THIS POST IS CONTINUED FROM PART 3 , BELOW---
Each and every criminal case could be logged and amended using blockchain technology. When a record is legitimately updated, for example, changes are reflected automatically across multiple copies – in a matter of seconds
Blockchains are regulated by technical code which is programmed into the software itself. Whereas breach of legal or regulatory rules results only in the potential for some form of punishment to be dealt, breach of technical codes causes an error to be returned and no activity to occur.
Because the law can’t keep up with innovation. To move forward, we must necessarily break the past.
The Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI), is developing a model platform for blockchain technology.
They don’t have the cerebral wherewithal.
They don’t have the cerebral wherewithal.
The Institute for Development & Research in Banking Technology (IDRBT) is a unique institution exclusively focused on Banking Technology. Established by the Reserve Bank of India (RBI) in 1996, the Institution works at the intersection of Banking and Technology. It is located in Hyderabad, India.
Since IDRBT has been set up, they have done FUCK ALL.
Below: Because these CUNTS dont know shit--
I am forced to pen this blog series. I am NOT enjoying this.
I penned a 33 part SHELL series -- Modi just stirs the pot .
The blockchain model promises us a future free from middlemen. Intuitively, we have always hated middlemen as they invariably increase transaction costs. The biggest middlemen of this planet are the parasite white Jews who make money by doing NO work
Those who were happy working hard and paying taxes, would never want to deal in Bitcoin currency which is being used by criminals. The growth of bitcoins invariably prove the criminal affinity of the human society and of the profiteering others who want to cash in on the growing value of it.
Hence, no government would ever want to officially recognise the bitcoin currency. The acceptance would directly mean that they are either ignorant of or totally fine with the huge criminal aspect bitcoins reveal everyday. Unnecessarily, blood money gets equated to good hard-earned money.
A notary ( not the shit ones we have now ) can verify and levy stamp duty on a smart contract on the blockchain network.
The justice system in India is ‘archaic and paper-based.’ These problems resulted in inefficient services and poor planning and even worse organization. These judges are the slowest creature on earth, yet they give deadlines to everybody else.
These loser lawyers turned judges even gave a deadline to the elected executive INTERLINK all Indian river and kill Bharatmata
The combination of AI algorithm technology coupled with a distributed chain-locked book to replace antiquated criminal justice systems around the world could have great compassionate effect on human suffering and help alleviate the abominable injustices that exist in prisons in India.
Artificially intelligent ( AI ) blockchain lets joint parties collectively agree on the state of the device and make decisions on what to do based on language coded into a smart contract.
Using blockchain tech, artificially intelligent software solutions are implemented autonomously. Risk management and self-diagnosis are other use cases being explored.
Artificial intelligence and blockchains are the 2 closed components of digital business. While Blockchains can help us verify, execute and record. AI helps in decision making, assessment, understanding and recognizing.
While the machine learning methods that are a part of AI help us find opportunity and improve decision making, smart contracts and blockchains can automate verification of the transactional parts of the process..
The AI sub-field called “Artificial General Intelligence” (AGI) is most relevant as AGI can be modeled as a feedback control system.. AI is developed “by the people, for the people” in an inclusive sense.
This leads to the concept of a decentralized, self-organizing AI economy — a network of AIs that exchange information and value among each other freely and rapidly, with participation open to anyone who creates an AI and inserts it into the network.
Such a network also opens new frontiers in social good, via issuance of value tokens that specifically direct AI effort toward tasks democratically determined to provide broad social benefit.
Until now, A.I. and blockchain have remained separate, however now they are joining forces to accelerate the development of robotic intelligence.
Machine learning makes use of algorithms that learn how to perform tasks such as prediction or classification without explicitly being programmed to do so. In essence, the algorithms learn from data rather than being pre-specified.
Blockchain with AI is already being offered as a service by major cloud providers including IBM and Microsoft. In the future, almost every transaction could be running on blockchain technology.
Smart contracts help companies benefit from a more streamlined approach while creating unbreakable agreements--reducing the presence of costly KOSHER middlemen and legalese.
A smart contract represents an impartial third party that is designed to advance both parties’ interests without the need for a broker. In Indian cities thousands of people earn a living by being brokers for flats. They collect their brokerage even when the 11 monthy renewal comes ( Mumbai ).
If you dont pay a fixed percentage as bribe at land registry govt offices, you stand to lose your own land.. The document writer collects this money and everybody gets their share. This is a mafia system.
As a logic-based system, a smart contract is intended to cover every aspect of a transaction from start to finish. It could be imagined as a very elongated “if/then” function that covers every inevitability that could arise from an agreement. Once established, a smart contract governs every interaction between the two parties, automatically responding to inputs from either party and executing the agreement as programmed.
The basic assumption of these blockchain mechanisms is that a large amount of nodes participate in the system, making it almost impossible for one to have the capability to control more than half of the nodes in the system.
