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What is Blockchain: Everything You Need to Know (2022)

By Clarity PK
in :  News
15 May 2022

What is Blockchain

If you want to pay online, you need to register an account and provide credit card information. If you don't have a credit card, you can pay with bank transfer. With the rise of cryptocurrencies, these methods may become old.

Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right? That’s exactly what blockchain technology allows us to do.

It’s like your computer’s hard drive. blockchain is a technology that lets you store data in digital blocks, which are connected together like links in a chain. 

Blockchain technology was originally invented in 1991 by two mathematicians, Stuart Haber and W. Scot Stornetta. They first proposed the system to ensure that timestamps could not be tampered with.

A few years later, in 1998, software developer Nick Szabo proposed using a similar kind of technology to secure a digital payments system he called “Bit Gold.” However, this innovation was not adopted until Satoshi Nakamoto claimed to have invented the first Blockchain and Bitcoin.

So, What is Blockchain?

A blockchain is a distributed database shared between the nodes of a computer network. It saves information in digital format. Many people first heard of blockchain technology when they started to look up information about bitcoin.

Blockchain is used in cryptocurrency systems to ensure secure, decentralized records of transactions.

Blockchain allowed people to guarantee the fidelity and security of a record of data without the need for a third party to ensure accuracy.

To understand how a blockchain works, Consider these basic steps:

  • Blockchain collects information in “blocks”.
  • A block has a storage capacity, and once it's used up, it can be closed and linked to a previously served block.
  • Blocks form chains, which are called “Blockchains.”
  • More information will be added to the block with the most content until its capacity is full. The process repeats itself.
  • Each block in the chain has an exact timestamp and can't be changed.

Let’s get to know more about the blockchain.

How does blockchain work?

Blockchain records digital information and distributes it across the network without changing it. The information is distributed among many users and stored in an immutable, permanent ledger that can't be changed or destroyed. That's why blockchain is also called "Distributed Ledger Technology" or DLT.

Here’s how it works:

  • Someone or a computer will transacts
  • The transaction is transmitted throughout the network.
  • A network of computers can confirm the transaction.
  • When it is confirmed a transaction is added to a block
  • The blocks are linked together to create a history.

And that’s the beauty of it! The process may seem complicated, but it’s done in minutes with modern technology. And because technology is advancing rapidly, I expect things to move even more quickly than ever.

  • A new transaction is added to the system. It is then relayed to a network of computers located around the world. The computers then solve equations to ensure the authenticity of the transaction.
  • Once a transaction is confirmed, it is placed in a block after the confirmation. All of the blocks are chained together to create a permanent history of every transaction.

How are Blockchains used?

Even though blockchain is integral to cryptocurrency, it has other applications. For example, blockchain can be used for storing reliable data about transactions. Many people confuse blockchain with cryptocurrencies like bitcoin and ethereum.

Blockchain already being adopted by some big-name companies, such as Walmart, AIG, Siemens, Pfizer, and Unilever. For example, IBM's Food Trust uses blockchain to track food's journey before reaching its final destination.

Although some of you may consider this practice excessive, food suppliers and manufacturers adhere to the policy of tracing their products because bacteria such as E. coli and Salmonella have been found in packaged foods. In addition, there have been isolated cases where dangerous allergens such as peanuts have accidentally been introduced into certain products.

Tracing and identifying the sources of an outbreak is a challenging task that can take months or years. Thanks to the Blockchain, however, companies now know exactly where their food has been—so they can trace its location and prevent future outbreaks.

Blockchain technology allows systems to react much faster in the event of a hazard. It also has many other uses in the modern world.

What is Blockchain Decentralization?

Blockchain technology is safe, even if it’s public. People can access the technology using an internet connection.

Have you ever been in a situation where you had all your data stored at one place and that one secure place got compromised? Wouldn't it be great if there was a way to prevent your data from leaking out even when the security of your storage systems is compromised?

Blockchain technology provides a way of avoiding this situation by using multiple computers at different locations to store information about transactions. If one computer experiences problems with a transaction, it will not affect the other nodes.

