Now, many people might think of the higher availability of different blockchain projects as a favorable factor. On the contrary, the massive portfolio of blockchain projects 2022 can be confusing for users. Do you want to opt for public blockchain projects that utilizes Ethereum? Or, do you want to utilize functionalities of private blockchain projects such as Fabric or Corda that have a better potential for revolutionizing the blockchain landscape? A blockchain project list can help you get rid of all your confusions and make the right choice when it comes to blockchain development.

On the other hand, some users or enterprises might be open to possibilities of switching to newly introduced blockchain projects. However, you are most likely to lose your direction along the way if you don’t have the right guidance. The following discussion outlines some of the notable alternatives that can be crucial for transforming your blockchain project ideas into reality.

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Top Blockchain Project Ideas for 2022

With the industry leaders taking initiatives from the front, many blockchain project ideas are slowly witnessing the light of the day. New blockchain-based projects are popping up for resolving the inefficiencies noted in the existing world. So, without wasting any further time, let us dive right into the list of best blockchain projects 2022.

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1. AP Moller-Maersk

An outline of the best blockchain project list would obviously point out to TradeLens, the enterprise blockchain of AP Moller-Maersk. The shipping and logistics giant based in Denmark, leverages its blockchain, TradeLens, for the digitalization of supply chain information. Following its launch in August 2018, TradeLens has emerged as one of the best blockchain project ideas in recent times.

It has been successful in onboarding almost 50% of container ships all over the world. TradeLens processed around 1 billion shipments, 12 million documents, and around 30 million containers in 2020 alone. The numbers of 2020 for TradeLens surpassed more than double the estimates of the previous year. Furthermore, Maersk has also collaborated with Microsoft for marine insurance processing by leveraging blockchain technology. 

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2. Baidu

China is one of the prominent regions in the world showcasing promising growth in the domain of blockchain innovation. The Chinese search engine, Baidu, alongside its associated fintech venture, Du Xiaoman Financial, has brought over 20 blockchain solutions together. The most notable mention among the blockchain project ideas introduced by Baidu and Du Xiaoman Financial refers to Libra Chain.

Presently, Libra Chain works as the infrastructure for three internet courts in China. The courts deal primarily with copyrights and e-commerce disputes by leveraging virtual litigation. Under the leadership of Wei Xiao, Libra Chain has been successful in supporting the filing of over 35 million pieces of electronic evidence at the Beijing Internet Court. 

3. Boeing

Another big enterprise blockchain that makes an entry among top blockchain project ideas in 2022 refers to SkyGrid of Boeing. The HorizonX venture arm of Boeing has invested considerable efforts in developing SkyGrid. It serves as a blockchain-powered air traffic control system for tracking and communicating with drones. Most important of all, SkyGrid has been successful in achieving the approval of the FAA for offering low-altitude authorization to drone pilots.

In addition, SkyGrid is also available as a free app on iPad. SkyGrid develops a permanent record of data for helping with package delivery and industrial inspections. By leveraging the power of blockchain platforms such as Hyperledger Fabric and Go Direct, SkyGrid holds the potential for powering autonomous flying taxis in the future. 

4. Credit Suisse

The capabilities of Credit Suisse to use Paxos Settlement Service clearly indicate another promising entry among blockchain project ideas. The major banking player, based in Switzerland, is also capitalizing on the capabilities of Enterprise Ethereum alongside Paxos Settlement Service. Credit Suisse utilizes the Paxos Settlement Service for settling US-listed stock trades with the Instinet of broker-dealer Nomura.

The blockchain technology offered by the Swiss banking giant could help participants with the direct settlement of trades with each other. As a result, it can reduce the intervention of conventional intermediaries thereby speeding up the settlement. 

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5. Honeywell

Honeywell has also emerged as one of the pioneers of enterprise blockchain technology alongside other top names in the tech domain. It is a renowned industrial conglomerate, has successfully migrated over 2 million aviation quality documents to a blockchain ledger platform. Honeywell has capitalized on the capabilities of Hyperledger Fabric for achieving the successful migration of aviation quality documents.

As a result, it can ensure the complete availability of aviation quality documents to its customer base. Honeywell also runs the blockchain-powered marketplace named GoDirect Trade. GoDirect Trade lists around $4 billion in used aviation components and has been successful in attracting over 10,000 users.

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6. IBM Corporation

IBM was one of the first major enterprises to focus on blockchain project ideas on a large scale. With the IBM Blockchain already making news across various circles, IBM has introduced the new Digital Health Pass application. The Digital Health Pass application helps organizations in verifying the COVID-19 test of an individual alongside their temperature results.

Customers such as stadium operators could select their own criteria for using the Digital Health Pass application. For example, stadium operators could select the criteria of whether a person was vaccinated. The Digital Health Pass project depends on Hyperledger Fabric and the IBM Blockchain. 

7. ING Group 

ING Group qualifies as one of the first banks to adopt blockchain technology. Presently, it utilizes blockchain platforms such as Hyperledger Fabric, Corda, Hyperledger Indy, Ethereum, and Quorum for leading a group of financial organizations. Together with other financial institutions, ING Group spearheads the authentication of digital-assets while ensuring compliance with global standards against money laundering.

They recently launched a project called Bulletproof, which is a better iteration of zero-knowledge proofs. It’s an extension, and it allows better data security and privacy within any distributed ledger technology. In reality, Bünz et al at Stanford, Blockstream and UCL worked with ING to launch this project for a better ZKP implementation.

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8. Microsoft

The world’s leading tech giant, Microsoft is also not far behind when it comes to blockchain project ideas. Microsoft has partnered with EY for developing one of its notable blockchain applications by leveraging Ethereum and Quorum blockchains.

The blockchain application features the capabilities for managing content rights and royalties. Game publishers such as Ubisoft and Xbox were the foremost users of the new blockchain system of Microsoft. In comparison to traditional processing, the new blockchain system of Microsoft for making automatic royalty payments. 

9. Novartis

Novartis has taken the leading stance in blockchain project development in the pharma sector. As one of the leading pharma companies, Novartis is a prominent member of an EU-based blockchain consortium focused on targeting outdated or incorrect information related to prescription inserts. Novartis partnered with Merck and the Polytechnic University of Madrid for coming up with one of the unique blockchain project ideas in the pharma sector – PharmaLedger.

The blockchain-based application of Novartis helps in scanning drug packages alongside making real-time requests to manufacturers for updated information. Patients can also access the information through scan codes. The PharmaLedger consortium is also looking for innovative uses of blockchain for fighting against counterfeit and black-market medications.

10. Samsung

The IT branch of Samsung i.e. Samsung SDS has developed various blockchain projects for local hospitals, airports, and governments. Samsung is capable of making the most of the Nexledger blockchain platform to mark its presence in the blockchain ecosystem. Among the different blockchain projects of Samsung, the foremost entry refers to a one-stop medical claims processing service. The service enables patients for submitting claims at a hospital reception center or through a mobile or at a kiosk. 

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11. Swisscom

Switzerland-based telecom giant, Swisscom, is also one of the prominent players experimenting with new blockchain project ideas. Presently, Swisscom has around 11 blockchain applications that are at different stages of development. Swisscom utilizes notable enterprise blockchain platforms such as Hyperledger Fabric, Hyperledger Indy, Hyperledger Ares, and Corda.

One of their most significant blockchain projects is the platform Swisscom Blockchain. This project offers various products such as Electronic seal, node as a service, and Swiss Trust Chain. All of these products are geared towards Swiss companies and the public sector to offer a better blockchain infrastructure for application development.

12. Tencent

Based in China, Tencent is also a significant player in the domain of new blockchain projects. The most crucial advantage for Tencent as a developer of new blockchain project ideas is the blockchain it has developed. The blockchain developed by Tencent helps the tax authority of Shenzhen to issues around 10 million invoices. Furthermore, Tencent has also established WeBank, which offers a unique blockchain platform known as FISCO BCOS or Be Credible, Open & Source. Financial Blockchain Shenzhen Consortium (FISCO) has a member of more than 100 Chinese companies.

The interesting highlight about the blockchain project of Tencent is that over 2000 enterprises use FISCO BCOS. In addition, it also features WeIdentity, which has helped in processing over 17 million border crossings between mainland China and Macao. The other blockchain project of Tencent, WeSign, helps in reducing the arbitration processing time. As a result, it finds applications in Chinese courtrooms for recording various pieces of evidence. 

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13. Visa

The array of blockchain project ideas in the present times also brings the name of Visa to mind. The vast network of Visa access points, including around 70 million merchant locations serves as its foremost strength. Central banks are gradually turning their focus towards minting digital currencies. So, Visa is trying to capitalize on extensive R&D for ensuring the safe flow of digital money beyond its margins.

One of the notable projects of Visa is “Visa B2B Connect.” It uses blockchain infrastructure from Chain to offer a better financial solution in cross-border payments. In reality, this project can offer a cost-effective, secure, transparent, and fast way to process all global payments.

Visa has already applied for 159 blockchain-based patents for different uses. Some of the notable examples of the uses of Visa blockchain projects include the use of biometrics for verifying an individual’s identity and improving the security of transactions. Visa has recently declared an associated with US Dollar Coin or USDC, a stable coin for increasing the speed of business-to-business payments. 

14. MetLife

MetLife is working on a bunch of blockchain project ideas, and one of them is Vitana. Recently, MetLife’s Singapore based technology research facility LumenLab released a whitepaper for the Vitana project.  It’s a project geared towards parametric insurance.

In reality, this project is focused on blockchain for insurance and plans to use the technology for other insurance features. At the moment, this project is focusing on gestational diabetes mellitus that happens in pregnant women. It’s a very harmful disease and needs further financial assistance in terminating it.

Thus, MetLife is using Vitana to offer insurance specifically for pregnant women to help them battle this condition if it arises.

15. Walmart

Discussions on blockchain project ideas could never miss out on the Food Traceability Initiative of Walmart. The retail giant employs the blockchain-based Food Traceability Initiative for detecting contamination alongside other issues for food safety. It has the capability of tracking almost 500 different items such as meat, fresh leafy greens, seafood, and coffee.

In the previous year, Walmart supported the FDA in six different food safety investigations. Interestingly, the Food Traceability Initiative blockchain application of Walmart enabled access to detailed information regarding the original source of contamination within an hour. Furthermore, Walmart plans to execute a pilot test with the US Customs and Border Protection for tracking imported goods. 

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16. BHP

The Australian mining biggie is also a significant entry among players innovating with new blockchain project ideas. BHP is leveraging blockchain for the digitization of various operations. Some of the notable operations under the scope of BHP’s blockchain transformation include verification of supplier identities and tracking ESG or environment, social and corporate governance attributes. One of the biggest blockchain projects used by BHP is MineHub. Using the platform the company has been successful in executing the first iron ore trade on the blockchain with China Baowu Steel in 2020.

17. Shell

Shell is working on a blockchain project where it’s developing a decentralized digital passport system. This is one of the few blockchain project ideas they are planning to work on at present. In this project, the company will authenticate all parts, equipment and products, creating a system of data streams where each data is safely processed and preserved.

We don’t know with which company Shell is working on this project, but they are redefining the way their supply chain works.

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18. Daimler

Daimler is one of the biggest automotive multinational corporations that manufacture luxury cars like Mercedes-Benz. Now, collaborating with Circulor, they are working on a blockchain project that will track the CO2 emission in their Cobalt supply chain process. The primary target is to focus on transparency and possible solutions to reduce the transmission of CO2. More so, they also want to track any amount of secondary material that may come with their Cobalt mining.

This is one of the projects that take an environment-friendly approach to eliminate CO2 or at least reduce the greenhouse effect for good.

19. HSBC

HSBC is undoubtedly one of the notable players in the financial domain with a vision for futuristic blockchain project ideas. The London-based bank leverages blockchain for improving the efficiency of its foreign-exchange flows throughout its global branches. As of recent reports, the blockchain ledger of HSBC has helped in settlement of almost 1.9 million trades with a nominal value of around $1.7 trillion.

But one of the prominent projects of HSBC is Digital Vault. It’s a blockchain-based platform that focuses on the digitalization of all transaction records of private placements. HSBC’s Securities Services unit (HSS) is behind this platform, and they want to ensure their investors can get access to data when the market is growing. More so, using Digital Vault, clients will get access to their private asset and the data such as real estate, debt or equity. Of course, everything is in digital form and fully secured.

20. LVMH

LVMH is a renowned luxury-goods conglomerate based in Paris. It is leveraging the features of blockchain for tracking products. Most important of all, the blockchain project of LVMH uses blockchain platform AURA for combating against counterfeiting of brands such as Bulgari and Louis Vuitton.

Interestingly, the blockchain platform AURA  has already registered almost 10 million luxury products. Developed with Microsoft and ConsenSys, the blockchain platform of LVMH establishes a new approach for combating counterfeit goods and safeguard brand integrity.   

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Why It’s Important to Take a Note of Blockchain Project Ideas

Now when we have gone through the different favorable alternatives in best blockchain projects 2022, it is important to look for reasons to do the same. Many people assume that blockchain technology is the key ingredient that would determine the future of the world of finance. Blockchain project ideas can be extended beyond the world of finance, largely on the basis of blockchain capabilities for cost reduction and limited processing times.

At the same time, the transparency benefits associated with blockchain also promote its adoption across various industries. Previously we published the list of open-source Blockchain projects, with some of the leading sectors favoring blockchain integration including automobile, tech manufacturing and banking.

Additionally, big players in the tech industry such as IBM and Amazon have come up with blockchain solutions tailored for direct as well as indirect customers. Amazon gives unique blockchain extension services on Amazon Web. At the same time, IBM has developed the IBM blockchain.

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Which Blockchain Project Ideas did You Like the Most?      

On a concluding note, it is clearly evident that blockchain project ideas for 2022 feature many promising mentions. However, many tools could not make it to this list, while some are still in the development stages. The gradually increasing interest in blockchain is one of the reasons for emphasizing blockchain projects in present times. Most important of all, blockchain is open source in nature, and it is possible to find out blockchain projects that fit your organization’s transformation goals.

In addition, many blockchain projects are changing the conventional assumptions about blockchain applications. Rather than just providing platforms for exchanging or mining cryptocurrency, blockchain projects are turning attention towards predictions and information. The future of blockchain and blockchain professionals is so bright.

The post Top 20 Promising Blockchain Projects in 2022 appeared first on 101 Blockchains.

Blockchain technology offers faster, low-cost, secured payment services along with a distributed ledger that can provide trust among the participants. Although blockchain started out as the initial support platform for digital currencies, it’s now integrated into various industries, including payments.

In reality, our payment system is full of issues and needs a change right about now. In many cases, it can take days to process a transaction with extra fees and low security. This is the very reason that consumers are shying away from using payment methods to store or transact their money.

Also, a good portion of the population doesn’t even have access to proper banking and payment channels. Blockchain in this regard can really make a change. It can offer them the opportunity they deserve and also reduce all the issues of this sector to a significant extent.

So, in this guide, we will focus on blockchain’s role in the payment systems. Any novice who is curious about the implications of blockchain in the payment industry should use this guide to get more depth about the topic.

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Blockchain in Payment: Why We Need This Technology?

Many of you may be skeptical about using blockchain or any distributed technology in the payment sectors. However, the industry is full of issues and needs a reality check in the present times. Let’s see what are the major issues or this sector right now!

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Payment Frauds and Chargebacks

The increasing amount of payment thefts and frauds are quite alarming at the moment. In reality, due to the expansion of the e-commerce sector, the opportunity for misusing the information of consumers or card thefts are happening more aggressively.

Also, chargebacks are really costly, and it can single-handedly damage a business’s reputation. More so, the increasing number of chargebacks can even kill the business as well. The issues are, in many cases, the chargebacks don’t happen for a legitimate reason. So, the fraudulent activities pile up and make it hard for a business to bear in the long run. More so, the theft problems cause massive issues on the customer end, who then lose interest in the brand.

Delayed Cross-border Transactions

It takes a lot of time to process a cross-border payment nowadays. Even if you are not using a banking channel to process the transactions, it can still take up to 6 days to process that. In reality, this can affect the business world quite negatively. Enterprise has to transact money on a daily basis. Also, these transactions have a deadline to meet up. So, any delays in meeting these deadlines would result in massive losses. Therefore, this makes the business process quite inefficient. Also, on a daily basis, many people do send money from abroad to their families. However, when an emergency arises, there is no way for people to send the money immediately. Thus, it causes a lot of misfortunes as well.

Low Card Data Security

A merchant will need a Payment Card Industry Data Security Standards certification in order to accept any debit or credit cards. However, in many cases, merchants fail to comply with all the needs of this certification. In most cases, they tend to ignore the fact that card data security should have the highest priority. That’s why these channels have a very limited amount of security for the customer’s card information. This is something cybercriminals can easily exploit and use whenever they want. Therefore, without a proper security protocol in place, this type of data theft will keep happening.