In general, the more companies are involved in the network, the harder it is for one or a few to take over the blockchain system.
In reality, however, and especially in the adoption stage of a new technology, it is difficult to motivate a large number of enterprises to participate. Therefore, blockchain is more likely to be deployed and used among a limited number of pilot entities, which could collude to create fraudulent transactions. The kosher underworld is already drooling over this .
To mitigate the collusion risk, different priorities could be granted to different parties for transaction verification based upon their roles. For example, a bank could have the priority to verify a cash transaction, or regulators or auditors could be given the authority to hold a transaction with high risk of fraud before it is confirmed.
Blockchain provides the potential opportunity to prevent fraud in advance or detect fraud shortly after it occurs. By bringing various outside parties, such as business partners, creditors, and investors, into the loop, blockchain could enable a real-time alerting schema for fraud prevention.
It must be noted that the process of mapping the double-entry accounting system onto a blockchain infrastructure, and using it to deter corporate frauds, is still in its infancy.
INDIA MUST NOT JUMP OFF THE DEEP END WITHOUT EXTENSIVE VERIFICATION.
TELUGU CM CHANDRA BABU NAIDU IS ALREADY PALPITATING—
HE WANTS ANDHRA TO BE THE FIRST TO ADOPT BLOCKCHAIN-ULU ( OR IS IT BLOCKCHAIN-UDU ?) AND ENGRAVE HIS OWN NAME ON THE ROCK OF POSTERITY
HE WANTS ANDHRA TO BE THE FIRST TO ADOPT BLOCKCHAIN-ULU ( OR IS IT BLOCKCHAIN-UDU ?) AND ENGRAVE HIS OWN NAME ON THE ROCK OF POSTERITY
Despite the AML controls that must be complied with and exemplary punishments, global money laundering flows are estimated to be as high as 6% of the world’s GDP – over $2.2 trillion.
Currently, banks spend about US$11 billion per year on AML ( anti-money-laundering ) measures, yet money laundering continues to take place on a vast scale. The goal of laundering money is to “wash” illegally obtained money (e.g. through corruption) into “clean” money, making the origins of the money untraceable.
Blockchain technologies have five features that could make AML efforts both more effective and less costly:----
Consensus: Due to blockchain’s distributed ledger technology, everyone (or at least everyone involved) is able to see the same information on a transaction instantly. Rather than having databases that communicate with each other and update individually, blockchain updates happen simultaneously. In other words, banks can be sure that “I see what you see,” “I know that you know that I know,” and so on. This is essential for trust and has the potential to cut out the middlemen in transactions.
Validity: Blockchain technology provides certainty that every update in the system is valid, because the technology ensures that there is a common agreement on the rules of transactions. This makes it harder to game the system, for example by claiming database errors.
Uniqueness: It is impossible to create two conflicting entries into a blockchain system, making it impossible to pretend to source the money legally while actually sourcing it illegally.
Immutability: Because blockchain records are distributed over the whole network in a distributed ledger system, rather than a central database, blockchain transactions that were recorded are practically “immutable.” The data of past transactions cannot be changed, but only updated, and the data on previous transactions remains permanently available. Thus, once the data of a transaction have been recorded (including the previous owner of money, the new owner, and the basis for the transaction), these data are not falsifiable.
Authentication: Every transaction is associated with at least two private keys, while the concept of a “master key” is not part of a blockchain. This is very different from current database systems where an administrator or “super-user” could alter the database single-handedly, which is clearly risky from a security perspective.
In sum, transferring money with blockchain technology makes it possible to trace the historic and current ownership of every penny in the system.
It is akin to being able to look at the serial number on every dollar bill and identify every person who has ever held that dollar, as well as when, where and why it changed hands.
The most pressing challenge to move forward with blockchain technology in the financial industry – as noted by regulators and banks alike – is the standardization of the blockchain protocol.
Currently, there are multiple cryptocurrencies, blockchain networks, and protocols available, with hundreds of financial technology players fragmenting the market.
Without standardization, most benefits of blockchain will be unachievable, as the different networks will not be able to communicate with each other simultaneously.
Also, without a sound understanding of the technology, it will be hard for users – both in the public and the professional sphere – to find trust in the technology. And trust is the most crucial element for financial transactions.
Blockchain integrates “legal prose” in agreement to allow for disputes to be resolved transparently and quickly; It allows business logic to be written into the existing code.
Blockchain could make it possible to view a customer's payment history in real time and thus judge eligibility for loans.
Blockchain can help in social welfare objectives by eliminating the need for credit cards or bank accounts to disburse funds to those who are unbanked.
Building proper oracles to ensure execution of smart contracts is crucial. All cryptographic key material must be properly stored and handled.
The entire blockchain security rests on the assumption that cryptographic keys will be secured properly. Since most consensus algorithms are latency sensitive, it is also very important to have the most stable and lowest latency network connections possible.