Instead, other nodes will use the correct information to cross-reference your incorrect node. This is called “Decentralization,” meaning all the information is stored in multiple places.

Blockchain guarantees your data's authenticity—not just its accuracy, but also its irreversibility. It can also be used to store data that are difficult to register, like legal contracts, state identifications, or a company's product inventory.

Pros and Cons of Blockchain

Blockchain has many advantages and disadvantages. 

Pros

  • Accuracy is increased because there is no human involvement in the verification process.
  • One of the great things about decentralization is that it makes information harder to tamper with.
  • Safe, private, and easy transactions
  • Provides a banking alternative and safe storage of personal information

Cons

  • Data storage has limits.
  • The regulations are always changing, as they differ from place to place.
  • It has a risk of being used for illicit activities 

Frequently Asked Questions About Blockchain

I’ll answer the most frequently asked questions about blockchain in this section.

Is Blockchain a cryptocurrency?

Blockchain is not a cryptocurrency but a technology that makes cryptocurrencies possible. It's a digital ledger that records every transaction seamlessly.

Is it possible for Blockchain to be hacked?

Yes, blockchain can be theoretically hacked, but it is a complicated task to be achieved. A network of users constantly reviews it, which makes hacking the blockchain difficult.

What is the most prominent blockchain company?

Coinbase Global is currently the biggest blockchain company in the world. The company runs a commendable infrastructure, services, and technology for the digital currency economy.

Who owns Blockchain?

Blockchain is a decentralized technology. It’s a chain of distributed ledgers connected with nodes. Each node can be any electronic device. Thus, one owns blockhain.

What is the difference between Bitcoin and Blockchain technology?

Bitcoin is a cryptocurrency, which is powered by Blockchain technology while Blockchain is a distributed ledger of cryptocurrency 

What is the difference between Blockchain and a Database?

Generally a database is a collection of data which can be stored and organized using a database management system. The people who have access to the database can view or edit the information stored there. The client-server network architecture is used to implement databases. whereas a blockchain is a growing list of records, called blocks, stored in a distributed system. Each block contains a cryptographic hash of the previous block, timestamp and transaction information. Modification of data is not allowed due to the design of the blockchain. The technology allows decentralized control and eliminates risks of data modification by other parties.

Final Saying

Blockchain has a wide spectrum of applications and, over the next 5-10 years, we will likely see it being integrated into all sorts of industries. From finance to healthcare, blockchain could revolutionize the way we store and share data. Although there is some hesitation to adopt blockchain systems right now, that won't be the case in 2022-2023 (and even less so in 2026). Once people become more comfortable with the technology and understand how it can work for them, owners, CEOs and entrepreneurs alike will be quick to leverage blockchain technology for their own gain. Hope you like this article if you have any question let me know in the comments section

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186% growth in newly incorporated companies (with breakdown) #SECP #Digitalization

By Clarity PK
in :  News
7 May 2021

ISLAMABAD, May 5: Process Simplification, facilitation to public and digitalization of incorporation processes has led to extraordinary growth of 186% in incorporation of new companies in April 2021. The SECP, in April has registered a total 2,185 new companies, 186% higher as compared to the same month last year, raising the total number of registered companies to 141,805. In April, …


Bill Gates Neutral on Bitcoin but Says Cryptocurrency Is an Innovation the World Can Do Without

By Clarity PK
in :  International, News
21 Feb 2021

Microsoft founder Bill Gates is no longer a bitcoin bear. He has now taken a neutral stance on bitcoin as an investment. However, as an innovation, he says that cryptocurrency is one that the world would be better off without because it allows for certain criminal activities. Bill Gates Changes His Mind About Bitcoin Bill Gates spoke about bitcoin and …


Klarna partners with Safello to bring users crypto purchases from their bank account

By Clarity PK
in :  Cryptocurrency, News
klarna-safello-cryptocurrency-payments-fintech
17 Feb 2021

CryptoNinjas » Klarna partners with Safello to bring users crypto purchases from their bank account

Klarna, a global payments provider and shopping service, and Safello, a Sweden-based broker for cryptocurrencies, today announced a strategic partnership to bring Klarna Open Banking to Safello’s brokerage platform for cryptocurrency trading. In recent months, Safello has experienced increased growth, both in new users and transaction volume. As part of strengthening its selection of seamless […]