Difficulty in Currency Conversion

International or global e-commerce needs to accept a variety of currencies and payment methods. More so, electronic payments such as debit/credit cards, mobile payments, or e-wallets need to offer currency conversions efficiently. However, in many cases, these services fail to offer support for certain native currencies, which limits a user’s ability to shop from anywhere.

Again, different payment providers offer different services that come with a lot of fees as well. Overall, the experience can be quite troublesome for both the merchant and the customers. The process of currency conversion isn’t properly streamlining, so that takes time as well. So, the merchant is unable to tap into a lot of potential for more business.

Lack of Proper Technical Integration

Another major issue of this sector is the lack of proper technology integration. What does it mean? Well, it means that even now, payment providers use legacy networks to operate their day-to-day activities. Unfortunately, these legacy networks can’t cope up with the increasing demand of customers and businesses.

Therefore, a lot of errors occur, and transactions or any payment services can take up to days to process. Not to mention the vulnerability of these technologies increase the risk of identity or money theft. However, these organizations are still reluctant to change or integrate new technologies.

High Processing Fees

Well, not every business sees the processing fees as a major issue. However, this is also one of the challenges of this industry. In reality, the processing fees always increase with every year, and in many cases, the variations of processing fees are quite complex. Therefore, it gets quite hard to keep track of the processing fees and how much they would cost in the long run.

Without understanding how these works, you may face issues in your business at an early stage. Also, for the consumers, these are quite unnecessary fees as, in certain cases, it can cost them a lot in the long run, specifically for international transactions.

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Complex Financial Regulation Across Territories

Every single country comes with its own set of regulations when it comes to financing or payment processes. However, every time a business expands to new territories, they have to deal with new kind of regulations. This means they have to start or change their business models for every new country. Therefore, the process becomes a lot complex and harder to keep track of.

But without following the guidelines properly, the companies may have to pay fines or even penalties based on the law they broke. This can be a tough situation for small to medium-sized businesses as it can hamper their brand value.

Low Customer Satisfaction

With the rising issues in the payment sector, the customer satisfaction level is dropping at a rapid rate. And why wouldn’t it? The increasing amount of money thefts, identity thefts, and slow services are making the consumers turn away from payment providers. For example, suppose a payment provider stops offering services due to a cyber-attack or discrepancies in their system. In that case, it’s the customer who will have to pay the price.

In this case, the customers who use the cards on a daily basis can’t access the money they have and would face a lot of trouble. It can also take a lot of time to resolve the issue; all of this time, all the consumers will have to look for another option to get their money back.

Increasing Cyber Attacks

The number of cyber-attacks on payment providers is alarming. Well, payment providers are their first target when it comes to cyberattacks. Cyberattacks alone can cost up to $6 trillion every single year in losses. Just imagine the amount of loss that happens from both consumer’s and companies’ ends.

As you already know that the companies don’t offer proper regulations or security protocols in place, it’s quite easy to hack into the system and steal the money or consumer data from it. Therefore, this sector needs a new technology that can help to battle all of the issues without any problems.

Repetitive KYC Procedures

The Know Your Customer or KYC procedures are there for a reason. We know that it’s here to safeguard the payment providers and the consumers from any identity-based issues. However, this process is not as easy as it sounds. In reality, it involves a lot of paperwork and needs a lot of official documentation to verify it.

However, suppose a customer decides to use another payment provider. In that case, he/she has to do the same process all over again. As there is no way for the banks to use the information from other banks to verify it, the consumer has to deal with the same process in a time-consuming way. In the long run, it’s a massive hassle for both the bank and the consumer.

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What Are the Benefits of Using Blockchain in Payment?

Now that you know about the issues of payment industries, it’s time to understand how blockchain can affect it in a positive way. Well, blockchain is still not perfect now, but it can still offer a lot of features for this industry.

First of all, blockchain can offer a more secured platform for transaction processes. In reality, using blockchain for payment processing can open up new opportunities for both the consumer and the company. The cryptographic hash function will ensure that no one can hack into the system and alter its data as they please.

So, blockchain can safeguard the network from both outside and inside attacks.

Again, the blockchain payment platform follows a distributed natured network. So, there is no central governing authority. This can actually be quite positive as the central governing authorities are full of corruption now. So, suppose the central authorities don’t have control over the systems. In that case, consumers can finally trust the system to offer the full security they deserve.

Transparency is another one of the benefits of blockchain in this industry. At present, this industry doesn’t offer any transparency in the system. So, customers don’t know how the companies are processing their money or how they are using it. However, blockchain can give customers their rights back.

Thus, using blockchain-based billing systems can actually pose a lot of benefits for companies and their customer base.

Blockchain comes with a lot of benefits for various industries. Check out our guide on the benefits of blockchain technology to learn more about it.

Use Cases of Blockchain in the Payment Sector

Blockchain in the payment sector can offer a lot of use cases. Let’s check out what these are –

• Digital Identity Verification

As you already know, identity verification is a lengthy process, and also it doesn’t offer 100% security. That’s why many consumers are skeptical about building or sharing their information for digital verification. Another major point is the time needed for every single verification. In reality, it does take a lot of time to verify every single document.

However, blockchain based payment methods can offer automated processes of identity verification.  More so, the overall process of verifying is accelerating compared to the traditional ones. Here, you can upload all your documents, and it will verify them and create a digital identity for you. Obviously, in this case, you will own your digital identity and will have to maintain it yourself.

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• High Data Security

Another great use case of blockchain for payment processing is the high security it offers for data. As you already know, merchants fail to comply with all the needs of this certification. In most cases, they tend to ignore the fact that card data security should have the highest priority.

That’s why these channels have a very limited amount of security for the customer’s card information. However, with a blockchain billing system, the scenario can change drastically. In reality, blockchain offers a secured network process where merchants can store the information of the customers, and no one will be able to access it.

This process can actually get rid of any kind of data security problems for good.

• Better Anti-Money Laundering (AML) Protocols

Due to the lack of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) protocols, many banks or payment providers fall victim to these illegal activities. For example, HSBC bank had to pay a fine of $1.9 billion in 2012 for getting involved in a money-laundering scheme of the Colombian Norte del Valle cartel and Mexican Sinaloa cartel.

This type of scenario happens a lot, then we can think of. Just because the existing model isn’t capable of handling the situation doesn’t mean this should go on like this. However, blockchain for payment processing schemes can actually alter the scenario for good. Using a blockchain billing system will help honest banks to keep up with the compliances better. More so, they can easily detect any kind of illegal activities that may happen in the long run.

• Automated Know Your Customer (KYC) Processes

As you already know, the KYC process is not as easy as it sounds. Actually, it involves a lot of paperwork and needs a lot of official documentation to verify it. However, suppose a customer decides to use another payment provider. In that case, he/she has to do the same process all over again. As there is no way for the banks to use the information from other banks to verify it, the consumer has to deal with the same process in a repetitive manner.

But with blockchain based payment methods, a consumer will have to go through the process only once. After that, all of the processes will be automated. In reality, blockchain is a sharable but a secure type of ledger system. So, banks can communicate with each other and use the KYC data from one bank to another. Just think how much time and paperwork it will save!

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• Faster Cross-Border Transactions

Cross-border payment is an integral part of enterprise businesses. But it takes a lot of time to process a cross-border payment nowadays. Even if you are not using a banking channel to process the transactions, it can still take up to 6 days to process that. In reality, this can affect the business world quite negatively.

On the other hand, blockchain based payment methods can actually offer a faster transaction time. In fact, you can process a transaction within seconds instead of days! Can you imagine the implications of this feature? It can save so many times and would increase the efficiencies of so many businesses.

• Peer to Peer (P2P) Transfers

Another major use cases of blockchain payment platform are peer-to-peer transfers. In reality, using blockchain technology will help you transact directly with another user. You won’t have to go through a middleman or a central authority to do that.

Although P2P transfer applications are already in the market, they aren’t capable of offering you full freedom as they all come with some form of limitation. For example, they could only support a single geographic location or have a specific zone. But in a blockchain, there is no option for any limitations. You can transact money from anywhere around the globe.

• Reduced Processing Fees

Processing fees are a big issue when it comes to payment providers. In reality, the burden is for both consumers and businesses as well. In many cases, the processing fees always increase with every year, and in many cases, the variations of processing fees are quite complex. Therefore, it gets quite hard to keep track of the processing fees and how much they would cost in the long run.

But with blockchain based payment platform, there won’t be any need for a middleman. So, you won’t have to pay any processing fees for it as well. This significantly reduces the number of transaction fees for both the businesses and the consumers.

• Protection Against Cyber-crimes

Another major issue the payment sector deals with is the increasing rate of cyber crimes. This happens due to the companies not offering proper regulations or security protocols when in need. Thus, it becomes quite easy to hack into the system and steal money or consumer data from it.

However, with blockchain-based payment system, you won’t have to worry about cyber attacks ever again. Blockchain is perfectly suited to deal with any kind of cyber-attack. More so, there are even anti-DDoS attack applications based on blockchain that can help you fend off any DDoS attack. Can it get any better than that?

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Companies Using Blockchain Technology in Payment Sectors

• BBVA

BBVA is one of the payments companies that is using blockchain. More so, recently, they completed a syndicated loan with Red Electrica Corporation using this marvelous technology. The best part is that, according to them, the transaction process was so fast that it was a record speed in BBVA’s platform.

• Intesa Sanpaolo

Intesa Sanpaolo is also another one of the payments companies that are using blockchain technology for their applications. In reality, they are using this technology for validating trading data. Recently, other participants such as Eternity Wall and Deloitte started to test out the technology to see their benefits.

• Barclays

Barclays is U.K.’s 2^nd largest bank at the moment, and they are also in the blockchain ecosystem. At present, they are one of the prominent and active payments companies that are using blockchain for streamlining their KYC protocols and fund transfers. Also, they even have patents against these two features that they implemented in their platform.

• HSBC

HSBC is also using blockchain in the payments industry. In reality, the bank is already working on a multitude of projects that can facilitate their fund transfers and paperless documentation. So, their investors may track all of their money within the platform.

Also, recently, HSBC Bangladesh competed for the very first cross-border issuance of a letter of credit.

• Visa

Visa has been working on this technology for some time now. In reality, the company is also using blockchain in the payments industry for dealing with its business-to-business payment services. At present, the project is still alive and thriving.

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• Banco Santander

Banco Santander is using blockchain in the payments industry for streamlining their digital identity project. Along with other participants, the company is working on an automated digital identity system. More so, this project can give its user more control over their own data and how they want to use it.

• MasterCard

MasterCard is one of the payment processing companies that is using blockchain as well. They have a digital currency testing platform that may help the banks deal with CBDC (central bank digital currency) initiative. More so, this platform will demonstrate how the customer can use the currencies to pay in everyday life.

• PayPal

PayPal is another one of the payment processing companies that is using blockchain to gain more business efficiency. In reality, this company is offering the users to buy, sell, and even hold cryptocurrencies or digital tokens from their PayPal wallets. This will evidently open up new possibilities for the companies in the future.

• Citibank

Citibank is using a blockchain payment system to modernize the commodity trading processes. In reality, they will use blockchain to offer a better solution for commodity trading financing. This means they will streamline all the financial transactions or contracts in trading through their platform.

• ING Bank

ING Bank is also using a blockchain payment system in order to test out its privacy technology known as bulletproofs. This will hide the amount in any transactions using bitcoin. This will ensure that all of their client’s information is safe always, and there is no harm done to privacy.

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Conclusion

In the end, using blockchain in the payment industries can actually help get rid of a lot of the issues without any problems. You can better transaction processing, more security for your data, and ownership of your digital identity. We believe the implementation of blockchain can truly offer benefits for both businesses and customers.

If you are interested in implementing blockchain in your payment systems, then you need to start learning the technology more thoroughly. We recommend starting out with blockchain courses to master the core elements of blockchain before starting your very own project. So, why wait? Take the intuitive right now!

The post Blockchain in Payment: Accelerating Payment Services appeared first on 101 Blockchains.

Over the years, our learners have expressed their trust in us by choosing 101 Blockchains as their go-to learning experience for all blockchain related concepts. We would like to thank you all for the love you have showered on us. With the 13 different badges we have received in the recent G2 report, our commitment to serving our learners with comprehensive learning resources gets even stronger. We have been able to strengthen our reputation as a leader among online course providers and in technical skill development this year. 

G2 Inc. has collected credible reviews of different software and technology solution providers from thousands of individual users and enterprises. With its detailed and comprehensive reports, G2 has guided many people towards trustworthy software technology and service solutions. The recognition from a reputed platform like G2 definitely adds another feather to our cap of achievements. 

Check Now: 101 Blockchains Reviews at G2

Striking Highlights of Our Performance in the G2 Winter 2022 Report

101 Blockchains has once again proved its capability with a total of 13 badges in the recent G2 report, which is live right now. The topmost achievement for us in the latest G2 report is the “Users Love Us” badge. It reflects on our continuous efforts to deliver the desired levels of customer satisfaction from our courses. In addition, we have earned 12 different badges among online course providers and for technical skills development. We have successfully achieved the badges of “Momentum Leader” and “High Performer”, as well as the “Best Support” badge for our performance in two distinct categories. 

Check 101 Blockchains Performance in:

• G2 Fall 2021 Reports
• G2 Summer 2021 Reports
• G2 Spring 2021 Reports
• G2 Winter 2021 Reports

Our Achievements in the Latest G2 Report

101 Blockchains is one of the most credible platforms at the present time, with some of the most promising resources to help people learn about blockchain and its applications. We have been venturing into new concepts related to blockchain with innovative courses and learning materials. Our team has been working hard to introduce courses on new topics such as NFTs and DeFi. On top of it, we have also honed our support infrastructure to enable our learners to resolve their issues quickly. All of our efforts have translated into great results in the latest G2 Winter 2022 report.

The credibility of G2 as a neutral platform for evaluating the efficiency of technology solution providers is undeniable. You can be assured you will find authentic reviews for a technology solution or platform you are exploring. The recognition we have received in the recent G2 Winter 2022 report is a clear reflection of authenticity in our performance. The different badges we have received show the honest opinions of our learners. We are extremely grateful to each and every user who took their valuable time to submit their reviews. Your reviews give us the necessary support and strength to move ahead with our plans for the future. 

Now that the latest G2 Winter 2022 report has arrived, we want to share our achievements with you. Here’s how we have fared in the different categories of the recent G2 Winter 2022 report. 

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Online Course Providers

Online course providers is a broad category in the G2 Reports, which basically focuses on platforms offering self-paced online courses. Online course providers also facilitate evaluation of learner skills by leveraging skill assessments. This year, we have marked a unique milestone with 7 badges in the online course providers category.   

Momentum Leader Winter 2022

The G2 Winter 2022 report has acknowledged us as a “Momentum Leader,” showcasing our consistency once again. Momentum Leader grid ranking depends on various factors such as review growth, employee growth, web growth, and social growth.

With prolific levels of performance in all these aspects, we have successfully achieved the “Momentum Leader” credential among all other online course providers. 

High Performer Small Business

101 Blockchains has achieved the “High Performer Small Business” badge among online course providers in the G2 Winter 2022 reports.

The badge reflects our efficiency in delivering high customer satisfaction for small businesses with a comparatively smaller market presence. 

High Performer Winter 2022

The “High Performer” badge among online course providers for Winter 2022 is also another crucial achievement for us in the latest G2 report.

We have been earning the “High Performer” badge time and again in different G2 reports, which clearly speaks of the trust learners have in us. 

High Performer Enterprise

We have also been able to achieve the “High Performer Enterprise” badge in the G2 Winter 2022 reports.

101 Blockchains has showcased promising results in catering to the blockchain learning needs of enterprises with desired levels of customer satisfaction. 

High Performer – Europe

101 Blockchains has also been selected as a “High Performer” at a regional level among European online course providers.

The badge shows a glimpse of our capabilities to achieve customer satisfaction in regional markets with a limited market presence. 

High Performer – Asia

We have also earned the credential of “High Performer” among online course providers in Asia, thereby proving our reach in the Asian region. 

High Performer – Asia Pacific 

The G2 Winter 2022 Reports have also awarded us with the “High Performer” badge among Asia Pacific online course providers.

The badge clearly proves our dominance on a regional level in the Asia Pacific region. 

Technical Skills Development

The technical skills development category in the G2 Winter 2022 reports emphasizes solution providers driving skill development and awareness in different technologies. We have been able to earn 5 different badges for technical skills development this time. 

Momentum Leader Winter 2022

We are in the leader-tier once again in the Momentum Grid ranking of G2 Winter 2022 reports.