If network interference increases latency, the maximum transaction throughput drops. One potential denial of service is to prevent consensus from occurring by disrupting the lines of communication.
With blockchains, extra care of network connections is needed or things go PHUTTT .
For blockchain technology to reach its full potential, it must exceed—accepted security standards. Currently, many security-conscious institutions rely on hardware security modules (HSMs) to safeguard and manage their digital keys, protecting potential access points in virtually any application that requires secure, verified digital signatures.
A hardware security module (HSM) is a physical computing device that safeguards and manages digital keys for strong authentication and provides cryptoprocessing.
These modules traditionally come in the form of a plug-in card or an external device that attaches directly to a computer or network server.
HSMs housed in bank data centers verify PIN numbers every time a customer withdraws cash from an ATM and validate transaction cryptograms when customers purchase goods at a merchant POS terminal.
In both cases, only the HSMs under a bank’s control have access to the correct keys to perform the secure processing. Leaving cryptographic keys in software sitting on a computer is the equivalent of leaving your house keys under the door mat.
An HSM is a cryptoprocessor that securely generates, protects, and stores keys.
The keys always live inside the secure, certified HSM boundary, rather than in software or on a hard drive, where they are vulnerable to attacks.HSMs use a certified, cryptographically secure random number generator to create keys that are of superior quality to those generated by a typical computer system
There are two main concerns that surround the technology; one is scalability and the other is security.
The security issue comes into play because in certain blockchain implementation, such as financial services use cases, digital wallets will be required. The digital wallet technology has not always been well protected and there have been instances where it has been hacked.
First created for use with Bitcoin, the most popular cryptocurrency, blockchain is a distributed-trust public ledger system. Blockchain depends on volunteer users or “nodes” to track, verify, and add transactions to a continuously updated ledger using encryption.
Within cryptocurrencies, blockchains are maintained by nodes within the P2P blockchain network who use their own hardware resources to perform a process known as “mining”. Mining is the process of verifying transactions and adding them to the blockchain using encryption.
Blockchain provides an inexpensive and efficient way to record data by mass collaboration among users on a network. With all the peers on a network working in concert to verify and add data using encryption to a continuous data record or chain, the result is a fully trusted data source that is easy to maintain and unalterable.
As the nodes approve transactions, they are grouped together into blocks and added to the chain. Every block is coded with a specific cryptographic hash that subsequent blocks on the chain will share, which ensures the blocks will remain linked.
In addition to the hashes, Blockchain relies on cryptography and public key infrastructure to function. All data entered into the chain is encrypted, and every user on the network is assigned their own private key. Though the blockchain is publicly available, it is protected with encryption throughout the process.
Blockchain is built upon the principles of collective interest and mutual trust. Every user has access to the most recent version of the blockchain. Once a node completes a new block, it is added to the chain and the updated version of the blockchain is broadcasted to all other nodes.
There is no official version of the blockchain and no one version is more trusted than another. In addition to speed and efficiency, the decentralized structure of blockchain creates a difficult target for hackers. With no centralized structure, there is no primary target or single point of failure for attackers to exploit.
There is an old adage in computer science that goes: even if we design and build the perfect computer system, if you put garbage into it, you will get garbage out. Blockchains don’t change that at all.
People and computer-human interfaces are still the dominant factor in the overall security of a blockchain network. It all boils down to the fact that blockchains are distributed systems made up of computers that need to be secured by humans.
With permissioned blockchains, humans are responsible for managing the membership of users and their capabilities. They are also responsible for deploying the chaincode/smart contracts and also manage the cryptographic key material.
The cryptography and algorithmic design of blockchains is sound and if something goes wrong it is most likely because some HUMAN made a mistake ( DELIBERATELY )
The blockchain API performs the initial validation of the transaction and verifies that the proper credentials have been presented by the transaction proposer. The transaction then gets forwarded to a peer for validation and endorsement. To continue the analogy, think of the blockchain peer as being like the web application server, because it also handles executing smart contracts.
Once the transaction is endorsed and the smart contract executed, the transaction moves on to being ordered and recorded in the next block in the blockchain. That is very similar to how web application state is recorded in a back-end database cluster.
The point of this analogy is to show that blockchains don’t have drastically different security requirements. The one area that does require some extra attention is around the protection of the cryptographic key materials.
Special care must also be taken to ensure that the consensus part of the distributed ledger operates on network connections with the lowest latency and highest quality of service as possible.
This is because many of the consensus algorithms are latency sensitive and the upper bound on their transaction rate is tied to the overall system latency.
We will never drive criminals entirely off the blockchain,. But we can explore innovations that would make the blockchain safer for legitimate commerce but inhospitable for bad actors, and that would allow law enforcement to focus its resources just on those parts of the network where criminals are able to operate despite our best efforts.
