconnected in a manner that each subsequent block has a cryptographic record of the previous block. It is not possible to manipulate data after it has been entered into a block and attached to a subsequent block of the chain through a consensus procedure that ensures integrity of data content residing in each of these blocks.

Vulnerability concerns for data integrity

Data holds significant value and power in today’s digitalized economies for those who generate, need and control it. However, control of personal information by private entities is a matter of concern that needs to be addressed. Individual loss of control of personal data is not just limited to few companies that monopolize it, rather the vulnerability of the data integrity and its security lies in the very structure of the internet itself, how it works and how this data is stored by the organizations.

Blockchain to track data access

By transferring the ownership of original information, which is quite unlike the internet where the information is copied again and again, a blockchain keeps a permanent record of data that can be accessed by other entities with the temporary permission as and when needed. This way, a blockchain keeps track of who gets access to your data, without revealing the underlying data.

Integrity challenges for data stored on blockchain

However, blockchain application development comes with its own set of unique challenges.. The immutability of blockchain data means that inaccuracies, no matter how rare they are, cannot be easily corrected in a blockchain. While immutability of blockchain records provides benefits to the users in terms that the data’s integrity and trust value is preserved, but it could pose real problems to the persons whose data is inadvertently or fraudulently stored incorrectly. There will invariably be such instances and checks and balances need to be introduced to deal with frauds and errors in the smart contracts. Companies such as Aenco, Datum Network and Shyft have been the frontrunners that have worked seriously to solve privacy threat issues for their users.

Poisoned personal data

Public blockchains need an immutable data structure, means the data stored in them should not be easily modifiable or deleted. The organizations implementing blockchain systems without managing privacy issues by design run the risk of compromising chain integrity in case attempts are made to poison the personal data by fraudsters.

GDPR and the right to be forgotten

We have EU General Data Protection Regulation (GDPR) that applies to any enterprise-sanctioned blockchain that contains personal data. Although these data protection guidelines are in force since May 2018, organizations are at different levels of compliance as many of them are struggling with integration costs and technologies that could help speed up with compliance and regulatory. GDPR regulations provide the individual’s right to get their personal information erased if they choose to.

Smart contracts can be used to address the issue of right to erasure by an individual. Commonly known as the “right to be forgotten” GDPR regulations mandate the companies to erase unused personal data unless they have compelling reasons to continue processing it. Note that GDPR regulations apply even to the companies outside of EU that process the data of EU citizens.

Penalties for retaining unused data

In the coming years, the organizations that do not revise their data retention policy are likely to be charged stiff penalties for violating the privacy laws related to the retention of unused personal data. GDPR has provision for regulatory fines of up to 4% of the annual turnover or €20 million, whichever is higher.

Permissioned blockchain for data privacy and security

You need experts to work with blockchain architecture to ensure that the personal data is stored in a manner that doesn’t violate any privacy laws. This is all the more evident from the fact that blockchain’s very nature prevents the modification of data, it’s something that conflicts with GDPR regulations that allow for the erasure of unused and retained data. This is possible by architecting the blockchain in a permissioned way. This can also be achieved by creating a blockchain with no personal data stored on it, but just a reference to the data which is stored as a hash or token.

Flexsin’s extensive expertise in developing permissioned blockchains for specific organizational use can be of real help to the businesses looking for affordable data privacy and security solutions, while being on a blockchain. We have recently been awarded IBM Badge for our deep understanding of blockchain architecture, network, JavaScript applications, hyperledger composer and smart contracts.

Contact Flexsin for your customized blockchain based data privacy and security solutions.