We’ve reached the top 25% in technical skills development, so we’ve proved our leader status effectively. 

High Performer Enterprise 

101 Blockchains has achieved the “High Performer Enterprise” badge in the technical skills development category of G2 Winter 2022 Reports.

The badge proves our commitment to expand our offerings for enterprise customers with desired levels of customer satisfaction. 

High Performer Small Business 

101 Blockchains has also earned the “High Performer Small Business” credential in the G2 Winter 2022 reports.

The credential proves our ability to facilitate technical skills development in small business teams with higher satisfaction of our learners.

High Performer Winter 2022

101 Blockchains has also achieved high customer satisfaction scores in technical skill development in general.

The “High Performer Winter 2022” badge shows our overall effectiveness in driving learner satisfaction with a limited market presence. 

Best Support Winter 2022

101 Blockchains has successfully ranked among the top entries in the technical skill development category for “Best Support”.

We have earned this recognition once again for our exceptional quality of support. 

Users Love Us

Above all the achievements in the G2 Winter 2022 reports, the “Users Love Us” badge comes out on top. The badge is a glaring example of how our users trust the learning materials and resources on 101 Blockchains.

It also shows that our users have expressed their authentic content views about our solutions. 

Where Do We Go From Here?

The latest G2 Winter 2022 Reports are a welcome sign for our whole team at 101 Blockchains. With the year coming to an end, the badges we received in the recent G2 report have fueled our aspirations for the next year. The achievements in G2 reports have been driving our improvement over the years, and this year, we are committed to bringing something new and revolutionary to you. 

As the demand for blockchain training and education is gaining momentum, we are striving to introduce valuable and relevant learning resources. Your reviews, feedback, and appreciation continue to encourage us to deliver even better resources to our learners. Stay tuned for more updates arriving soon!         

The post 101 Blockchains Scores 13 Badges in the Latest G2 Winter 2022 Reports appeared first on 101 Blockchains.

And this is precisely where you fall in. If you are a blockchain developer, now you have the highest value in the market. But as the tech is entirely new and keeps on having more features, you must stay relevant. Thus, the use of blockchain tools can surely make your life much easier.

Blockchain Tools That Developers Love

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There are many blockchain tools for developer, but you have to know which ones are the top blockchain tools that all developers love. Let’s check out the list, shall we?

18 Blockchain Development Tools That Developers Love

Geth

Let’s start with Geth. Geth is a command-line tool that also runs a full Ethereum node in Go programming language. Basically, it comes with three interfaces –

• An interactive console
• A JSON-RPC server
• The command and subcommand line options

You can use Geth to do a lot of things in the blockchain. These blockchain development tools can –

• Transfer tokens between two addresses.
• Mine Ether token in the network.
• Explore the different history of the blocks in the ledger.
• Create smart contracts and can later run them on Ethereum Virtual Machine.

What Kind of Systems Would Support Geth?

When working with these enterprise blockchain development tools, you can use different operating systems such as Windows, Linux, and Mac. They all support this command-line tool. Additionally, Binary and Scripted also support its installation.

First of all, when you launch it, you can either connect it to a live blockchain network, or you can create a new one and then connect to that. But you need to remember that the second option would depend entirely on its settings.

For any reason, if you didn’t use any default values, then this tool will automatically connect you to the Ethereum mainnet.

Furthermore, with help from these blockchain tools for developer, you can make it function as a console and load certain commands and execute different objectives.

Anyhow, remember that when you will run Geth, it will automatically download the Ethereum distributed ledger, and it may take a long time to process. So, you might have to wait for several hours to days. That’s why it’s best to use an external hard drive to store all the information.

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Drizzle

Let’s move on to the next one in our blockchain tools guide. Drizzle simplifies the writing of front-end decentralized application by offering a collection of front-end libraries. It also offers a Redux library for connecting a front-end to a blockchain. So, you will get fresh chain data for front-end application developments.

Features of Drizzle

• Reactive Ethereum Data Store

A Redux library is actually at the core of Drizzle. Using this, you can synchronize your transaction data, contract data, and many more.

• Generate Store or Use Existing Ones

In reality, you can use these blockchain tools for developers to generate a store, or you can also use any existing store of your own. All you have to do is to import sagas and reducers, and you’re set!

• Offers Underlying Functions

The best thing about this tool is that it extends web3 1.0’s contracts. So, you will get access to every method and property of web3.

• Component Library

In reality, they offer a library of React components that you usually use in dApp functions. So, tasks like generating input forms for smart contracts is an easy task.

• Modular Architecture

The overall architecture of this tool is modular. So, you can add any kind of feature or get rid of any kind of functionality as you wish. Furthermore, it includes two packages for using React; however, the core functions are within the Drizzle module. More so, if you know how to work with Redux, you can quickly develop an Angular library.

The three main components of Drizzle are –

Drizzle – It’s the core library for web3, contract, and account instantiation. Also, it can wire up the necessary synchronizations along with offering added contract functionalities.

Drizzle-react – This component offers a DrizzleConnect helper and a DrizzleProvider component for connecting to Drizzle with the React app.

Drizzle-react components – Additionally, you’ll get a library full of many useful components that would work as a dApp function. Mainly it includes ContractForm, ContractData, and LoadingContainer.

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Solc

When it comes to developing on Ethereum, all developers opt for stability. In reality, developers should always opt for it, especially when it comes to smart contract integrations. Solidity happens to be at the core of every smart contract on Ethereum.

Solidity is basically a trimmed down and object-oriented language and uses a syntax that’s mostly similar to ECMAScript. What the Solc tool can do in this regard is to convert it to a machine-readable format so that EVM can read it and execute it. You could think of it as a solidity compiler that revolves around two main principles –

• C++ coded solc.
• Solc-js that use Emscripten for cross-compiling the solc C++ straight to JavaScript.

Even though the two types of solidity compilers originated from the same source file, still they both can generate a different result. Furthermore, both of their command-line interfaces are different from each other. However, in comparison, solc-js is a bit slower than solc.

The best part is that Ethereum nodes tend to come with an implementation of solc. However, the solc package is actually a standalone module, and you can use it offline as well. Moreover, you can use solc.compile() as well because this one doesn’t need any external node to function properly.

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Remix

It’s a Solidity IDE. You can use Remix to write codes and check errors from your browser. In reality, it’s one of the blockchain development tools written in JavaScript. More so, you can use this tool like a compiler, mainly for small smart contracts. Also, if you are just starting to learn about Solidity, you should definitely give this tool a shot.

Once you go into the website’s default page, you’ll get a side screen that would allow you to write code right there in the browser! On the other screen, you can easily deploy your code on the blockchain platform.

Furthermore, the second screen will also help you interact with any functions you have written. It also supports the handlings are done locally or the browser. Anyhow, you can also do testing’s, debugging’s, distributions of smart contracts, and etc.

Also, the code analyzer would help you perfect your codes and get rid of any errors. So, it can be one of the greatest blockchain tools for developer is he/she is a beginner.

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Ganache CLI

It’s actually an extremely fast Ethereum RPC client for development and testing. I have to say, this is yet another one of the good blockchain development tools out there. It was previously known as Testrpc but later came to be as GanacheCLI. In reality, it’s a NodeJS bundle that you can also customize.

Basically, it can replicate an entire Ethereum network on your computer. Also, you can call a function from the blockchain without any Ethereum nodes running on your PC.

Additionally, it offers these features for you to try out –

• Almost instant mining of transactions.
• No transaction fees.
• Customizing the mining speed or gas prices as you please and as many times you want.
• Recycling, instantiating or resetting all the accounts in the testnet for a defined amount of Ether.
• Very easy and simple Graphical User Interface from which you can overview all the events in the testchain.

Other Features

• You can see the status of all the accounts, including their private keys, addresses, balances, and transactions.
• Oversee the log outputs of Ganache blockchain along with responses and debug information.
• Just with a click, change the mining clocks.
• Get a block explorer to give you more clarity on how your system is working.

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Truffle

Another one of the blockchain tools for developer is the development environment where you can test frameworks and asset pipeline for Ethereum – Truffle. Apparently, Truffle is quite popular among developers because it can make the development of the Ethereum framework a simple task.

Features

• Lifecycle Management of Smart Contracts

Apparently, this tool can manage your contract artifacts and also includes support for any custom deployments, complex Ethereum applications, and library linking.

• Contract Testing

You can test your contracts automatically and ensure that they develop quickly.

• Scriptable Migrations and Deployment

You can use this blockchain tool to write simplistic and manageable deployment scripts to anticipate your contracts change as time goes by. It will let your app to evolve and be relevant even in the future.

• Management of Network

You don’t have to manage any network artifacts once you start to use Truffle. Moreover, it will take care of those while you concentrate on dApp development.

• Highly Powerful Interactive Console

Well, interacting with contracts has never been easier. In reality, Truffle would allow you with a simple interface that can have your time and let you interact with your contracts.

• External Script Runner

You can use this blockchain tool to bootstrap all your contracts and run on the network without any issues.

EtherScripter

If you are a newbie in the blockchain development niche, then Ether scripting can be a difficult task for you. But with this type of blockchain analysis tools, you can code basic contracts quite easily. In reality, this blockchain tool would offer you a very interactive and fun interface to write all your codes.

Furthermore, you can simply drag and drop all the functions to make the smart smarts. It’s quite simple to use. However, at this moment, you can only use Serpent programming language in this type of blockchain analysis tools.

MetaMask

Another one of the great blockchain management tools is the MetaMask. With MetaMask, you can not only serve Ether or any other ERC-20 tokens on the network, but you can also interact with your decentralized applications. More so, it also lets you run it from your browser!

Furthermore, it’s extremely easy to add MetaMask as a Firefox or Google Chrome add-on and start using it right from the browser. After you install the app, you’ll get an Ethereum wallet added to your browser. It will store all the ERC-20 tokens for you.

For developers, this type of blockchain analysis tools won’t need any live Ethereum node to run. So, interacting with the Ethereum network space is a simple task.

Embark

If you want a blockchain development framework for your decentralized applications, then Embark can really help you out. In reality, this type of blockchain management tools will let you manage your dApps, along with giving you all the necessary tools to create and deploy a new one.

Additionally, you can create an independent html5 app that would use decentralized features. Furthermore, you can also create new smart contracts here and launch them in the JS code. The best part about this type of blockchain management tools is that they lookout for any changes you make in the contracts. If so, it will automatically modify contracts and then update the decentralized applications linked to them.

Smart contract migrations are also a plus point of this blockchain tool. In reality, for working on the platform, you can use any traditional language such as Meteor, Angular, React, and many more.

Gorli Testnet

You know the best way to fully test your network without going live would be to harness any testnets. And this where this type of blockchain analysis tools comes in. Gorli Testnet is one of the popular ones out there. Here, you can deploy your dApps and experiment with smart contracts.

More so, you can use it across all client blockchain implementations and get high reliability and availability. Anyhow, Gorli is actually a proof-of-authority cross-client testnet that works with Parity, Pantheon, Geth, EthereumJS, and Nethermind.

However, it’s open-source and is a community-based project.

Parity

Parity is another one of the blockchain management tools that’s built for mission-critical use. It’s a client for Ethereum that uses Rust programming language. More so, this blockchain tool offers the core infrastructure needed for reliable and speedy services.

You can build your very own customizable blockchains for enterprises, private use, or for research purposes, as well. You’ll get –

• Modular and clean code base and customization
• Minimal storage and memory footprint
• Use Warp Sync to synchronize in hours
• Very advanced CLI-based client
• Different and pluggable consensus protocols
• High level of access control and privacy features
• Fast transactions

The best part about this blockchain tool is that it’s 100% reviewed, and the developers do routine codebase checkups to get rid of any bugs or issues.

Hyperledger Caliper

It’s a blockchain benchmarking tool. It allows you to benchmark your blockchain solution using predefined standards. In reality, with this type of blockchain analysis tools, it can get really easy to know whether your blockchain platforms are up to the standards or not.

Once you predefine your set of use cases, it can start working its magic. In reality, you’ll also get reports on transaction latency, Transactions per Second, resource utilization, and many more.

However, you have to know for Caliper to help you out; you need to build your blockchain solution on Hyperledger.

But as you can see, it does not have any default set standards. But why is that? Well, blockchain technology is quite diverse, and every single platform is different. It’s utterly difficult to analyze all the platforms under the same pre-defined set.

So, instead, you can set up the standards based on your industry and then run the tool to see how it performs. That’s why it’s one of the handiest blockchain management tools for the developers.

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Tierion

Tierion offers an environment where you can turn your blockchain into a global platform and verify files, data, and business processes. These kinds of tools for blockchain will help you construct a valid database and help you distribute those data to the ledger.

Furthermore, this blockchain tool also offers ChainPoint that can produce receipts and record data. And so, you don’t need any intermediates to verify the information. Anyhow, with the help of this blockchain tool, you also can combine the Tierion API and ChainPoint to timestamp every data to finalize the verification process.

It’s capable of producing millions of proof every second. Furthermore, this type of blockchain technology tools offer accuracy by –

• Getting all the data from the Network Time Protocol servers
• Using available data from the National Institute of Standards and Technology
• Linking anchor nodes to the Ethereum or Bitcoin blockchain

EthFiddle

If you are a developer that started with Solidity, you may know that there aren’t many blockchain technology tools for working with this language. However, to help you out and offer you similar tools like JSFiddle or Go Playground, the Loom Network introduced EthFiddle.

EthFiddle is one of the tools for blockchain development that offers rapid testing and prototyping. It’s actually a Solidity IDE on your browser. In reality, this blockchain tool is capable of testing, creating, debugging Solidity codes for your smart contracts.

Additionally, you can also share the permalink of your code with just a click. So, you see if you are new to the Solidity environment, you might want to give EthFiddle a try.

Preparing for a Blockchain Developer Interview? Here’re the top Blockchain Developer Interview Questions you should go through to crack the interview.

Web3.js

Web3.js is one of the tools for blockchain development that helps you to develop clients for interacting with Ethereum blockchain. Basically, it’s a library that is Ethereum-compatible JavaScript API. And it implements Generic JSON RPC spec for interacting with a remote or local Ethereum node.

So, with this, you can do tasks like sending Ether between address, write and read smart contract data, develop smart contracts, and many more.

As the blockchain tool runs on JavaScript language, you can use it in any kind of web browser. But you’ll need Ethereum node that can access the Ethereum network via HTTP for using this type of blockchain technology tools. I can suggest using MetaMask extension with Web3.js for connecting to the Ethereum network.

Curious to develop an in-depth understanding of web3 application architecture? Join the Standard & Premium Plans and Enroll Now in Web3 Application Development Course!

Status

Status is another one of the tools for blockchain development.  In reality, it’s a multi-purpose communication tool that comes with a decentralized crypto-wallet, peer-to-peer messenger, and Web3 browser. Basically, it’s a mobile Ethereum client that lets you access the ecosystem from anywhere.

As for the messenger, you can join any public channels and send and receive messages from another user. Also, the high level of encryption makes it impossible for anyone to get access to your messages.

Furthermore, with the help of the blockchain tool, you can interact with your decentralized applications and use the integrated wallet.

From the browser, you can directly access the networks, marketplaces,  and many more. Also, with the extension tool, you can add up features to this mobile client.

Infura

Infura is a standards-based, scalable, globally distributed cluster and API endpoint for IPFS, Ethereum, and any other infrastructures. In reality, this type of tools for blockchain development is made only for developers. So, you can quickly use this tool to connect your app with their instant access APIs.

Apparently, this blockchain tool supports JSON-RPC over WebSocket interfaces and HTTPS offering subscription and request based connections. More so, with just a single URL, you can start using Infura. The team behind the tool would take care of all the upgrades and network changes so that you can focus on your creation.

Mythx

There’s a high demand for smart contract development and decentralized applications. However, there aren’t many blockchain technology tools that offer a full suite. This is where MythX comes in. Basically, it’s a security analysis tool for Ethereum based smart contracts. More so, with this blockchain tool, you will get dynamic and static analysis all in one tool suite.

There are many products for you to test out, such as Truffle, Amberdata, Alethio, Visual Studio Code, Remix, and Embark. So, you can easily couple this blockchain tool with the other tools.

Furthermore, it can detect security issues quite efficiently and is highly scalable.

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Conclusion

Blockchain technology tools can really save your time and make your blockchain development process easier. As a developer being efficient in blockchain adoption is a must, and a deep understanding of the popular blockchain development tools can help greatly.

In this guide, I’ve given all the tools that developers are loving these days. So, now that you know what these different blockchains tools are, it’s time for you to dive in and start developing.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Blockchain Tools That Developers Love appeared first on 101 Blockchains.