We all have a shared interest in making sure that those who seek to use the blockchain for criminal purposes do think twice.
WAIVING FARMER LOANS HAS NOW BECOME A VOTE MILKING MACHINE
Farm loan waivers across states could hurt the finances of states and make them throw good money after bad, and stoke inflation. Debt waiver packages, even if limited to a few states, will likely prove to be counter-productive and offer little gains to farmers over the long run.
MPs AND MLAs WANT TO GET REELECTED
YOUNG J SCINDIA CALLS FARMERS “ANNA DHATA “ WHILE HE SPEAKS IN LOK SABHA—LIKE A BHARATNATYAM DANCER USING HIS TENDER HANDS AND BODY SWAYS
SORRY- ANNA DHATA IS GOD. A LOT OF OUR FARMERS ARE DESH DROHI MAOISTS AND NAXALS
Three major states—Uttar Pradesh (UP), Punjab and Maharashtra—have announced large-scale farm debt waivers.
The debt waiver packages of UP and Punjab were aimed to fulfil poll promises made by the Bharatiya Janata Party (BJP) and the Congress party, respectively, in these two states. The cumulative debt relief announced by the three states amounts to around Rs77,500 crore or 0.6% of India’s 2016-17 GDP.
WE DEMAND THAT FARMER LOANS AND FLOOD RELIEFS SHOULD NOW BE ON BLOCKCHAIN
EVERY YEARS THE SAME PEOPLE CLAIM FLOOD RELIEF .. THEY HAVE TWO HOMES—ONE IN A FLOOD PRONE AREA BUILT ON GOVT LAND ( A SHED WITHOUT VALUABLE )
Blockchain can be used to "reduce fraud, corruption, error and the cost of paper-intensive processes. UK government has used blockchain to disburse student loan grants and track welfare checks.
British welfare claimants use an app to receive and spend their welfare checks. This enables the government to track the claimants' spending digitally.
Below: Foreign funded NGO controlled farmer agitation
LOANS AND WAIVERS MUST BE TIED TO AADHAR
IN INDIA LTTE TERRORISTS TOOK LOANS FROM I GOVT BANKS TO FUND THEIR MOVEMENT
A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report information typically sourced from credit bureaus.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt.
Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue.
The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.
A credit rating is an evaluation of the credit risk of a prospective debtor (an individual, a business, company or a government), predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.
The credit rating represents an evaluation of a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency's analysts.
A credit history is a record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.
A borrower's credit score is the result of a mathematical algorithm applied to a credit report and other sources of information to predict future delinquency.
In many countries, when a customer fills out an application for credit from a bank, credit card company, or a store, their information is forwarded to a credit bureau. The credit bureau matches the name, address and other identifying information on the credit applicant with information retained by the bureau in its files.
The gathered records are then used by lenders to determine an individual's credit worthiness; that is, determining an individual's ability and track record of repaying a debt. The willingness to repay a debt is indicated by how timely past payments have been made to other lenders.
Lenders like to see consumer debt obligations paid regularly and on time, and therefore focus particularly on missed payments and may not, for example, consider an overpayment as an offset for a missed payment.
To establish a real decentralized lending system on the Blockchain, that for now consists only of pseudo-anonymous users, we need to introduce a fully Decentralized Credit Rating (DCR) system, that obtains it’s data from the Blockchain directly.
This way, the risk profile related to collateral free lending might become tangible, since addresses will have reputation, as we have it with centralized credit scores.
In the west many startups have blockchain-based initiative to build a decentralized credit platform.
These startups are NOT lenders, but rather, a platform to facilitate lending between lenders and borrowers.
In the wake of the Equifax hack, which exposed the private information of more than 140 million people, we’ve all become painfully aware of the flaws and limitations of today’s credit system
Even today, there are two billion people in the world (including 40 million Americans), who cannot access credit and remain “trapped” for reasons out of their control — the systematic under-banking of certain regions, lack of family credit history, or even algorithmic discrimination.
This could be a true opportunity to demonstrate the value of decentralization — the first real “killer app” for the blockchain.
Smart contracts and the blockchain makes this process easier
The Blockchain is a global, open and in real time available ledger of financial transactions, that can be analysed using automated algorithms and prediction markets. Credit scoring will now call the shots.
As the Equifax data breach shows, no one’s credit information is secure. It’s estimated that 143 million Americans and as many as 400,000 Brits may have been affected by the breach.
Since the breach has been reported, there has been a run on credit monitoring products. And none of the credit bureaus can guarantee that hackers won’t gain access to their data. In fact, its getting increasingly more difficult for any company using the Web for database storage to insure the data they keep is 100% secure.