CryptoNinjas » Klarna partners with Safello to bring users crypto purchases from their bank account


Ufone Launches Its First Ever eSIM

By Clarity PK
in :  News
eSim Ufone
16 Feb 2021

Ufone has now eliminated the need for physical installation of SIMs with the introduction of eSIM for its customers. The Pakistani telecom operator has partnered with Giesecke+Devrient Mobile Security (G+D) to launch these SIMs across the country.  The Ufone eSIM platform enables subscriberswith a compatiblehandsetto integrate multiple SIM card numbers directly into their phones or IoT devices, using the internet. …


Elon Musk Urges Dogecoin Whales to Dump Their Coins — Even Offers to Pay Them

By Clarity PK
in :  International, News
16 Feb 2021

Tesla CEO Elon Musk believes that too many dogecoins are held by too few whales and has made them a huge offer. He will give his full support if they sell most of their coins, and will even pay actual money for them to destroy their coins in some provable fashion. Some believe that major dogecoin holders need to consider …


Pakistani fintech Safepay raises seed funding from Stripe, others

By Clarity PK
in :  News
12 Feb 2021

Karachi-headquartered fintech Safepay has raised seed funding from global financial technology platform company Stripe. The startup did not share the exact size of the deal but has told us that it’s a seven-figure (USD) amount alongside participation of other local and international investors. The round also includes Berlin-based Global Founders Capital (which invested last month in Bazaar ), US-based HOF Capital, Soma …


Tech startup VinnCorp secures first round of funding

By Saad
in :  News
12 Feb 2021

KARACHI: VINNCORP, a digital tech startup, has secured its first around of funding from HRSG, a leading people and business solutions firm. The six figure initial investment of US dollars 100000 from HRSG will help enhance VINNCORP’s reach both locally and globally. Commenting on the occasion, Mr. Khurram Gulistan founder and CEO VINNCORP said “We are confident that this investment will help …


Founder of $8.4B Dogecoin sold everything in 2015 for ‘a used Honda Civic’

By Clarity PK
in :  International, News
12 Feb 2021

Dogecoin’s original founder is struggling to come to terms with DOGE’s recent gains. Dogecoin founder Billy Markus has revealed that he sold off his DOGE stash in 2015 for an amount equivalent to a used Honda Civic. Markus made the comment in an open letter to the r/dogecoin subreddit earlier this week in which he sought to introduce himself to …


India’s crypto ban is coming, hodlers to be given transition period: Bloomberg

By Clarity PK
in :  Cryptocurrency, International, News
12 Feb 2021

An anonymous Indian official has claimed the country’s parliament will soon introduce a blanket bank on crypto assets, and give hodlers three-to-six months to liquidate. An anonymous source claiming to be a senior Indian Finance Ministry official has claimed that the use of crypto assets will soon be completely banned in the world’s second most populated country. Speaking to Bloomberg, …


Steve Forbes Says Bitcoin’s Fixed Supply Limits Its Ability to ‘Meet the Needs of a Growing Economy’

By Clarity PK
in :  Cryptocurrency, News
18 Jan 2021

American publisher Steve Forbes has attacked bitcoin’s fixed supply saying this feature actually curbs the ability of the crypto to “meet the needs of a growing economy.” He also argues that bitcoin cannot replace the dollar because it is presently too volatile to function as money. Forbes insists that money only works best if it has a stable value. New …


BankIslami signs up with NIFT ePay for Digital Commerce Payments

By Clarity PK
in :  News
bank-islami-nift-payment-pakistan
16 Jan 2021

Karachi: BankIslami, in line with its vision to enable and promote cash-less and digital payments, becomes the first Islamic bank to go live with NIFT ePay. National Institutional Facilitation Technologies (NIFT), one of the largest payment processors in Pakistan launched its services for enabling digital commerce payments (Mobile / Electronic Commerce Payments) through NIFT’s DFS platform under the brand name “NIFT …