In reality, commercial real estate holds a significant role in the overall world economy. According to MSCI, the global real estate market increased from $8.9 trillion in 2018 to $9.6 trillion in 2019. Although it seems like the industry is doing quite well, it actually consists of many frictions and liquidity issues.

The market is now too volatile to invest in and only available to the high class. Interestingly, multiple blockchain-based real estate companies emerged over the years, and now they intend to disrupt the way this industry works.

The threat is real, affecting the traditional ways of real estate, which will soon become obsolete. Therefore, the only way this industry can survive is through integrating blockchain into their business models.

That’s why, in this guide, I’ll follow through on how this technology is disrupting real estate and how blockchain for real estate initiatives is the best approach at the moment.

Want to learn about the intersection of blockchain and real estate? Enroll Now in Blockchain For Real Estate Masterclass

Blockchain For Real Estate: What Are the Biggest Problems of Real Estate?

Not Open to Everyone

Well, frankly, the real estate industry has always been an investment choice only for the rich only. However, previously middle class could attempt to use this as an option, but it’s way out of their reach. There aren’t many assets that can act as an alternative to real estate for the middle classes. But why is the situation so harsh now?

In reality, a lot of barriers are in place to prevent the majority of the population from getting access to real estate. For example, credit scores, international bank accounts, accreditation, citizenship, financing, access to the right sponsor, cash requirements, and fund managers are some of the major barriers.

Also, this industry deals with a lot of middlemen, which raises the difficulty level for the general population.

Lack of Transparency

The level of dishonesty and corruption plagues this sector heavily. As there is no concept of transparency within the business process, it deals with tax evasion, scams, money laundering, and so on.

Globally every year, $800 billion to $2 trillion dollars are laundered. And a significant portion of it is through real estate schemes. More so, the estimation of money laundering happening in real estate is around $1.6 trillion.

Obviously, it’s a massive issue that the government is having trouble dealing with. So, if the business model starts to incorporate transparency, it can fight back the corruption.

Very High Fees

This is mostly a concern for investors who are interested in investing in international real estate. But to do that, they have to pay a huge amount of fees in various stages. For example, there are broker fees, exchange fees, taxes, attorney fees, transfer fees, investment fees, and so on.

Also, as the number of middlemen in this sector is quite overwhelming, they all take their own cuts, raising your overall budget for the investment. More so, you also have to keep in mind that you will need to use accountants and consult lawyers to keep your tax records clean as well.

So, overall, it becomes a costly investment option.

Low Liquidity Levels

Well, I think everyone knows how difficult it is to liquidate real estate assets. It’s one of the major reasons why this sector really needs to change. Here, by liquidity, I mean how quickly you can convert your real estate asset to cash. Due to the high fees and high-value point of real estate assets, there aren’t many buyers around to help you sell your asset when you need it.

So, finding a buyer for it is a lot harder than other types of assets. The problems are the barriers to entry, low availability, too many regulations, lengthy processes, and so on.

All of these problems discourage potential buyers from investing in real estate.

High Pricing Commitments

This is yet another issue that prevents the middle class from ever consider real estate as a good option. In reality, this type of investment needs a lot of capital upfront. Not a lot of people can afford that. More so, only a handful of higher classes can show that much capital upfront.

In many cases, investors have to search for other expensive alternatives to reach pricing commitments. Also, as the market is volatile, it’s a considerable risk to bet this much money on an asset. Although you may have an excellent credit score in your own country, you can’t use that for international markets.

Slow Transaction Speed

The horror of buying real estate starts with the insanely slow transaction processes. Not only is this sector massively inefficient most of the time, but it also makes a lot of errors in the process as well. Also, finding the right property takes a lot of time too.

Apparently, it takes about 6 months on average to find a property and then another 6 months to go through all the procedures to acquire it. That is a massive amount of time to waste in investment schemes.

If you keep all of this in mind, you’ll see why this sector needs a disruptive force at the moment.

Start your blockchain journey Now with the Enterprise Blockchains Fundamentals

What Are the Benefits of Blockchain In Real Estate?

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There are some benefits to using blockchain in the real estate sector. Let’s check out what these are –

• Increased Transparency

It’s no doubt that blockchain is perfectly capable of offering the transparency that the real estate sector needs so badly. As you already know, the real estate sector deals with a lot of corruption. But with the help of transparent systems, this can finally stop. If real estate companies start to use blockchain for their solutions, the customers can see just where the money is going.

Also, as the main database will remain public, no one can alter or even remove any transactions once it gets into the blockchain.

We believe this is the best solution at the moment.

• No Data Silos

Data is all scattered around the real estate agencies. Therefore, you will never find any single source of point where you can get access to all the information necessary for your purchase. It’s even more essential for enterprise companies. If there is only a single database containing all the information from various stakeholders, then the efficiency of the company will increase greatly.

Blockchain can offer that. In reality, blockchain can offer tamper-proof shared logs that can compile every single information about a property. So, using blockchain in real estate can quickly solve a massive issue and increase the overall revenues as well.

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• Efficient Transaction Processes

In reality, the transactions happening daily in real estate are through wire transfers and need a lot of time. More so, in many cases, the KYC verification or other documentation takes a lot of money. But with blockchain, transactions can happen within minutes.

Even in the worst-case scenario, it can complete a process within a day, whereas previously it took days to finish. So, the investors or customers will become more eager to invest and not shy away from it.

But you need to ensure that your blockchain solution can meet up with your company’s daily demand. If it can’t, then you’ll end up with a slow system.

• Limited Intermediaries

The best benefit of using blockchain in real estate is the reduction of the overwhelming intermediaries. In reality, too many intermediaries give rise to complexity and added cost. Blockchain is effective in eliminating the middlemen from the equation. So, by going fully digital, you won’t have to deal with the unnecessary middleman cuts.

Also, any new listings on the platform will go through a thorough verification process. So, there is no scope for scams or fraudulent activities in the sector. Not only it’s more efficient for the investors but for the large real estate companies as well.

Want to know more about the benefits of blockchain technology? Why don’t you check out our guide on the benefits of blockchain technology?

Probable Use Cases of Blockchain In Real Estate

• Increasing Liquidity

One of the best use cases of blockchain in this industry is the increased liquidity. In reality, using blockchain can create a platform where real estate companies can offer their services and properties for buying and selling.

More so, individuals investing in real estate assets can also list their properties for better reach. Public blockchain platforms can welcome anyone to list out their assets. However, they will have to go through an authentication process to check their background and eliminate any scams.

But having a platform for buying and selling properties will help connect potential buyers with sellers more efficiently.

• Better Property Search Process

Searching for the perfect property is a real nuisance because there aren’t many platforms that offer legitimate options. Nowadays, people are more interested in searching online rather than go there in person. So, it’s only common sense to look for platforms that offer this feature.

But in most cases, these platforms offer minimal access to properties. More so, in many cases, they have expensive subscription fees. Also, another issue of this type of platform is the lack of updated content. In most cases, they don’t even update whether a property is already sold or not.

Therefore, using blockchain can help tremendously as brokers can directly control the data, and consumers won’t have to deal with third parties. That’s why blockchain for real estate can offer better property search options.

• Full Transparency in Title Transfers

There are so many horror stories revolving around buying homes. From property history to foreclosures, there are too many scopes of making errors every step of the way. Due to all of this, a home purchase can come back and cause a lot of issues to the new homeowner. In reality, without full transparency in the title transfer process, many face even legal issues once they buy a new house.

This is where blockchain can really come in handy. Using smart contracts in real estate, they can streamline the process of the title transfer. Both the buyer and seller can see for themselves who is the property’s current owner, and future buyers can also view who owned the property over the years!

• Automated Property Buy and Sell

Again, the process of buying and selling properties takes up a lot of time. During this time, the pricing can change, along with the fee of the brokers. With all of the issues, the sector is falling behind drastically. So, using smart contracts in real estate can ease the process of buying and selling properties.

In reality, blockchain technology can automate the whole process of buying a house. The consumers can go to a platform where potential sellers will display their assets. Once they pick one, they can go over to take a look physically or get a tour virtually. After that, all they have to do is set up the parameters and process the payment, and they are done.

All of this can take only a few days to finish.

• Preventing Title and Deed Fraud

Another one of the blockchain real estate use cases is the prevention of deed and title frauds. You won’t believe how much issues deed fraud is causing over the last decade. In reality, this kind of fraudulent activity is increasing at a rapid rate, specifically in internet property sales.

More so, people can sell off their assets to another party without your knowledge, which is quite scary to start with. But as blockchain can store all of the property information and owner information, and legal documents on the ledger, there’s no way any third party can take control over your assets.

• Fighting Wire and Email Fraud

Did you know that real estate-based wire and email scams are rising at 480% every single year? That is way too many victims with more significant losses every year. More so, this sector is quite an expensive option to start with, and then this type of crime makes people more reluctant to invest in it. In reality, criminals can pose as agents or companies to scam people into giving them money.

As there isn’t any proper security protocol in place, many agents even get their identities stolen and then get caught up in the criminal charges. But blockchain can reduce this number drastically. We don’t know whether it can fully get rid of the problem, but it can surely fight heavily against it.

• Decentralizing Multiple Listing Services

Another one of the great blockchain real estate use cases is the use of decentralized MLS. Typically, in MLS, corporate brokers come together to form a database for properties. Here, they can share information with each other to make a potential sale. So, once a property gets sold, the commission is split between the brokers.

This is a ripe market, but without a proper networking base in place, criminals can hack into this system as well. More so, using blockchain in MLS can decentralize the process, making it impossible to manipulate.

• Fractional Investing or Ownership

This is another creative take on blockchains use cases. Using blockchain technology, real estate companies can offer fractional investment options. Typically, it means that multiple owners can own a portion of a property that is not affordable individually. So, if the middle classes want to invest in a high pricing property, then they can share the ownership with others.

In reality, it’s an excellent solution for buying and selling real state assets because it can include more people than usual, increasing the overall liquidity options.

You can use smart contracts for real estate to facilitate the transactions and save time.

• Token-based Ownership

This is one of the brilliant blockchain real estate use cases. In reality, it’s a different take on the whole real estate assets. For example, you can invest in a multitude of assets using tokens. So, here, the tokens will represent a value for the assets. So, it’s not like you will own a specific property rather than you will invest in the tokens that will represent a collective of said property.

Thus, it’s more similar to investing in gold, which has very little risk associated with it. In fact, there are already multiple projects in place for this type of application.

• Preventing Mortgage Fraud

Mortgage fraud is one of the main concerns of real estate industries. In fact, the increase in property value is only increasing the percentage of this type of fraud. So, the industry will cont8nue to have losses that can go up to billions. Just in the USA, this fraud causes a loss of $2.5 billion every year! Can you imagine that?

But if you start to use blockchain for real estate, then you can prevent this type of fraud right from the start. As everything will get monitored online, no one can sneak through the system without detection.

• Transparent Property Inspection

There’s a lot of problems regarding property inspection. In reality, property inspection causes more losses to the buyers than sellers. For example, many scams in real estate companies showcase a fake property to the buyer. In many cases, buyers only invest in the property not to use it but to sell it when the price rises. So, they may not even know that the property they invested in doesn’t even exist.

But once you convert to blockchain for real estate, you can get transparency in a property inspection. Theirs is no way to cheat the system here, and you will see the right property that you will invest in. More so, you can also see past history any issues in the property just from the platform.

• Cutting Real Estate Costs

This is by far the best use cases of blockchain. Once companies start to incorporate blockchain into their networking system, they can make the whole process automated and then cut down the cost drastically. More so, it will not stay limited to only the organizational level, but it will also help the consumers as well.

When blockchain takes the place of the middlemen, you won’t have to pay extra fees to buy the properties. The drastic change in the intermediary model will ensure lower cuts, and it will also save a lot of time.

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How Organisations Are Using Blockchain For Real Estate

• Lantmäteriet

Lantmäteriet is a Swedish government real estate agency that’s working with blockchain technology. At present, it’s working on a new solution that will facilitate their land registry process. More so, it will also get rid of any discrepancies and make the process more seamless.

• Brookfield Asset Management

Well, Brookfield Asset Management is one of the biggest real estate enterprise companies in the world at the moment. At present, they have taken a keen interest in blockchain, and they plan to work on a solution to integrate it into their internal networking system. They believe they can reduce their costs drastically using blockchain for commercial real estate.

• Link REIT, Hongkong

Link REIT in Hongkong is working with Allinfra for a blockchain project in real estate. However, this is more of a pilot project where they are checking how blockchain is working at the moment for this sector.

• JLL

JLL is also working on blockchain real estate projects. Using the technology, they are going for Spanish commercial real estate valuation. More so, they believe that they can use it to construct and finance projects as well.

• Westfields

Another one of the good examples of blockchain real estate projects is Westfield’s solution. They are working on a solution that is focused on offering real estate bank guarantees. Also, it will mainly introduce leaseholders in the retail sector.

• Coldwell Banker

Coldwell Banker is one of the real estate giants that is working on blockchain-based solutions. In reality, they are using blockchain for listing out agents, sellers and offering transaction processes. Also, they want to streamline their transactions and contracts from a single platform.

• National Agency of Public Registry

National Agency of Public Registry of Georgia is one of the examples of using blockchain for commercial real estate applications. In reality, Georgia is working on a solution that will enhance their real estate transparency and cut costs and increase efficiency.

• Prologis

Prologis is working on a solution-focused on logistics real estate. This is yet another great addition to the blockchain real estate projects list. At present, they have joined forces with Blockchain in Transport Alliance (BiTA) to develop royalty-free data standards for the logistics companies.

• Mata Capital

Mata Capital is a French real estate fund management company. They are currently working on blockchain solutions that will focus on optimizing and modernizing the process of maintaining and distributing funds of their investor registry.

• Dubai Land Department

Dubai Land Department is working on blockchain for commercial real estate options. In reality, they are working on a solution that will focus on recording all of their local real estate contracts on the ledger. More so, they plan to secure all related government documents on it as well.

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Conclusion

Blockchain for real estate is a field that needs more exposure in the world. This sector is full of corruption and criminal activities. However, the importance of this sector is all-time high now. So, without proper guidelines in place, there is no way this sector can bloom effectively and get rid of the corruption for good.

It needs a change, and blockchain is definitely up to the task. Therefore, it’s only a matter of time when real estate companies will see blockchain’s worth and start mass integrating the tech.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Blockchain for Real Estate: How This Disrupts the Market appeared first on 101 Blockchains.

DeFi is using blockchain technology to ensure that our financial system is fully decentralized, distributed, and secured, unlike traditional means. In reality, it’s one of the fast-growing sectors in the crypto space.

Feeling intrigued? Let’s check out some of the popular decentralized finance applications on the market that you can try out today. So, let’s start!

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What Are Decentralized Finance Applications?

Before we start looking into DeFi applications, I’ll briefly explain the concept behind Decentralized Finance. DeFi is a peer-to-peer finance system or network that is powered by decentralized technologies. In simple terms, it’s actually the shift from a centralized and traditional financial system to a more decentralized and peer-to-peer network.

Decentralized finance companies are bringing an entire ecosystem full of applications starting from borrowing and lending platforms to tokenizing assets. So, in this case, decentralized finance applications are nothing more than blockchain or distributed applications developed specifically for the financial industries.

Also, most of these applications are using Ethereum as the underlying technology. In reality, our traditional financial system mainly runs on centralized infrastructure, which is highly flawed. On the other hand, decentralized finance applications get rid of the issues that come from the centralized infrastructure. So, it’s a great approach to digitizing this sector without any issues with the legacy systems.

Therefore, if you only have an internet connection, you can access all these Defi apps built to streamline all your financial needs. The breakthrough of DeFi is really changing the scenario of our financial systems. Now we can use crypto assets in so many ways that were never possible with real-world currencies. The paradigm shift in the economic infrastructure presents us with a lot of opportunities and gets rid of risks and trust issues.

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What Are Best Decentralized Finance Applications in The Market?

From synthetic assets to DAOs, decentralized finance companies are unlocking opportunities for a completely new economic model around the world. More so, the vesta mount of use cases of this sector is proof that this is more than just a bunch of DeFi projects.

It’s an integrated effort to develop a complete ecosystem of finance that shifts from traditional centralized services. Therefore, let’s look at the best-decentralized finance applications to understand what benefits you can expect from these.

So, let’s start!

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Asset Management

Decentralized finance applications will help you be the sole custodian of your information. Therefore, it includes managing your crypto asset as well. There are many crypto wallets that will help you securely and efficiently interact with applications for selling, buying, transferring, and earning interest on your assets.

So, in the DeFi projects space, you will own your data, not any third parties or any government agencies.

• MetaMask: MetaMask offers the security and usability needed for a getaway to blockchain applications. However, it’s also a wallet, and it can handle account management along with connecting any individual to the blockchain. More so, it even offers hardware wallets, which is totally isolated from the site.
• Gnosis Safe: Using this application, you can fully customize and manage all your crypto assets. It even allows you to store them on multiple devices. For example, it offers EOA-based wallets, hardware wallets, paper wallets, or even a combination of these three.