Using the Global Credit Profile, users will be able to:--
Monitor and control their own financial data in real time
Dispute errors and omissions
Link credit accounts so that more data is included in their profile
Port their data anywhere they want to globally to ensure they have access to the best credit products in any country they live or travel to
Control who gains access to the data and get paid for that access
A Global Credit Profile will work by leveraging the inherent decentralization of the blockchain as a distributed ledger allowing each credit transaction to be approved using the same or similar processes used to record cryptocurrency transactions in real time today.
Any information currently collected by the credit bureaus can be kept in a consumer’s self-controlled file including rent and mortgage payments, utility bill payments, lines of credit, and more. Plus, the credit profile can include social data gathered from user’s social media accounts.
Each user gets an IP address and a key to enable the application. The user can access all of their financial information in one location.
Alternative data will become the norm in credit profiling in the future. That will include machine learning algorithms, social data, and utility payments for many of the world’s unbanked and underbanked
The Internet is a centralized system involving many actors, with no unified consensus mechanism. As a result, there are many different systems and components that do not communicate.
The basic structure of the blockchain is its address or public key: the very mechanism that allows users to transfer funds and work with digital agreements called smart contracts.
Similarly, the Internet runs on a server with a public IP address. Since no public information about this address exists, it is merely a point to which one can connect and execute certain actions.
The main area in which blockchain and the Internet differ is in the number of services they require to operate. For instance, a web site needs a domain name, which is then assigned to the DNS and indexed in a search engine; an SSL certificate for the security of users; and functional content that is used directly.
On the blockchain, any person or company with a profile rating reflecting some digital essence of trust, including the history of the transactions of the user — similar to a Google search history log
Each profile, as a smart contract, will be able to contain all user information in one economic unit, make deals with other profiles, arbitrage and be arbitraged, and most importantly, connect to different rating networks.
Rating networks will be a blockchain representation of an organization unit where we have some score based on different factors, including job and academic performance.
Simply put, all users in the network will be able to see how successful you are.
Blockchain is in its early stages of development. As much as it’s been compared to the Internet, one of its primary advantages is that it represents an opportunity to start from scratch: to design anything we want and develop our own standards.
By letting users work on their profiles within the blockchain network, it gives them the chance to create a full-fledged economic unit, or “digital passport.” Each user, whether this is a company or an individual, will now be able to carry out transactions between other individuals.
In addition, the rating and history of their profile will be much more informative and more trusted, but also immutable. This final rating will be more reliable than a work reference, tax filing, or credit history, chiefly because it will be impossible to forge.
This will offer new projects the ability to forge the path of their own destiny in the age of the digital economy.
While the advent of the Internet offered the possibility of increased connectivity, blockchain has the potential to take this to the next step by providing the world with a way to become fully digital.
When transactions and marketplaces have become completely digitized, the creation of fully decentralized and trustless societies becomes a very real possibility.
ILLEGAL IMMIGRATION CAN BE CONTROLLED BY BLOCKCHAIN
Finland has said it has “solved” the problem of refugee identity, using the Blockchain to record data of new residents.
Finland is providing arrivals with a prepaid debit card instead of cash, and linking the identity of cardholders to the Blockchain.
In issuing them, Finnish authorities are able to track both spending and identity with the added benefit that the Blockchain data is immutable.
Finland wants immigration. Their men are unable to get their pricks up and women want tight twat to keep their sexual market value high. Let truth be told
Population is dwindling. Immigration is an increasingly important driver of population growth in Finland.
Immigration accounted for 81 % of the population growth as the number of births have been decreasing year after year
Blockchain, a technology that has more compute power behind it on a decentralized basis than any open source project in history, could fundamentally reinvent the banking system. Very few bankers understand it.
First, there was the view that bitcoin is purely for payments. No. Bitcoin, the protocol, and other cryptocurrencies are for the recording of digital value exchanges that can take any form from a payment to a marriage vow.
Bitcoin blockchain is of interest, but not the currency.
In simple words, Blockchain is nothing but an open, anonymous, permanent online ledger connected to a centralized network. It uses a new data structure to simplify the process and eliminate the need for third parties.
Hence, it brings down that erstwhile dependence on people for verification of transactions. Being a distributed database, Blockchain captures inputs and places them into a block and then each block is connected or ‘chain’-ed to the next block through a cryptographic signature.
It is a ledger that is easy to make, is open and accessible by anyone as long as permissions are set. Blockchain, as a continuously growing list of records i.e. blocks, that are linked and secured using cryptography, allow an application developer to create a distributed database that can be read by anyone, but can only be written to by consensus.
It’s anonymous, so it can protect the identities of users and allow entities and people to carry out transactions at never-before levels of privacy, security and non-intrusion.
It’s permanent and digital, so that translates into putting in any number of transactions and records and chronicling them so well that the whole thread or equation accomplishes degrees of transparency and credibility that even the best of regulators can still merely dream of.