Lenovo launches AR glasses for enterprise

By Clarity PK
in :  News
10 Jan 2021

Lenovo seems to have gotten the memo that the real money in the augmented reality space is going to be made in enterprise. Ahead of tomorrow’s CES kick off, the hardware company announced the impending arrival of the ThinkReality A3, a pair of enterprise AR glasses that look to follow the lead set by companies […]


Apple suspends Parler from App Store

By Clarity PK
in :  News
10 Jan 2021

Apple confirmed that it has suspended the conservative social media app Parler from the App Store, shortly after Google banned it from Google Play. The app, which became a home to Trump supporters and several high-profile conservatives in the days leading up to the Capitol riots, had been operating in violation of Apple’s rules. The […]


Parler jumps to No. 1 on App Store after Facebook and Twitter ban Trump

By Clarity PK
in :  News
10 Jan 2021

Users are surging on small, conservative, social media platforms after President Donald Trump’s ban from the world’s largest social networks, even as those platforms are seeing access throttled by the app marketplaces of tech’s biggest players. The social network, Parler, a network that mimics Twitter, is now the number one app in Apple’s app store […]


Twitter acquires Breaker – a social podcasting app Breaker

By Clarity PK
in :  News
twitter-breaker-team-up
5 Jan 2021

Twitter has acquired social broadcasting app Breaker, the companies announced today via a combination of blog posts and tweets. The deal will see Breaker’s team joining Twitter to help “improve the health of the public conversation” on the service, as well as work on Twitter’s new audio-based networking project, Twitter Spaces. The Breaker app, however, […]


Jack Ma’s absence from public eye sparks Twitter discussions

By Clarity PK
in :  News
Jack Ma
5 Jan 2021

The world’s attention is on Jack Ma’s whereabouts after reports noted the billionaire founder of Alibaba and Ant Group had been absent from public view since late October. On October 24, Ma delivered fiery remarks against China’s financial system to an audience of high-rank officials. Days later the Chinese authorities abruptly halted Ant’s initial public […]


Because a ‘Loot.Sale’ is all we need

By Clarity PK
in :  Ecommerce, News
loot-sale-pakistan-ecommerce
18 Dec 2020

Loot Sale, a Pakistan based eCommerce startup, aiming to bridge the gap between the consumers’ want of constant discounts and retailers’ need for fast inventory turn-over. Loot Sale has secured seed capital from Light Speed Ventures, a multi-strategy fund focused on the early-stage tech ventures. The brands’ motto, “Pay Less, Shop More” clearly conveys sentiments to the 220 million audience …


SadaPay got pilot launch approval from SBP. Full commercial launch soon!

By Clarity PK
in :  News
Sadapay pilot launch approval
15 Dec 2020

Islamabad: Today we’ve reached a huge milestone! 🎉 The State Bank of Pakistan has finally granted SadaPay approval to officially begin pilot operations. 👨‍✈️ Until now, we had been testing our app and debit card internally with friends and family under our “in-principle” approval, which was awarded to us by the State Bank of Pakistan (SBP) earlier this year. We know …


US Black Friday online shopping bags whopping $9B – $3.6B in just smartphones

By Clarity PK
in :  News
blackfriday-2020
28 Nov 2020

Black Friday — the day that launched 1,000 other shopping holidays — may have lost its place as the “start” of the Christmas shopping season by now (it gets bigger and earlier with each passing year). But the day after Thanksgiving still pulls in a crowd of buyers looking for a bargain and remains a major bellwether for tracking how sales …


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News

What is Blockchain: Everything You Need to Know (2022)

Clarity PK
May 15, 2022

186% growth in newly incorporated companies (with breakdown) #SECP #Digitalization

Clarity PK
May 7, 2021

Bill Gates Neutral on Bitcoin but Says Cryptocurrency Is an Innovation the World Can Do Without

Clarity PK
February 21, 2021
klarna-safello-cryptocurrency-payments-fintech

Klarna partners with Safello to bring users crypto purchases from their bank account

Clarity PK
February 17, 2021
eSim Ufone

Ufone Launches Its First Ever eSIM

Clarity PK
February 16, 2021

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