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Compliance and KYT

Basically, in the traditional finance companies, know-your-customer guidelines help counter-the-financing-of-terrorism (CFT) and promote anti-money laundering (AML). However, as the system is fragile, hackers can hack through the system and easily bypass all the security protocols.

Therefore, DeFi takes this system to a new height. Without focusing on customer identities, they are focusing on customer addresses. So, instead of know your customer, the applications focus on know-your-transactions (KYT). This helps to prevent risk in real-time and gets rid of any options for financial crimes.

• Codefi Compliance: This application offers KYT processes that help businesses to assess any risky behaviors from the very start. Therefore, it can offer CFT and AML checks to identify any fraudulent activities or even terrorisms.
• KYC-Chain: KYC-Chain is another application that offers you an array of features. You will get KYC and AML checks, identity and verification, crypto wallet AML, scalable and secure network, and access to the Selfkey network.

DAOs

DAO is actually a decentralized autonomous organization that focuses on decentralized and transparent business models. Basically, these types of organizations are based on blockchain technology and are incredibly different from traditional organizations.

Anyhow, there are applications that focus on managing financial operations, fundraising, and maintaining decentralized governance in DAOs.

• Maker: MKR holders actually governs the MakerDAO protocols. And this will include adjusting policy for Dai, improving governance, selecting different collateral types, offering security and transparency.
• Compound: Compound is also another application for DAO, where the decentralized community is the COMP token holders. More so, they can propose or even vote on upgrades related to the primary protocol.

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Data and Analytics

Decentralized finance applications come with unprecedented transparency for network activity and transactional data. That’s why using DeFi protocols can help you in data analysis, discovery, and profound decision-making opportunities. The explosive popularity of these applications is leading to the development of various dashboards and tools. In reality, some of them can even help you assess any platform risks, track the value of your assets, and compare them for the liquidity process.

• Codefi Data: Codefi Data is a suite for data management and analytics. You can use this solution in the investment ecosystem, such as public blockchain tokens, digital assets, decentralized finance protocols, and so on. Other than this, it also offers performance metrics and security.
• DeFi Pulse: It’s a DeFi live tracker. Here, you can find all the latest rankings of DeFi protocols and their analytics. Typically, they track the total value that is locked into the smart contacts of these applications.

Derivatives

Using Ethereum based smart contracts, DeFi is now introducing a new type of tokenized derivatives. Usually, these derivatives are directly linked to an underlying asset, and the performance shifts based on that asset.

More so, you can use DeFi derivatives to represent any real-world bonds, currencies, commodities, and even cryptocurrencies.

• bZx: It’s a margin lending protocol based on Ethereum blockchain. Furthermore, you can use this application to build other platforms that offer borrowing, lending, and trading facilities. So, even if you are a borrower or lender, you will be the one in control of the keys.
• dYdX: dYdX is a great application that will let you trade, borrow, lend, and even manage your assets directly. More so, you can use your crypto holdings as collateral for borrowing other assets. Tracking your performance and your assets is quite easy as well.

Infrastructure Development

Applications of decentralized finance offer composability. In reality, it means that it allows different components within a system to easily communicate, connect, and interoperate. Using this technique, communities are building upon what other developers have already built, making it one of the most prominent and powerful networks at this moment.

You can think of building DeFi applications like building with Legos. There are lots of tools dedicates specifically to the infrastructure development of blockchain platforms. More so, these are definitely some of the best tools that developers tend to love for their blockchain solutions.

• Truffle Suite: Truffle Suite is a combination of development tools that will let you create a new infrastructure from scratch. It contains three tools for compiling, testing, debugging, and deploying – Truffle, Ganache, and Drizzle.
• Infura: Using Infura, you can immediately connect your application to their APIs and use their support for interface to run your app. The best part is that you can do it with only 1 single URL. More so, they offer management services so that you can focus on project development.

Decentralized Exchange

Another popular use case of DeFi is the well-known decentralized exchange applications. Mainly these are cryptocurrency exchanges that don’t need any central authority. More so, it allows users to transact directly with other peers and ensure that the control remains only to the users. Thus, it helps to reduce any price manipulation, any kind of theft, or hacks.

Furthermore, these decentralized exchanges offer liquidity for certain projects, mainly when it comes to rival centralized exchanges.

More so, some exchanges may use decentralization to a certain extent without fully getting rid of the centralized servers.

• AirSwap: AirSwap is a great peer-to-peer trading decentralized finance application. In reality, it uses Ethereum as the underlying technology. More so, you won’t need any fees, deposits, or sign-ups to trade. It also offers a secure and easy to use interface that promotes liquidity of the assets.
• Uniswap Exchange: This is also based on Ethereum and offers automated liquidity protocol. The formula they use is quite unique, and they use non-upgradeable smart contracts for that. Therefore, you can access trusted intermediaries, great security, censor resistance, and prioritize decentralization using this.

Gaming

Decentralized finance applications are in the gaming world as well. More so, using these applications, gamers can now unlock the opportunity to handle their in-app purchases without any risks of credit card hacks. More so, these applications now offer unique incentive models, which is hard to come across in typical gaming experience.

This will surely enhance your gaming experience without worrying too much about your finances.

• PoolTogether: It’s an audited savings game where there is no-loss for you. Additionally, it uses Ethereum to make it completely decentralized. All you have to do is use Dai to get tickets from the pool. Every single Dai in the pool will get interest, so it’s a win-win situation for everyone.

Borrowing and Lending

Borrowing and lending use one of the most prominent use cases for the applications of decentralized finance. In reality, users can lend their cryptocurrencies to a lending pool and earn interests based on that. Based on their criteria, many applications match the borrower and lender, getting rid of any trust issues along the way.

• Aave: It’s an open-source protocol that creates different kinds of money markets. Here, you can earn interest based on your borrowing and depositing assets. More so, depositors are responsible for increasing the liquidity, and borrowers can borrow any asset in undercollateralized or overcollateralized fashion.
• Dharma: Dharma offers a suite of developer tools and smart contracts that helps in lending and borrowing crypto-assets. More so, the application offers access to 2000+ tokens, where you will need no Gas fees for trading. You can even withdraw anytime you want.

Identity Management

You can pair applications of decentralized finance with blockchain-based identity systems to give users access to a global economic platform. More so, this will help users get access to their own identity and use it as portable identification whenever they need it.

On top of this, you can expect high security for your financial information and your personal documentations because no third party can get access to it. You can even choose to share partial information to your clients without disclosing your personal data.

• Civic: Civic is a decentralized identity ecosystem. Here, you will have to verify your identity once, and then you can use it as much as you want. Furthermore, you can choose which company you trust to share your information. So, you don’t have to overshare anything else.
• uPort: At uPort, you will be getting a self-sovereign identity with just a few clicks. In reality, this tool will offer any individual to share their data in a secure, simple, and private way. It comes in two variations – the public and private sectors.

Insurance

DeFi is surely talking over the insurance industries as well. Due to the lack of proper management and security, this sector deals with contract breaches and false insurance claims. Also, the process of insurance claiming takes a lot of time. That’s why a number of innovative decentralized application in this spectrum is using blockchain to protect and cover contracts and help to streamline insurance claims faster.

• Etherisc: DIP Foundation supports the ecosystem, and it contains oracle providers, product builders, resellers, risk pool keepers, claim adjusters, underwriters, and relayers. Anyhow, it’s a great application for building risk transfer solutions solely for the insurance industry.
• Nexus Mutual: Nexus Mutual is a unique application that gets rid of the concept of insurance companies. Here, you can share the risk with other parties in a pool without needing any company to back it up. More so, they offer a backup solution for any disaster like faulty smart contracts or DAO hack.

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Margin Trading

In reality, margin traders can borrow funds from a lender and utilize their trades in a typical finance system. However, in DeFi, this trading is fully decentralized and offers non-custodial lending protocols. Due to the fact that smart contracts are connected to the majority of this type of application, many call them “autonomous money markets” at the moment.

• Fulcrum: Fulcrum is a decentralized finance application for tokenizing margin trading and lending processes. It doesn’t need any KYC and AML, and it offers non-custodial solutions. The automated renew and no rollover fees help to maintain a seamless experience.
• DDEX: DDEX offers instant borrowing, interest in lending from the start, and 5x leveraged trading. More so, all the smart contracts are audited and secured along with accessible mobile devices.

Stablecoins

Stablecoins fall under the spectrum of DeFi as well. Mainly these are cryptocurrencies, but they are pegged to any kind of stable asset. It can be fiat money, or gold, or even other cryptocurrencies. In reality, stablecoins are here to reduce the volatile nature of cryptocurrencies and make them a good source of digital currency. At present, many central bank digital currency (CBDC) protocols are using stablecoins.

• Dai: Dai is a stablecoin that is pegged against USD. Here, 1 Dai = 1 USD. The stablecoin uses Ethereum based platform, and MakerDAO is governance behind it. In reality, there is no discrimination when it comes to Dai as it offers stable pricing all the time.
• Gemini Dollar: Gemini Dollar is also pegged against the U.S. dollar. Here, it’s in a 1:1 ration to USD. More so, it offers high scalability and usability in any environment, getting rid of all volatile nature of traditional cryptos.

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Online Marketplaces

Online marketplaces are another great use case of DeFi. The applications of decentralized finance help users exchange products directly without any third party. More so, it also promotes globalization when it comes to online marketplaces. You can even do freelance gigs on these applications if you want to.

• Gitcoin: Gitcoin is a marketplace for your development work. It’s an open-source marketplace, which means all your development work here will be for the public. It offers workshops, a growing environment for your projects, and certain payouts to help you keep contributing.
• Ethlance: It’s a different take on the blockchain, which is kind of similar to popular platforms like Upwork, Fiverr, etc. But instead of getting paid in money, you will get paid in Ether. At the moment, they are not taking any cut from your payouts, so any money you are making from it is completely yours.

Payments

Well, the primary use case of the DeFi application starts off with a peer-to-peer payments system. That’s why most of the best decentralized finance applications offer this functionality to all the users. In reality, blockchain technology is more than enough to ensure a secure and direct connection to other users without needing any third-parties.

But DeFi payments takes it to a whole new level. It’s creating a more open space for safely sending and receiving payments around the globe.

• Request Network: It’s a payments network that uses IPFS and Ethereum. Anyhow, using this application, you can get access to standards, infrastructures for building your very own payments project.
• Groundhog: Groundhog is an awesome toolbox developed specifically for creating subscriptions that are crypto-based. In reality, adding Groundhog to your application is a simple task with only a few lines of code. More so, you can transfer money to this wallet using any crypto wallet or a bank account.

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Prediction Markets

There are many applications of decentralized finance solely built for prediction markets. In reality, these applications can easily analyze the data and consumer behaviors to successfully predict any changes.

In any case, market prices can indirectly indicate certain events. Thus, these applications analyze the situation and can offer you the results around the economic event, election results, and even sports games.

• Augur: Who doesn’t like prediction market apps? Augur is now one of the leading prediction market applications on the market with no limit to what you can bet on. It totally is up to you on how much you want to bet on.
• Gnosis: Gnosis is rather a platform that lets you develop prediction market solutions based on Ethereum. So, it’s more of a developer’s tool where they can get access to resources, information, and financial infrastructures.

Synthetic Assets

These are more or less related to stablecoins. In reality, these assets are a mixture of other assets such as fiat money, gold, or cryptocurrencies for offering a stable value. For example, a certain percentage or fiat money and gold can make up a synthetic asset.

Furthermore, this process helps to absorb any price shock that may happen later in the future. So, if the prices of gold fluctuated, the fiat money can back it up and make the end value stable.

• Synthetix: Synthetix is a unique application that offers a mixture of various assets for a stable value asset. At present, it’s the backbone of derivatives trading with synthetic assets. Anyhow, Synthetix Network Token backs up every single asset on the application.

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DeFi Applications Are Changing the Future of Our Economy

DeFi apps are slowly but surely changing the economic model of the world. Even a decade ago, imagining a completely decentralized finance system was impossible. However, blockchain technology is slowly paving the way for offering us the next technological revolution. Although these applications aren’t perfect, these are still managing to replace the error-prone legacy systems.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post 30+ Best Decentralized Finance Applications appeared first on 101 Blockchains.

At the core, changing the business process to use blockchain is not a simple task. It requires time, effort, and most importantly, a good investment to get started. Failure is not an option. If risk management is not done correctly, then it is you can lose resources, and also have a chance of project failure. Do not worry, as, in this article, we will explore proper blockchain risk assessment that will cover different parts of a blockchain project. 

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Blockchain Enterprise Risk Assessment and Management Framework

Before we dive deep into the idea of blockchain risk assessment, let’s understand blockchain in short.

Blockchain is a decentralized peer-to-peer ledger. It brings multiple benefits, including efficiency, decentralization, distributed ledger, immutability, and irreversibility. With blockchain, companies can invest more time innovating, and less time managing. Blockchain also lets companies automate with smart contracts.

Smart contracts are equivalent to a legal contract. They provide the necessary tools to automate the network.

One more thing that is crucial to the success of the blockchain or distributed ledger technology(DLT) is the consensus method. Bitcoin utilizes Proof of Work(PoW), but it is not ideal for enterprise blockchain. For enterprises, there are many good alternatives, including Hyperledger Fabric, Quorum, IBM blockchain, and others.

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In short, you can utilize the blockchain to gain substantial improvement in your business processes.

Is your enterprise ready for risks associated with blockchain?

Blockchain is undoubtedly one of the most innovative technology. It has also made risk practitioners change how they perceive risks using the technology. It is promising, and that’s why risks are glaring than ever.

The focus right now is to minimize risks as much as possible. In some cases, it is possible to eradicate the risks associated with blockchain implementation completely. However, the risks are new, and there are many ways malicious actors can cause harm to the system. Not only that, but risks are also within the network itself.

For example, the enterprise needs a permissioned network to work flawlessly. Without a proper permission management system, it would become hard for enterprises to set up their blockchain solution. Permissions should be layered so that no critical information gets leaked. After all, the data is what distinguishes them, and any leak can make their market grasp lose.

But, the good news is that risk practitioners acknowledge that blockchain can act as a tool for migrating risks. It brings the features that no other technology ever bought before. The key integral part is decentralization. It makes blockchain as the facilitator of trust. 

However, as an organization, your job is to ask key questions.

• Will blockchain bring risks to your organization?
• If it does? What types of risks will it bring?
• Are the risks associated with blockchain migratable?

Blockchain ensures better risk management but brings new risks that were not part of the system. On top of all these, the organization also needs to take care of the regulatory authorities that govern the enterprise or the decentralized networks. It is mandatory for the firms to follow the rules set by the regulatory authority on their blockchain-based business model.

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Types of Blockchain and the risks that they bring

To better understand blockchain risk assessment or the risks of blockchain, we need to look at the types of blockchain.

Blockchain can be broadly divided into two types:

• Permissioned blockchain: This type of permissioned blockchain ensure that only selected participants can take part in the blockchain network. 
• Permissionless blockchain: In this blockchain type, anyone can join and be part of the network.

When it comes to permissionless blockchain, it is easy to see the risks associated with it. There are no know your customer(KYC) associated with the users. Also, there is a need for miners to power the network and validate the transactions. Miners also bring their own set of risks — including 51% attack. There is also a chance of money laundering, privacy issues, and scalability when it comes to permissionless blockchain. All of these risks makes it not fit for enterprise or financial institutes. 

Permissioned blockchains, on the other hand, is safe from the drawbacks that permissionless blockchain brings. The first thing that you will notice is that there is no need for miners to run it. The lack of miners also means that there is no need for cryptocurrency. At the heart of a permissioned network, some nodes are capable of validating transactions — making it ideal for closed blockchain networks. But, to make the network functional, a different type of consensus algorithm is required.

Permissioned based blockchains also have no issues when it comes to privacy and scalability. No one can know who is part of the network other than the administrators. This is crucial for the long-term success of an enterprise blockchain. Also, if there is suspicious activity, it can be quickly handled by the security team — considering that they have the maximum information about the network.

Smart Contracts and their role

Smart contracts are what makes businesses take advantage of blockchain. After all, it is where business logic is encoded. Without it, there would not be any proper way of automating business processes. They are capable of processing information and execute themselves once a condition is met. This also makes them the number one target for malicious actors. 

To ensure that smart contracts are planned and executed correctly, the enterprise needs to ensure proper testing of smart contracts. The idea is to mitigate risk with thorough testing. For institutes, it is necessary to understand all the associated risks and act accordingly. If not done correctly, it can lead to loss of data and other risks.