It’s open, distributed and can also be programmed so transactions can be triggered automatically, contracts can become set in digital code and safe from tampering or deletion ever. Every agreement between parties can, easily and non-physically, get converted into a digital record – properly identified, validated, stored, and shared. This wipes away the role, effort and expense of intermediaries, brokers, as algorithms enable fast and free interactions devoid of previous friction and oversight.
So yes, this is possible – two entities may not know each other and still agree and assign verity to something without the presence or involvement of a third party. Blockchains can also function as ‘permissioned’ ledgers so that everyone in the process is pre-selected, or as ‘unpermissioned’ ones that are open to all.
They can be used as a single source of information and hence, for money transfers, record keeping and other back-end functions being the easy, digital, open, decentralised ledgers they are. For instance, most Banks need to maintain reserves with multiple counterparties at once and it would help immensely if they can settle transactions point-to-point as a straight-through process. This will mean a world that is easier, cheaper, and faster for banks and customers alike since the complex, superfluous and expensive list-keeping can finally be done away with. Now direct transactions are possible – immediate and irrevocable ones at that. So real-time settlements can finally happen. Also holding accounts with correspondent banks and managing lifting fees can now be a thing of the past
The quality and speed of data becomes so high, consistent, precise and so real-time that new revenue streams can also be tapped while offering customers seamless and actually-nimble experiences. Plus, their special quality of being non-alterable, as immutable ledgers in real time, can help to track documentation and authenticate ownership of assets digitally. Business models like asset servicing, and smart contracts can flourish amazingly for many banks easily.
They can reduce human intervention and make it possible for banks to execute and verify transactions with improved accuracy and efficiency.
Since transactions are continuously kept as ‘blocks’ of records, they are secure, scalable and durable- also making the entire process far simpler and fluid than it ever was. They do not just cut paper and costs but also revitalize the ingredient of trust that is quintessential in financial information.
Disintermediation takes off both the risk and expense of counterparties and enables more empowerment for users to control their information.
Possibility of failure or intrusion is almost negligible with these ledgers and hence process integrity as well as transparency goes to a new realm here. These are almost immutable and hence find ready use in areas like exchanges, smart contracts and Payments.
Financial entities can reap many more rewards whenthe clutter and complications of multiple ledgers is taken off and lower transaction costs can be tapped successfully. Endless days for clearing and final settlement can now be a thing of the past as transaction times become real-time and available all the time.
For banks where keeping records of transactions made a major part of function and reconciling transactions across individual and private ledgers took so much time, paper and error – a Blockchain is almost a boon.
In computer programming, an application programming interface (API) is a set of subroutine definitions, protocols, and tools for building application software. In general terms, it is a set of clearly defined methods of communication between various software components.
A good API makes it easier to develop a computer program by providing all the building blocks, which are then put together by the programmer.
An API may be for a web-based system, operating system, database system, computer hardware or software library.
An API specification can take many forms, but often includes specifications for routines, data structures, object classes, variables or remote calls.
Mastercard is to open up access to its inhouse blockchain technology platform via an API which will be made available to developers at banks and retailers.
Smart contracts can interact with data living in the blockchain but it is impossible to get informations from the web. Using Oraclize, we’ll see how your smart contracts can get data from outside the blockchain and execute any API call.
Blockchain is updated via a Consensus protocol. It ensures an unambiguous ordering and validation of transactions and guarantees the integrity and consistency of the Blockchain across geographically distributed nodes. Some Consensus protocols are decentralized/permissionless, and some are permissioned
Blockchain is made up of three technologies – cryptographic algorithms, a distributed protocol, and replicated data – which combined provide a trustworthy service to a group of nodes that do not fully trust each other. With blockchain, several users can write entries into a block or a record of information, and a community can control how the record of information is modified and updated.
There are two types: public and permissioned. In a public blockchain, such as Bitcoin or Ethereum, anyone can join or run a node and anyone can participate in the consensus process for determining what’s called the ‘valid’ state. In contrast, a permissioned blockchain is operated by known entities, such as consortium blockchains, where a specific group of stakeholders in a given context run a permissioned blockchain network
Permissioned blockchain systems have the means to identify the nodes that can control and update the shared state of a ledger, and often also have ways to control who can issue transactions.
A consensus protocol ensures that the involved nodes agree on a unique order in which entries to the ledger are appended. Currently, many new features and completely new blockchain protocols for distributed ledgers are emerging, mainly within the fintech and startup scene.
Most of these proposals come without a clearly stated trust assumption or a solid security model, despite the bold claims being made. Moreover, there is no agreed consensus in the industry on which assumptions are realistic for an intended application, nor is there an accepted standard for the validation for protocols
I RECKON I AM GETTING TOO TECHNICAL.
OK, I WILL SCALE BACK FOR THE LOWEST COMMON DENOMINATOR
NYET sayers cry -- we no longer need trendspotters, when everything is changing all the time, and when everything else — branding, marketing, behavior and lifestyle — can adapt in real time.