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Risk considerations that you should consider

To give you a clear picture, we will be considering risks under broad risk categories. They will define what needs to be done. The four main risk considerations include the following

• Standard risk considerations
• Smart contract risk considerations
• Value transfer risk considerations

Standard Risks

Standard risk considerations are risks that are considered common to all the blockchain projects. They are about general risks. Let’s go through the blockchain risks below:

• Business continuity risk

One of the common blockchain business risks is business continuity risk. As a business, you need to cope with ever-changing governance and regulations. It is also required to equip the business process with all the necessary protection against cyberattacks. To resolve the issue, the firm needs to have proper continuity plans and have a short response time when the need arises.

• Strategic Risk

Another standard risk of blockchain is strategic risks. Blockchain is not a universal solution. It is not everyone. However, some firms believe that they need to change to blockchain to have a competitive edge. But, in reality, there is no need to do so. Blockchain is still a new technology, and hence require time to mature. Apart from the fact that it is new technology, businesses also need to take note of how the entities will impact once changed to the blockchain. It is also necessary to learn the limitations it will bring to the product/service ecosystem.

• Information security risk

Just like any other technology, blockchain is also not free from information security risk. It provides better internal security when it comes to cryptography or distributed database. But, things can go wary when we take the account or wallet security into account. The ownership of the account can be taken over by malicious actors. Blockchain is also not 100% secure and is vulnerable to attacks.

• Reputational risk

Reputational risk comes in when companies fail to integrate blockchain to their legacy system. If not done correctly, it can result in poor customer experience — and can easily hamper the reputation of the company.

• Regulatory risk

Regulations have always been the number one issue among companies as they look to adopt new technology. With each government or authority having their own regulations, it becomes hard for global companies to manage those regulations and act within them. The main risks include cross-border transactions. In this use-case, companies need to manage data and privacy protection. FINRA – a regulatory body, wants all the deals to follow the rules, regulations, state law when trading securities. Not only it affects companies, but it also affects the core idea behind distributed ledger technologies.

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• Operational and IT risks

Changing from standard operating procedures and policies can be a daunting and risky task. The change also needs to encompass the business new processes. The IT team also needs to take care of the scalability, interface, and speed.

• Supplier risks

As it is not practically possible for most businesses to implement end-to-end blockchain solution, the business also exposes itself to third-party vendor associated risks. 

• Contractual risk

Contractual risk is mainly concerned with how the service-level agreements(SLAs) within the nodes and administrator.

Smart contract risks

Smart contracts are at the core of any enterprise blockchain. It helps businesses automate or transform the business logic into reality. They can be used to do financial and legal agreements within the network. Their complexity and importance bring in blockchain business risks with it. After all, it is all about mapping the business logic digitally. Let’s take a look at the blockchain risk assessment related to smart contracts.

• Business/Regulatory Risks

Smart contracts offer a way to encode legal, economic, or business logic within the parties. Once done, they work seamlessly throughout the network and ensure that everyone can take advantage of it. However, due to regulatory issues, smart contracts should also be equipped with the exception handling. The need for exceptional handling means more risk. And, that’s why the smart contracts need to be thoroughly tested across multiple networks, regulations, and other constraints or environment that it needs to be executed.

• Legal Risks

Smart contracts also bring in a legal liability issue. As permissioned networks take advantage of a closed-decentralized approach, there is no proper approach on whom to blame when things go wrong. Would that be an admin or the engineers who programmed it? Also, disagreement between nodes can lead to people leaving and crippling the network of the necessary resources.

• Information security risks

Smart contracts if not coded properly, can lead to security risks, including breaches by external or internal nodes. The solution is to have a proper amendment to fix smart contracts — and stop any node to utilize the glitch. Furthermore, attention needs to be given to incidents when they happen. To make sure that glitches are found and resolved quickly, a proper incident management process should be implemented. Lastly, care needs to be taken for external entities as they can trigger internal smart contracts by sending wrong or misleading data.

Value transfer risks

With decentralization, peers can now transfer information without the need of any central authority. This new approach has the ability to change how businesses operate, but not without risks. Let’s check out the blockchain risk assessments that come along with the peer-to-peer information exchange.

• Consensus methods risk

Consensus methods risk is at the core of any blockchain platform. Any transactions happening in the network is completed according to the consensus method choose. Consensus method also utilizes a cryptographic protocol. These consensus methods bring their own associated risk. For example, in a BFT algorithm, it is required for parties to agree on the system membership. Other consensus algorithms have their own problems.

• Data confidentiality risk

When it comes to the public blockchain, it is easy to know the transactions in the network. But, when it comes to permissioned networks, the hashed format is used to convey results. But the hashed format reveal information about the nature of the transaction and the participants — which is not ideal in every use-case out there.

• Liquidity issue

DLT always brings liquidity issues. Not all crypto or assets within the network have demanded all the time. On top of that, there is always the chance of a dispute — which means more liquidity risks.

• Key management issue

Even though DLTs are very secure when it comes to securing stored data — the main issue happens when the users do not protect their private keys. This means that there is always a risk of private keys being stolen. As an enterprise or business, you need to educate users on how to keep their private keys safe.

10 enterprise Blockchain Implementation Risks to Consider

According to OWASP, here are the top 10 web application security risks. We think you should also consider them when it comes to blockchain implementation.

1. Improper Logging & Monitoring
2. Insecure Deserialization
3. Sensitive Data Exposure
4. Cross-Site Scripting(XSS)
5. Injection
6. Security Misconfiguration
7. XML External Entities(XXE)
8. Broken Access Control
9. Using components with vulnerabilities
10. Broken Authentication

BCH Global has also covered a webinar that discusses the blockchain security risks. They have also covered other risks associated with blockchain. For example, in smart contracts & blockchain specific vulnerabilities, there are risks of denial of service, race conditions, timestamp dependence, and so on.

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Conclusion

This leads us to the end of our blockchain risk assessment. We covered blockchain business risks in detail, including blockchain compliance risks, blockchain cyber risk, blockchain regulatory risk, and so on. You should also check out the Blockchain risks every CIO should know. It is an interesting take on the risks associated with blockchain.

There is no doubt that more focus needs to be given to the blockchain risk management plan. For that, enterprises need to have proper training on the blockchain. Most of the time it is the lack of knowledge that brings in unwanted risks.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

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Have you ever wondered how enterprises use blockchain? If you do, then you have come to the right place as we are going to share the ten enterprise blockchain examples out there.

Blockchain has wholly transformed enterprises. Companies are ready to deal with the change as it gives them a competitive advantage. Also, there are many use-cases of blockchain in enterprise settings. Its ability to be customized is what makes it so appealing to the businesses out there. With it, there are endless business model possibilities.

But, does that mean your business should also adopt blockchain. Well, it depends on blockchain impacts on your business, now and in the long term.

To help you in the quest to understand enterprise blockchain better, we will be sharing enterprise blockchain examples. Also, enterprise blockchain is different compared to public blockchains.

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Permissioned Blockchains: The De Facto Enterprise Approach

Public blockchains are free for everyone to join and participate. Organizations cannot afford to share every piece of information. They have critical information that determines their failure and success. If the critical information is not handled correctly, it leads to a loss of competitive advantage and market share.

That’s where permissioned enterprise blockchains come in. All the enterprise blockchain frameworks support permissioned features. That’s why we will also be discussing the permissioned blockchain example. Mostly, the frameworks offer the ability to handle permissioned networks with public features. This means that companies can keep their information secure while enabling other end users to connect to the blockchain network — and ensuring proper information flow.

Permissioned blockchain for supply chain has a plethora of use cases. Supply chain always needs optimal inflow and outflow of information. If not done correctly, it can lead to losses.

Identifying Proper Enterprise Blockchain Examples/Use-Cases

As a business, your job is to identify the instances where you need blockchain. If you identify it correctly, it can help you get better results from the blockchain. Let’s go through the following questions.

• Does your business interact with multiple entities for data?
• Is data or transaction visibility important for your partners?
• Is your current information-sharing system less secure or costly?

If you answered all the questions as “yes,” then you have a blockchain use-case at your hands. But, before you jump and choose an enterprise blockchain framework, it is advisable to determine its impact before changing. Blockchain implementation is not simple and can also cost a lot.

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Best Enterprise Blockchain Examples That You Should Know

The best way to learn about blockchain is to go through the examples. Our list of 10 enterprise blockchain examples will cover the majority of the use-cases. We will try to give examples of enterprise blockchain platforms that are implementing it — so that you can get a proper context.

Nothing beats real-world use-cases, and that’s why we need to go through them.

Supply Chain Management

Blockchain in supply chain management is undoubtedly the number one enterprise blockchain example. Almost any industry or company uses the supply chain to ensure the proper flow of products. If it falters even by a fraction, a company loses on profit or market share. That’s how important the supply chain is.

Clearly, blockchain provides the necessary framework to make the supply chain more efficient, trustworthy, and cost-effective. The use of blockchain ensures that transparency gets ingrained in the whole supply chain. It solves the number one issue that the supply chain suffers from — fraud.

Blockchain also provides cost-effective measures to improve overall network efficiency. Meanwhile, it also makes sure that data/information can flow deeply through the network without being delayed. All these factors help the supply chain to become what it is.

One such supply chain blockchain example is IBM’s Food Trust. IBM’s collaboration with leading food providers is working towards building the next generation supply chain solution using blockchain. It has multiple benefits, including brand trust, supply chain efficiencies, and most importantly, food safety.

• Need for blockchain in supply chain
• Traceability – trace products throughout their journey
• Transparency – Information is transparent so that it can be verified
• Trading – Helps run trade without much third-party intervention

Examples: Treum, Luxarity, GenuineWay, and others.

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HealthCare

Human health comes at the top of government priorities in the 21st century. With medical science improving at a rapid pace, it is the technology that is helping it do so. Blockchain is yet another technology that can change how healthcare will function in the future.

So, what’s wrong with current healthcare? Right now, the current healthcare ecosystem works in a centralized manner. If a healthcare silo has patient health information, then it becomes hard for other entities to gain access to it. But the biggest issue is the fraudulent supply chain process which enables bad entities to send and distribute fake medicines to the patients.

With blockchain for healthcare, all of these issues can be resolved. Patients once profiled do not have to worry about sharing their information. Once blockchain has a copy of them, they can visit doctors and provide the information — that is accurate and is protected from any modifications. Research institutes can also benefit from decentralized network sharing as they can access the public information and utilize it to find cures to complex medical problems.

One such healthcare blockchain example is Medicalchain — It is a startup that provides patients to store their health records safely. It removes the need for patients to keep track of their medical data. This also means that there is one version of medical data that both patients and medical practitioners can trust.

Big healthcare enterprises can also take blockchain advantage, and improve how they manage their processes related to drugs, patient’s data, and management.

Need for blockchain in healthcare

• To secure electronic health records (EHRs)
• To improve drug traceability
• Clinical trials data security
• Patient consent management

Examples: Nebula Genomics, Iryo, Guardtime, Gem

Finance and Banking

Our financial systems are at the core of our economy. If they work efficiently, we grow at a rapid pace. The same holds true for our banking system, which is used by trillions of people worldwide.

Banks and financial institutions have already understood the importance of blockchain. With trade finance blockchain deployments, banks are already seeing a transformation in how they do settlements. They are saving a lot when it comes to cross-border settlement. The financial sector, on the other hand, can also improve with blockchain.

When it comes to financing, the following aspects can be improved drastically

• Trade Finance
• Syndicated Loans
• Automated Compliance
• Equity Post-Trade

So, how does it equate the enterprise financial institutions? They can take advantage of the already available R3 Corda framework which provides financial institutions to build their own enterprise blockchain.

Examples: UnicaCredit Banka, Ripple, R3 Corda

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Energy

The energy sector can benefit immensely from blockchain when it is going through an innovative period. Enterprises in the energy sector now offer electricity at a fixed price. But with blockchain, things can change and evolve beyond the enterprise landscape.

Innovation in the energy sector is paramount. There are rooftop solar, smart metering, and electric vehicles. With so much innovation, blockchain can help the energy sector to grow beyond its current limitation by providing a seamless global network of energy. By doing so, people can move to more of a supply and demand where the prices can fluctuate depending on the availability.

There are many use-cases that the energy sector can benefit from with blockchain. One instance is the efficiency at which energy is generated and distributed in a grid. Also, it will help improve the overall cost associated with energy distribution. Blockchain will simplify how new users register for energy requirements — for supply or demand. The utility providers can also benefit from blockchain as they can keep better tracking of the grid materials required to establish a proper global network.

Also, the oil sector can also see immense benefits. The oil and gas sector has billions of users. The actors in it can benefit from the transparency, trust, and reliability brought by blockchain. It will also help remove any inefficiency in the processes or infrastructure.

Need for blockchain in energy

• Better transparency
• Change in business model → more flexibility
• The improved supply chain for grid management and installation
• Improved privacy in the energy sector
• Better environmental sustainability
• Stakeholders have better transparency.

Also, the key use-cases in the energy sector include utility providers, peer-to-peer energy trading, commodity trading, electricity data management, and so on.

Company Examples: Ondiflo, Radiant Earth

Identity

Enterprises are very keen when it comes to identity protection. After all, they want to protect the interest of their users. Currently, the business processes are not up to the mark when it comes to identity protection. Identity theft is a widespread occurrence when it comes to an enterprise solution. Data hacks are mostly based on identity theft, where an intruder does identity theft and gets access to critical information in a network.

Enterprises can take advantage of blockchain to improve identity management. A blockchain-based digital identity management system can change how users can interact with each other, and also makes no one can do identity theft.

IBM Blockchain understands the importance of identity theft and offers IBM Verify Credentials that helps enterprises to manage employees and other critical personal identities through a decentralized network. The new ecosystem works pretty well in the enterprise ecosystem. It takes care of password resets, privacy regulations, identity management challenges, and so on. With it, permissioned networks can work with a high level of trust.

Need for blockchain in Identity

• Secures data from malicious actors
• Ensure proper password management system
• Identities are harder to crack and copy
• Improved privacy regulations

Companies Examples: IBM Blockchain, Validated ID, Metadium, TheKey

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Real Estate

Real estate is one of those sectors that need reform to grow. Currently, the process of dealing with a property is slow and can cost a lot of money. In fact, it is so painfully slow that it can take anywhere between months to buy a property.

That’s not the only problem real estate suffers from. Many fraud activities take place in real estate. There is also land mafia that takes part in illegal activities. With an ever-increasing demand for real estate, it is bound to grow in the future, but its growth will always be limited.

But, with blockchain and distributed ledger technology, things will change drastically. It will enhance the trust and traceability in the whole global real estate ecosystem. Moreover, it will also bring down the cost of the deals by a significant amount — due to less use of paperwork. The mediator’s role will also be minimized – which can improve the number of errors that occur during transmission of information or paperwork.

So, what does it have to do with enterprise blockchain? The global economy of real estate will have to utilize enterprise blockchain features to make the most out of DLT technology. It can give the network the required flexibility to share information while keeping more sensitive information intact. Real estate companies can also work more efficiently by using enterprise blockchain.

With blockchain for real estate, the following changes are possible —

• Proper real estate funds and asset management
• Deed records and land titles done digitally
• Smart contracts facilitating change of ownership
• Leasing and payments will become more fluid
• Real-time accounting will become possible

Companies Example: TruSet, Imbrex

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Government

Government is always keen when it comes to new technologies such as distributed ledger technology. For the government, it is important to utilize them as it can give them the ability to govern.

Blockchain enables the government to stay at the top of their processes. Centralized government is prone to many issues, including corruption, cost, privacy, and digitization.

Governments can run their election in the most transparent way. It can also enable anyone with their rights to participate in the election irrespective of their location or situation they are in. They can also curb the digital identity problems by moving their entire identity management systems on the blockchain.

With blockchain for government can also automate a lot of paperwork — improving communication between different departments and ensuring greater reach for the information. The people can also trust the government as public information can easily be available online.

All these need to be implemented at a large scale, just like how it would be done in enterprise blockchain solutions.

Need for blockchain in government

• Smart regulations
• Identity management
• Financial and budgeting management
• Process management

The use-cases will result in smart cities, better healthcare, better transport, easy education and professional qualifications, and so on.

Examples: Smart Dubai Initiative

Media and Entertainment

Piracy is one of the biggest concerns for the entertainment and music industry. Almost every form of content generated is pirated — depriving creators their right to earn from their work. With blockchain, all of these can change.

Decentralized enterprise blockchain networks will also improve how new content creators reach their audience. The current media powerhouse has their monopoly, which doesn’t favor new content creators. With blockchain, anyone can reach their audience — and have the chance to earn money.

Media studios can also benefit from blockchain by implementing blockchain. It can help them improve their intellectual property hold. It can also improve their other process, including the ability to share information among creators.

Examples: Block.One

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Insurance

The insurance industry is in dire needs for change. The current insurance industry is suffering from lots of challenges, including their inability to maintain proper data, inefficient policy claim, bad billing systems, poor support, and so on!

There is also a lot of ambiguity when it comes to losing conditions. In short, the insurers suffer the most when it comes to using their policy when the need arises.

The blockchain for insurance has the ability to change how things works. R3 Corda is one of the enterprise blockchain companies for insurance that offers insurance companies to create a network of trust. The network can be used by brokers, insurers, reinsurers, and cedants.

Corda is also known for seamless asset transfer and providing great security for the insurance out there. The claim systems are also improved thanks to pre-conditioned smart contracts. Other frameworks, such as IBM blockchain also have proper features for the Insurance sector to implement.

Companies examples: Etherisc, Fidentiax.

Education

Enterprise blockchain is equally useful in the education sector. There are many ways the education sector can benefit from blockchain or distributed ledger technology. Even big companies can use ledger technology to provide training to their newly hired employees and ensure that new skills are imparted without the need to spend millions of dollars.

The first benefit that we will see is how education will become more accessible to learners. It will also help streamline the credentials and degree completion — as it will provide the digital certificate to the learner. The digital certificate can be used anywhere because it can be verified when possible.

Overall, the blockchain for education sector can improve on how it can provide certification. The employees will also have less headache when it comes to credentials verification.

Companies example: Blockcerts, ODEM, Blockchain Education Network, Parchment

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Conclusion

This leads us to the end of our enterprise blockchain examples. We managed to list ten enterprise blockchain examples where we learned how blockchain could be utilized in an enterprise setting. The examples also cover how enterprise blockchain frameworks can be utilized.

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

The post Enterprise Blockchain Examples That You Should Know appeared first on 101 Blockchains.

With the new blockchain revolution happening around the world, you must have heard the name Hyperledger. Hyperledger is one of the biggest enterprise blockchain platforms in the market. Linux Foundation is behind the idea of creating a consortium of companies for the betterment of blockchain technology. Thus, a comparison of Hyperledger Fabric vs Sawtooth vs Composer is a must now.

At present, they have a lot of projects under their wings. However, many of you are confused about how these projects differ from each other.

So, we’ll be comparing these three projects and help you to distinguish between them. So, let’s start Hyperledger Fabric vs Sawtooth vs Composer explanation!

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Table of Contents

Chapter-1: Hyperledger Fabric: The Pioneer of Enterprise Blockchain

Chapter-2: Hyperledger Sawtooth: Another Blockchain Milestone

Chapter-3: Hyperledger Fabric Vs Sawtooth

Chapter-4: Hyperledger Composer: The Development Tool

Chapter-5: Hyperledger Fabric Vs Sawtooth Vs Composer: All Comparisons

Chapter-6: Conclusion

Chapter-1: Hyperledger Fabric: The Pioneer of Enterprise Blockchain

Please include attribution to 101blockchains.com with this graphic. <a href='https://101blockchains.com/blockchain-infographics/'> <img src='https://101blockchains.com/wp-content/uploads/2019/08/Hyperledger-Fabric-vs-Sawtooth-vs-Composer.png' alt='Hyperledger Fabric vs Sawtooth vs Composer='0' /> </a>

What is Hyperledger Fabric?

According to the official documentation, Hyperledger Fabric is one of the open-source projects under the enterprise blockchain consortium company Hyperledger. As Hyperledger always promoted a collaborative environment, all the projects under it are the end result of the collaborations.

Anyhow, Hyperledger Fabric is an enterprise blockchain platform with ledgers, standards, protocols, contacts just like all other platforms.

However, you will find differences with typical blockchain platform here. In reality, this platform is actually not public but permissioned.

So, here, anyone won’t be able to get an entry pass. On the other hand, the network would only offer entrance when the user is correctly authenticated for it. Thus, it can be a perfect internal networking platform for enterprises.

Enterprise companies can keep all the intruders out and let only their employee’s access the system. Anyhow, the platform offers a tremendous amount of opportunities for the companies.

More so, it comes with MSPs, pluggable options, multiple ledger formats, and consensus protocols. Thus, it happens to offer a lot of flexibility. If you check out the Hyperledger fabric documentation, you can learn more about it.

Let’s move onto the next part of this Hyperledger Fabric vs Sawtooth vs Composer comparison guide.

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Basic Benefits of Hyperledger Fabric

Before we move into the comparison, check out some of the essential benefits of this platform.

• Open-Source

Well, first come to the open-source feature of this platform. It means that anyone is free to use it. They even have all the codes and files uploaded at GitHub for you to access. So, that is a huge plus point for anyone.

Another significant factor about this platform is that it does have any kind of vendor lock-ins. So, in case you have a strong development team, you can just use the code and change it according to your needs.

More so, as it’s open-source, any kind of bug within the system is sorted out quite fast.

• Suitable for Wide-Ranging Industry

At present, you can see in the tutorial of Hyperledger Fabric that it’s ideal for any kind of industry. So, it means that it’s absolutely flexible to go with your company no matter what type it is. In reality, already many sectors are using it with increasing popularity.

So, using it on your company won’t even be an issue. Anyhow, at present, it’s most popular in supply chain management, the internet of things, banking, media, healthcare, insurance, government, and many more.

• Quality Code

Another great factor about this platform is that all of the codes are of the utmost quality. Additionally, they ensure that all the codes go through careful observation before finalizing. Anyhow, the focus mainly goes to quality rather than quantity.

You’ll see that most of the Hyperledger project takes a tremendous amount of time to hit the markets. In reality, if you see the tutorial of Hyperledger Fabric, you’ll see it’s already among them.

So, you can assume to get the best quality output from this platform compared to traditional ones.

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• Higher Efficiency

Compared to all other platforms in the marketplace, Hyperledger Fabric offers the most efficient output. In reality, the structure of the platform is geared for this kind of output. But how does it do it?

Well, it actually separates the transaction from other ordering process or commitments. Also, all the nodes within the system work towards different assignments. This process distributes all the network loads among the nodes.

Thus, the platform promotes an efficient output as it doesn’t take much time to complete each task.

• Modular Design

Another great benefit of this platform is the modular structure. Well, this feature is not uncommon for all the Hyperledger projects. However, this one does add up a lot of functions in the system. How? Well, with the modular design, you can just plug in any feature and use it.

More so, you get to use different consensus algorithms as well. Along with the consensus protocols, identify management is also more diverse here. So, you can create the network suited for your company with this platform.

Read More: Hyperledger: The Enterprise Blockchain

Hyperledger Fabric Architectural Model

Assets

Within the architecture, anything can be an asset. For example, if any object is tangible or intangible, it would be considered an asset. In reality, the platform does not have any native assets of its own like other platforms.

But if you need one, then you can make anything an asset here. But it needs to have a physical value in the real world a well.

 Chaincode

A blockchain platform without a business logic seems incomplete, right? That’s why Hyperledger Fabric offers Chaincode as the business logic of the platform. With the chaincode, you can define the asset and other modifications of it before making the transaction.

More so, to extend the efficiency, the chaincode runs separately from the transaction order. And this process increases security as well.

 Ledger

Well, the ledger is obviously a much-needed part of this platform. Every transaction in the network is logged into the ledger. More so, the ledger is immutable, and so no one can alter the value after it gets logged in.

To help you further, it comes with an SQL query. In reality, the SQL query helps to filter through the ledger and give you the desired result.

 Identity

As it’s permissioned, it needs a solid identity management service. And Hyperledger fabric offers a membership management service to sort out the identities. Using this service, you can store all the identities that can enter the platform.

You can also restrict identities to different parts of the network according to their title.

Read More: Hyperledger Fabric Use Cases and Case Studies

Confidentiality and Privacy

Well, with the help of permissioned network, you get privacy and confidentiality. These two factors are really essential in enterprise companies. Thus, you can initiate a private transaction with your desired party. You can also choose to hide your confidential transaction from the whole network.

However, do remember that no matter how private your transactions are, it will still be on the ledger.

Security Protocols

Security protocols of the platform are massive. To make sure that no one can get access to your sensitive information, it offers layers of security, and that fends off any cyber-attack.

Furthermore, the encryption mechanisms on the network are quite advanced and relatively hard to crack.

So, if your company is dealing with cyber-attack issues, you can check out this platform to safeguard it.

Consensus

At present, Hyperledger Fabric uses Kafka as the main consensus protocol on the network. Unfortunately, it’s only crash fault tolerance and not Byzantine fault tolerance. So, in case of any inefficiency in the system, the algorithms will outline those as crash errors.

Other than these, the platform allows BFT algorithms for the ordering service. Other than Kafka, Solo is also a consensus algorithm on the channel. But only the developers use it, and it’s not suitable for scaling.

The Raft consensus protocol, on the other hand, is a rather different protocol. It’s relatively new and follows a leader-follower type structure. However, it’s not BFT either, just CFT.

Let’s check out the next part of this Hyperledger Fabric vs Sawtooth vs Composer comparison guide.

Chapter-2: Hyperledger Sawtooth: Another Blockchain Milestone

What Is Hyperledger Sawtooth?

According to the official documentation, Hyperledger Sawtooth is another open-source project under the enterprise blockchain consortium company Hyperledger. It’s quite similar to Hyperledger fabric. However, it’s more geared for the development of decentralized applications.

More so, the design seems to be super flawless to make it more user-friendly for enterprise companies.

Furthermore, to make sure that application development goes smoothly, the development layer is separated from the core one.

So, in case of any issues, the core system will stay intact no matter what. Also, the increasing load on the application development layer won’t affect the performance of the core system as well.

Another great plus point of this platform is the support of multiple programming languages. You can use any programming language to develop applications. However, you won’t have to have explicit knowledge of the core system for that.

That’s why the Hyperledger Sawtooth example happens to be more suitable for blockchain application development. You can also check out the documentation of Hyperledger Sawtooth to learn more about it.

Anyhow, let’s jump on to the next part in this Hyperledger Fabric vs Sawtooth vs Composer guide.

Read More: Hyperledger Sawtooth: Blockchain For Business

Features of Hyperledger Sawtooth

Application Development Friendly

As we said, earlier, the application domain is not linked to the core system. Thus, it makes application development easier by separating the application domain from the core system. Moreover, the Hyperledger Sawtooth example also offers smart contracts abstraction.

In this one, the developers can choose their preferred language to write the smart contract. Furthermore, the application is free to be a smart contract VM or a Business logic.

In reality, both of them can even co-exist together.

Permissioning Features

In reality, the Sawtooth platform is geared for solving all the constraints that come with a private network. To solve the issue, it offers separate permissioning options for clusters of nodes in the system.

Moreover, no centralized node can leak any kind of confidential data to the outside world. Furthermore, with the help of permissioning, every node is given different types of clearance. Thus, nodes without any approvals can’t enter nor see any document that it’s not supposed to.

Private Network

Another great aspect of this platform is the restriction of unauthorized users. Not only the limit implies within the network, but while logging in, nodes need to have proper identification. It means that anyone without any adequate identity on the network can’t get into the network.

More so, this helps to strengthen the security system of the platform as well. Any unauthorized activity is easily detectable too.

Execution of Parallel Transaction

Hyperledger Sawtooth promotes parallel transactions instead of a serial transaction. Executing the transactions in parallel saves up a lot of time. In reality, serial transactions increase the workload of the network and take up a lot of power as well.

But with Sawtooth, this situation is easily avoidable.

Modular Structure

The modular structure is also another great feature of this platform. It will help you to add any kind of feature you want to the network. So, it relatively ensures that you will get a more customized feel for your enterprise needs.

Now we’ll take a look at the elements of this platform in this Hyperledger Fabric vs Sawtooth vs Composer guide.

Also Read: Enterprise Blockchain: The Industrial Transformation

Elements of the Hyperledger Sawtooth Architecture

The Event System

The vent system is absolutely necessary for the network. Furthermore, it supports the creation of events and broadcasting them to the nodes. So with this, the applications can subscribe to events that are happening in the blockchain. And also, relay the information to other nodes as well.

Sawtooth-Ethereum Integration Project (Seth)

With the help from this element, you can create interoperability of the Ethereum platform and Sawtooth platform. Furthermore, you can also use EVM with the help of Seth.

 Pluggable Consensus Algorithms

The consensus in Hyperledger Sawtooth is much more flexible than other platforms. In fact, it offers pluggable consensus protocols that help to increase the security level and efficiency level of the system.

Another great factor about this platform is that it allows multiple consensuses in one blockchain platform. In reality, it means that you can use different consensus protocols for different tasks. For example, you can use the “A” algorithm for transactions and “B” algorithms for smart contracts.

It will ultimately depend on which combination works best for you. Anyhow, Proof of Elapsed Time is mostly popular in this platform as its BFT. Other consensus algorithms include –

• Devmode
• PBFT
• PoET CFT
• Raft

Transaction Families Models

The network provides some model transaction families –

Transaction families are a big part of this platform. Without the transaction families, the network won’t be functioning at all. Furthermore, you are free to implement a custom transaction family to define the requirements more clearly.

However, the Hyperledger Sawtooth tutorial does offer some data models for transaction families that you can use. These are –

• BlockInfo Transaction Family: You can use this one for storing information about the historic blocks.
• Identity Transaction Family: This one handle all the permissioning data for validators and transactors along with their public keys.
• IntegerKey Transaction Family: You can use it for testing any deployed ledger.
• Validator Registry Transaction Family: In reality, this family enables a way to add validators in the network.
• Settings Transaction Family: With this one, you will get a reference implementation model for keeping on-chain configuration settings.
• Smallbank Transaction Family: In reality, you can use this one to analyze performances and benchmark testing of the system.
• XO Transaction Family: Well, this one will allow you to play a game of tic-tac-toe with another user.

Great, now that you know all about these two platforms, let’s see how the comparison turns out in this Hyperledger Fabric vs Sawtooth vs Composer guide.

Learn more about enterprise Ethereum from our exclusive guide to learn more about Ethereum Virtual Machine.

Chapter-3: Hyperledger Fabric Vs Sawtooth

Well, Hyperledger fabric vs Sawtooth Lake is one of the debatable topics on the internet right now. Both of these platforms are great for enterprises, but what is the significant difference between these two?

For that, I’ll describe the points one by one. So, let’s check out what these are in this Hyperledger Fabric vs Sawtooth vs Composer guide.

• Permission Level

Well, we all know that Hyperledger fabric is a permissioned platform. In reality, this means that you can allow some nodes and can restrict some nodes as the system needs. Obviously, in the enterprise scenario, you don’t want the competition to get into the internal network system.

On the other hand, Hyperledger Sawtooth is also a permissioned network. However, it also supports permissionless scenarios, as well.

Furthermore, if you want, you can just configure the platform to work as a public platform. This is something that is impossible in Fabric. And this is the primary difference between Hyperledger fabric vs Sawtooth Lake.

• Consensus Algorithm

Another significant difference between Hyperledger Fabric vs Sawtooth Lake is the consensus algorithm. At present, Hyperledger fabric only uses Kafka and other CFT based algorithms. In reality, Crash Fault tolerance isn’t that robust as BFT. Along with Kafka, there’s Solo and Raft as well.

On the other hand, Sawtooth Proof of Elapsed Time, a different format of the consensus algorithm. This one is far more superior to Kafka in every way. Moreover, it also supports Devmode, PBFT, PoET CFT, and Raft.

• Byzantine Fault Tolerance Support

Well, this is one of the major differences of Hyperledger fabric vs Sawtooth Lake. All the consensus algorithms active in the Fabric isn’t capable of giving a Byzantine Fault Tolerance support. In fact, all the algorithms offer Crash Fault Tolerance only. At present, there’s still no BFT support for Fabric.

On the other hand, Hyperledger Sawtooth comes with Byzantine Fault Tolerance support. Their main algorithms PoET, is BFT. On the other hand, PBFT is also another algorithm that works in Sawtooth. So, in this case, Sawtooth is much more superior to Fabric.

• Smart Contract Technology

Moving on to the next Hyperledger Sawtooth vs fabric comparison point, we get smart contracts. Well, smart contracts are a form of business logic. To keep it within the network, Fabric offers a similar business logic called Chaincode.

In reality, Chaincode handles all the asset management and logic executions on the network. However, you would think that Sawtooth offers a similar feature.

Well, smart contract technology offers transaction families that can look after the business logic and other aspects of the network. Moreover, with the help of these transaction families, it becomes much easier to handle business logic.

Want to know the difference between Fabric and Sawtooth? Learn more about their differences from our guide on Hyperledger Sawtooth Vs. Fabric now!

• Smart Contract Type

Well, for the smart contract type in Hyperledger Fabric, you get an installed version of it. So, choosing your own smart contract language is a bit restricted here. More so, you are limited to customization for only a few languages, not too many.