Trendspotting can be frustrating. It’s hard enough just to keep up with what’s happening right now and to try to make sense of whatever it was that just happened; attempting to conceptualize the future can be exhausting.
Trendspotting is something CONSCIOUS humans are hardwired to do.
Trends are r “idea viruses,” because they flourish only when large numbers of people are in close contact and things are changing fast.
I WAS A GRANDMASTER OF CHANGE AT SEA BECAUSE VADAKAYIL BINDU 4D THINKING USED TRENDS .
I COULD HARNESS TRENDS .
I COULD CREATE DOMINOS AND CASCADES.
I COULD ALTER THE COURSE OF THE FUTURE
In the posts below I have revealed only 20% of my CHANGE MANAGEMENT methods. Or it would be like giving a match stick to a monkey
Elio is a customer service AI assistant that responds to users' questions. Built with IBM's Watson machine-learning technology, it analyses an inquiry, searches the NetApp support data base and then, hopefully, gives you the answer you're looking for.
We have recognised threats coming more regularly from varied origins such as nation-states, hacktivist and cybercriminal actors. Coupled with many new public policies aimed at mitigating the negative effects of data breaches, cyber espionage and intellectual property theft, it’s clear a new ecosystem of cyber threat intelligence sharing is emerging.
We need to train cyber threat analysts using a technique that builds on the use on a threat intelligence platform (TIP) as a key tool in conveying the tradecraft of cybersecurity threat intelligence.
A global standards body known as the Organisation for the Advancement of Structured Information Systems (OASIS) has sponsored the further development of a standardised language, syntax and logic for a set of protocols for threat intelligence sharing.
The Organization for the Advancement of Structured Information Standards (OASIS) is a global nonprofit consortium that works on the development, convergence, and adoption of standards for security, Internet of Things, energy, content technologies, emergency management, and other areas.
CAS ( complex adaptive systems ) is a constantly changing, self-revising, feedback-incorporating concept that is typical in modern urban warfare.
Troops engaged in battles in this context must simultaneously collect and process information, then develop intelligence on the social, economic, political, geographic, and adversarial conditions.
The norm in modern warfare is irregular warfare, where adversaries are unevenly matched and chaos, subterfuge, and obfuscation are the key modus operandi of small bands of fighting units pitted against more formal hierarchical military structures.
The cybersecurity industry’s notion of an advanced persistent threat (APT) also incorporates a concept that accounts for many of the constantly morphing conditions of CAS and, at the same time, the tactical nature of irregular warfare.
Structured Threat Information Expression (STIX) is a language and serialization format used to exchange cyber threat intelligence (CTI).
STIX enables organizations to share CTI with one another in a consistent and machine readable manner, allowing security communities to better understand what computer-based attacks they are most likely to see and to anticipate and/or respond to those attacks faster and more effectively.
STIX is designed to improve many different capabilities, such as collaborative threat analysis, automated threat exchange, automated detection and response, and more.
In the simplest of terms, the Dark Web is a part of the World Wide Web that is accessible through special browsers like Tor. Built with layers of encryption, the Dark Web provides a level of anonymity and freedom from surveillance that is no longer possible on the open web.
The Dark Web and browsers like Tor were originally built for activists living under repressive regimes to be able to organize and communicate without fear of reprisal, using mirroring tools to hide their identities. Hackers looking to engage in illegal activities, like selling stolen identities and credit cards, also found it a great place to set up shop.
Chat dens are places where hackers can discuss how to carry out attacks and share knowledge. This can be as simple as asking who wants to join in a hack against a specific target. In other cases, they can talk about vulnerabilities in certain kinds of widely used code, utilizing the hive mind to problem solve.
Cyber security companies stake out chat rooms and message boards, listening and recording important bits of information, so that they can be in the know and ready to predict the next wave of attacks from hackers.
The Structured Threat Information Expression (STIX) format was developed by the OASIS Open organization as a machine readable standardized language to help share cyber threat intelligence.
When a researcher or developer spots a piece of malware or other intel in the wilds of the Dark Web, they can pass the information on using STIX’s application transport protocol known as the Trusted Automated Exchange of Intelligence Information (TAXXII).
The Dark Web like its cousin the Deep Web is uncharted territory.
U.S. defense establishment’s DARPA group has backed the Memex project, which aims to build machine learning-based crawlers that are capable of searching through the Dark Web. As privacy becomes harder to maintain online, the public may turn to the Dark Web for greater anonymity.
Like freedom of speech, once anonymity is gone for those we disagree with, it is lost for the rest of us as well.
As privacy becomes harder to maintain online, the public may turn to the Dark Web for greater anonymity. Like freedom of speech, once anonymity is gone for those we disagree with, it is lost for the rest of us as well.