On the other hand, Sawtooth offers both installed and on-chain smart contract transactions. In reality, it means that you can create your own personal smart contract with any kind of language you prefer. After that, you can gear it to work as a smart contract.

• Supported Smart Contract Language

Another great difference of Hyperledger Sawtooth vs Fabric is the support for smart contract languages. At present, the Fabric only supports two programming languages JavaScript and Golang. If you want to use any other programming language for smart contracts, you can’t.

On the other hand, Sawtooth happens to support a lot of programming languages such as Rust, JavaScript, Go, or Python. Moreover, with the help from Seth, you can even use Solidity as well. Other than these, support for more programming languages is in process. So, you’ll get more flexibility in Sawtooth.

• Transaction Processing

For the next comparison of Hyperledger Sawtooth vs Fabric, I’ll move on to transaction processing. In Fabric, you’ll see that all the processing of the transaction is done using the endorsing peers and ordering services. In reality, these two types of nodes are in charge of processing all the transactions.

But in the Hyperledger Sawtooth tutorial, the issue changes drastically. Here, there’s no ordering service or endorsing peers but rather validators that look after the process.

More so, the tasks of both of these nodes are entirely different.

Also Read: Hyperledger Fabric 2.0: Next Generation Blockchain

• State Storage

In every blockchain, there needs to be an updated state storage option. Without it, the network can’t know what the current state of the network is to run consensus protocols fully. So, for that, they have a storage space they use. In Fabric, all the updates of the blockchain network are stored in CouchDB or leveldb databases.

But in Sawtooth, the state storage is the central lmdb database. And this is another difference between Hyperledger Sawtooth vs Fabric.

• EVM Support

This is one of the major differences between these two platforms. In reality, the use of Seth allows Sawtooth to exploit Ethereum features on their platform. So, with the help of Seth, you can get EVM support, which is a big deal for developers.

On the other hand, Fabric actually doesn’t have any Seth feature. So, it’s unable to support EVM.

Hyperledger Sawtooth vs Fabric Comparison Table

	FABRIC	SAWTOOTH
PERMISSION LEVEL	Permissioned	Permissioned and Permissionless
CONSENSUS ALGORITHM	Mostly uses Kafka, supports other algorithms as well	Mostly uses Proof of Elapsed Time, supports other algorithms as well
BFT SUPPORT	No, only supports Crash Fault Tolerance	Yes, supports Byzantine Fault Tolerance
SMART CONTRACT TECHNOLOGY	Chaincode	Transaction Families
SMART CONTRACT TYPE	Installed	On-chain and Installed
SUPPORTED SMART CONTRACT LANGUAGE	Golang or JavaScript	Rust, JavaScript, Go, or Python; Supports Solidity using Seth
TRANSACTION PROCESSING	Endorsing Peers and Ordering Services	Validators
STATE STORAGE	CouchDB or leveldb	Central lmdb database
EVM SUPPORT	No	Yes (through Seth)

Let’s see what Hyperledger Composer is in this Hyperledger Fabric vs Sawtooth vs Composer guide.

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Chapter-4: Hyperledger Composer: The Development Tool

What Is Hyperledger Composer?

According to the official documentation, Hyperledger Composer is a blockchain project under the Hyperledger Company. Also, it’s not like any other projects we’ve discussed so far. It’s a rather unique approach to blockchains evolution. In reality, it mainly offers a toolset and a developmental framework for deploying blockchain applications.

The primary purpose of Hyperledger Composer is to accelerate the time to ensure that more blockchain project is one the market. Usually, to fully implement the blockchain platform, it takes a relatively long time. This discourages a lot of enterprises.

That’s why you can use the Hyperledger Composer tutorial to deploy a blockchain solution rapidly. More so, it will help to implement use cases within a concise amount of time. More so, you can check out the official documentation to learn more about Hyperledger composer.

Note: Unfortunately, the Composer is now deprecated. So, there aren’t any more new updates on this project.

We are only discussing the feature of this project before it was deprecated.

Read More: Hyperledger Composer: Build Your Enterprise Blockchain

Features of Hyperledger Composer

• Simple Modelling Language

With the development tool, you will get different modeling languages. These will help you to create any type of business logic with ease. More so, defining a business network with its purpose-built modeling language is super easy. All their script transactions are in JavaScript.

And JavaScript happens to be one of the most popular programming languages in the world right now. So, with a finding, a proper development team for this tool would be easy.

• Reusable Fast POCs

Proof of Concept is one of the major issues when it comes to blockchain projects. Many enterprises seek other providers to come up with blockchain proof of concept for their company. However, here with the Hyperledger Composer tutorial, you will get POCs that can be reused and customized quite easily.

In fact, instead of weeks, you can develop an application within hours. All the applications would be production-ready. Isn’t that awesome?

• Data Integration

Another major issue is the integration of an existing system with the new one. Obviously, the one you have right now runs on the legacy network. But altering the whole network requires a lot of time and resources, and that could potentially harm the brand value as well.

But you can use Loopback to connect your existing system to blockchain on Hyperledger Composer. Moreover, it’s super easy and takes very less time than traditional methods.

Read More: Blockchain Proof of Concept: Enterprise POC Guide

Chapter-5: Hyperledger Fabric Vs Sawtooth Vs Composer: All Comparisons

Hyperledger Fabric Vs Composer

Well, first of all, Hyperledger fabric vs Composer is a totally different aspect. In reality, both of these projects are very much different from one another. One of the significant differences between Hyperledger fabric vs Composer is that Fabric is a framework, and Hyperledger Composer is a tool.

So, with Hyperledger Composer, you can create a new platform of framework similar to Hyperledger Fabric. But with Fabric, you can’t do that. More so, at present, Hyperledger Composer only supports Fabric and no other blockchain platforms.

It means that using the tool, you can only develop a Hyperledger Fabric platform according to your requirements. Well, you can customize Fabric as well, but with Composer, you can just build your very own platform.

Another difference between Hyperledger fabric vs Composer is that it uses the feature of Fabric to create the new platform. But Fabric does not use Composer for any customization.

For Hyperledger composer vs fabric comparison, Fabric has a ledger, node structure, chaincode, transaction process, and many more picked out. But in Hyperledger composer vs Fabric, Composer allows you to get your hands on the development tools.

In short, for the sake of Hyperledger composer vs Fabric, I’ll have to say they are both completely different things and don’t have any common ground for comparison.

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Hyperledger Sawtooth Vs Composer

The comparison of Hyperledger Sawtooth vs Composer would be quite similar to Hyperledger composer vs Fabric. Why? Well, because the same thing goes here as well. Hyperledger Sawtooth is actually a framework, ready for enterprise usage.

With Sawtooth, you can get efficiency and security. Moreover, it’s a live platform where nodes can transact and validate. So, you won’t need to develop your own Sawtooth platform to use it.

On the other hand, in Hyperledger Composer vs Sawtooth, you’ll see that Composer is just a tool for development. There’s no enterprise-ready framework for use or any node available. More so, it offers some POCs for you to get a head start, but that’s it.

So, in short, in Hyperledger Composer vs Sawtooth comparison, Composer is just a collection of tools that can help you to develop the blockchain network.

However, I would have to say there’s a major difference between Fabric vs Composer and Hyperledger Composer vs Sawtooth. And that is, Composer does not support Sawtooth at present. So, even if you use this tool, you can’t develop Sawtooth on your own.

To summarize the Hyperledger Sawtooth vs composer comparison, both of these projects are completely different – a framework and a tool.

Read More: List of 20+ Blockchain Technology Use Cases

Hyperledger Fabric Vs Sawtooth Vs Composer

Comparison of Hyperledger Fabric Vs Sawtooth Vs Composer is relatively different. At first, we have two major frameworks – Fabric and Sawtooth. On the other hand, we have a tool – Composer.

For Fabric and Sawtooth they both have a lot of similarities. But Sawtooth can be a public blockchain as well, something that Fabric can never be.

Also, it can support Ethereum Virtual Machine that Fabric does not support. Anyhow, Fabric comes with a robust membership management system, something the Sawtooth lacks in. But to counter it, Sawtooth can support BFT consensus protocols.

Anyhow, when it comes to Hyperledger Sawtooth vs Composer, there’s a major issue. Even though the Composer is just a tool, it supports Fabric but doesn’t support Sawtooth.

In reality, this gives Hyperledger Fabric a major boost because it needs less time to develop. On the other hand, Sawtooth still needs more time to deploy. So, you can’t deploy it rapidly as you could with Fabric.

Thus, with Hyperledger Composer vs Sawtooth, you can see why Fabric is so widely used in the world right now.

To summarize the Hyperledger Fabric Vs Sawtooth Vs Composer comparison, I’ll have to say that all are Hyperledger projects, but two of them are slightly different frameworks. On the other hand, one of them is a tool that you can use for deploying blockchain networks.

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Chapter-6: Conclusion

Well, you’ve reached the endpoint of this Hyperledger Fabric vs Sawtooth vs Composer guide. We’ve tried to offer every single aspect of this comparison. And so, you should know what the primary differences between these three projects under Hyperledger are by now.

In reality, Fabric and Sawtooth are extremely crucial for the betterment of blockchain technology. Moreover, all these three projects offer something new to the tech. And so, judging by the differences, you can pick what works for your company as well.

But as you know, the Composer is just a tool, and it’s also deprecated at the moment. However, it can offer an easy method to create Fabric platforms as well. But you won’t get any additional support to use it. So, keep that in mind and start the transformation.

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Importance of NFT Wallets

First of all, it is important to understand that non-fungible tokens offer a distinct improvement over the comparatively simple idea of cryptocurrency. Many new financial systems involve complicated trading and lending systems with support for diverse asset categories such as artwork, real estate, and lending contracts. NFTs are basically offering a formidable advantage for reinventing financial services management infrastructures all over the world. 

At the same time, their capabilities for enabling digital representation of physical assets also point out the favorable promises associated with the domain of NFTs. However, you would need the best NFT wallet available for helping you purchase, hold, sell or trade NFTs. You would need a wallet with the capabilities for holding cryptocurrencies and NFTs. According to the currencies accepted by your NFT provider, the NFT wallet should offer the ability to purchase cryptocurrency like Ether.

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Understanding NFT Wallets

Even if the domain of NFTs is still growing, it has the potential for revolutionizing the traditional markets for artists and collectors. On the other hand, you would need a top NFT wallet as a compulsory tool for ensuring participation in the emerging domain of NFTs. However, it is also important to know the function of NFT wallets and the essential traits you must look for in the best NFT wallet. 

NFT wallets are digital wallets that help your store NFTs and cryptocurrencies in one place. The wallets help you in receiving additional assets alongside purchasing things with the assets in your ownership. The massive upsurge in NFT purchases in recent times has also led to the development of functionalities in NFT wallets for storing the NFT art after minting or purchasing. Interestingly, an NFT wallet does not actually have the assets in a digital version of a particular bank account. 

On the contrary, the wallet only stores the information regarding the location of your assets on the blockchain. Now, you would come across another trouble of finding an NFT wallet best suited for your needs. All NFT wallets have different features and you have to look out for the essential traits for avoiding any confusion.

Learn the concept, elements, future and use cases of NFTs from Non Fungible Tokens (NFTS) Ebook

Distinct Features to Look for in Most Popular NFT Wallets

The most important features that can help you find the ideal NFT wallet according to your requirements include the following.

• User-friendly

The foremost trait you should look for in the best NFT wallet is a friendly user interface. Non-fungible tokens are already a complicated concept for beginners. So, you wouldn’t need a complicated user interface in your NFT wallet to make matters worse. Therefore, it is important to look for NFT wallets that offer improved ease of setup and usability. 

• Cross-chain Compatibility

The next crucial aspect to find in a top NFT wallet refers to cross-chain compatibility. The popularity of Ethereum alongside the massive base of developers makes it the preferred platform for NFT users. Therefore, you can find the majority of wallets supporting ERC-721 standard-based tokens. At the same time, you should note that if you have to mint, buy or sell NFTs on other networks, you need a wallet that features cross-chain compatibility. 

• Multiple Device Support 

Another notable aspect for answering ‘Which wallet is best for NFT’ is the support for multiple devices. You should be able to use the wallet as web extensions or desktop and mobile applications. What’s better? An NFT wallet that runs on two devices while enabling real-time synchronization of transactions. 

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List of Top 5 NFT Wallets 

The rapid growth of the NFT space has led to the prominent rise of the most popular NFT wallets. At the same time, the phenomenon has also resulted in a lot of complexities for NFT users. Here is an outline of five of the top NFT wallets you can use for entering the world of NFTs.

1. Metamask

The foremost choice among the contenders for the best NFT wallet would definitely point out to Metamask. It started off as a browser extension for enabling direct connections between users and decentralized applications. The founding company, ConsenSys introduced the mobile version of Metamask in 2020 with unique features. It included a simple interface to enable the collection of NFT tokens while facilitating interactions with other decentralized applications. 

Metamask can help users in creating an Ethereum wallet for connecting directly with all Ethereum-based platforms for minting and trading. Interestingly, Metamask is one of the most popular NFT wallets for its distinct benefits. First of all, it offers promising ease of setup alongside synchronization of transactions throughout mobile and web extensions. Interestingly, the mobile version of Metamask also offers an in-built browser for exploring DeFi applications and NFTs. 

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2. Coinbase Wallet

The reputation of Coinbase Wallet as a top NFT wallet comes from the fact that it is suitable for beginners. Coinbase helps users in sending and receiving NFTs with usernames instead of using public wallet addresses. The usernames ensure flexibility of NFT transactions with similarities to that of a PayPal transaction. Therefore, beginners would not have any difficulty in dealing with NFTs with the Coinbase Wallet.

Most importantly, Coinbase Wallet offers support for majority of notable names in the crypto world such as Bitcoin, Ripple, Litecoin, Stellar Lumens as well as ERC-20 tokens. As the ideal NFT wallet best suited for beginners, Coinbase Wallet also boasts of a user-friendly app which helps in holding your own assets. As a result, you are less likely to lose rights to digital assets in your ownership with Coinbase Wallet.

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3. AlphaWallet

The next notable addition among answers to ‘Which wallet is best for NFT’ will take you to AlphaWallet. It is basically an open-source blockchain wallet based on Ethereum and supports the function of minting NFTs and collecting them. Some of the applications supported directly in AlphaWallet include ChainZ Arena, OpenSea, CryptoKitties and many others.

In addition, the AlphaWallet app also ensures compatibility with all the in-game assets based on Ethereum. Some critics of AlphaWallet also point out to the fact that it is available only on mobile. However, the website presents a wide range of open-source tools to help businesses, art creators and developers capitalize on different variations of blockchain-related tokenization. The inbuilt web3 browser in AlphaWallet also enables the functionality for exploring other DeFi applications and decentralized apps. 

4. Enjin

When you are looking for the top NFT wallet, you might also come across Enjin. It is an interesting blockchain-based wallet which enables the collection of in-game NFTs as well as other collectibles. Enjin offers the option for holding NFTs and cryptocurrencies. Furthermore, the Enjin NFT wallet also offers a marketplace to enable trading of the digital assets. You would have to use the native token of the Enjin project i.e. ENJ, in the marketplace.

Users can get a one-click browser to access different types of decentralized apps based on Ethereum, like DeFi applications. The most promising factor in favor of Enjin is that it offers the best NFT wallet with an appealing UI for NFT collection. Furthermore, Enjin also offers the facility of a customer support desk which differentiates it from the other wallet providers. 

5. Trust Wallet

You could also find Trust Wallet as another promising choice among the most popular NFT wallets. It is a renowned mobile wallet option suitable for NFT collectors with more than 5 million users. Users can discover a list of decentralized apps for art marketplaces on Trust Wallet for ensuring one-click access to sites such as Axie Infinity, OpenSea and others.

Even if Trust Wallet does not allow NFT transfers, it can help users in storing and managing their assets on the platform. Interestingly, Trust Wallet provides native integration for renowned public chains like Ethereum Classic and Binance Smart Chain. The one-click access to NFT applications in Trust Wallet serves as its most promising strength. In addition, the compatibility with multiple blockchain networks could open up additional possibilities in the long run. 

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Conclusion 

As of now, we are in the middle of a massive revolution in the world of technology. The year 2022 showed us the immense financial prospects associated with NFT. Slowly, many people started showing interest in NFTs. Subsequently, the demand for the best NFT wallet would also increase when more users will seek entry into the NFT domain. However, it is important to note that we are in the initial days of NFT collection and trading. Therefore, it is quite important to get the basics such as a NFT wallet to have the best of this new and emerging domain. So, it’s time to go ahead and take your pick among the top NFT wallets before diving into the world of NFT.        

*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!

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