DARPA awarded a contract to a computer security firm called Galois . The firm's assignment is to formally verify - through a sort of computer-code audit using mathematics - a particular type of blockchain technology supplied by a company called Guardtime. Formal verification is one way to build nearly unhackable code and it's a big part of DARPA's approach to security .
The case for using a blockchain boils down to a concept in computer security known as " information integrity ." That's essentially the ability to track when a system or piece of data has been viewed or modified.
Blockchain architecture is decentralized and is based on consensus algorithms. This makes hacking more difficult. One compromised node should not affect the blockchain since a majority of the core nodes must agree to the action.
Once created, Blockchains are immutable and incorruptible. Mathematically provable algorithms enable continuous verification and calibration of the validity of a blockchain. Attempted modifications are immediately flagged
Because on-chain ‘addresses’ are cryptographically secure, and participants can place their trust in the integrity and secure features of the consensus mechanism, the integrity of identity, information and modifications/exchanges is guaranteed.
Timestamps and ‘hashing’ of previous blocks ensure that each subsequent block on the chain includes an encrypted, consistent and immutable record of all previous blocks.
DARPA offers this analogy: "Instead of trying to make the walls of a castle as tall as possible to prevent an intruder from getting in, it's more important to know if anyone has been inside the castle, and what they're doing there."
In DARPA's use cases, blockchain technology could create important intelligence around whether a hacker has modified something in a database, or if they are intruding and surveilling a particular military system.
As it is difficult to keep out every single hostile player, data integrity - the ability to track if information has been viewed or modified - may be more important. The blockchain operates as a decentralized ledger that timestamps any change that occurs, offering a way for these agencies to quickly know who has infiltrated the system and what they did within it.
As a result of its distributed nature and instantaneous recording, the blockchain is vastly more resistant to tampering than centralized systems. This could alert military and intelligence authorities if a hacker is surveying a particular military system or has made modifications, without allowing the actor to cover their tracks.
The notion of the U.S. military using a blockchain to secure crucial data may create another boom in its value outside of fintech.
Most invaders spend more than 150 days on a network before they are discovered
More than 60% of the world’s largest companies are now researching blockchain technologies with the goal of integrating them into their products. Past systems put the task of storing and updating entries in the hands of one or a few KOSHER entities, whom you have to trust won’t mess with the data or get hacked.
With public blockchains, a group of anonymous strangers (and their computers) can work together to store, curate, and secure a perpetually growing set of data without anyone having to trust anyone else. Because blockchains are replicated across a peer-to-peer network, the information they contain is very difficult to corrupt or extinguish.
A version of Facebook built on a public blockchain, for example, would be incapable of censoring ANTI-KOSHER posts before they appeared in users’ feeds
Removing miners improves the speed and data-storage capacity of a blockchain.
If a blockchain is a ledger, blocks are the pages inside it. Blocks are added to the blockchain in sequential order. A blockchain, then, is technically infinite, and constantly expanding.
Single blocks contain a reference to the transaction directly preceding them. This means that all blocks are linked — hence, blockchain. Additionally, all transactional records within a blockchain are permanent and irreversible.
To be added to the blockchain, a block must contain an answer to a mathematical equation.
In addition to verifying the authenticity of blocks, the equation acts as a mechanism that keeps the blockchain orderly, preventing it from becoming flooded.
In addition to verifying the authenticity of blocks, the equation acts as a mechanism that keeps the blockchain orderly, preventing it from becoming flooded.
The act of solving equations is known as MINING..
Mining can prove financially lucrative, as a bitcoin reward is given to those who are able to solve blocks.
Blockchain exposes exactly what happened, when it took place and who was involved... it kicks out intermediaries that can easily manipulate records.
Blockchain can either be public or private, just like the Internet. Transactions on a public blockchain are completely transparent and visible to anyone who wishes to explore.
A private blockchain restricts access to a selected few, who have been given permissions. However, the biggest advantage of both these types lies in the elimination of an intermediary to complete the transactions, as well as the detailed audit trail that it creates.
Often, intermediaries in the system try to take out an unaccounted portion of fund allocation whenever a contract is awarded, thereby robbing taxpayers of their hard-earned money.
Blockchain can put an end to this by recording each and every transaction and making it transparent. It would enable public access to all the contracts awarded, transactions done by the government, businesses, contractors, public and everyone who is responsible for any decision-making and deals with money in such transactions.
Funds allocation and cost incurred against it at each level can be fairly audited and accounted for. Every action will be recorded on a ledger and this ledger can be made public for scrutiny and transparency.
Indian politics has been time and again accused of influencing the decisions of electors by giving out money in order to secure a vote bank.
With blockchain, the entire process of elections—from awarding a ticket to a candidate to campaign spends to the final stage of voting—can be made public. This move will ensure a more fair and transparent electoral system in the country.
With the emergence of new technologies, smartphones and robust networks, the digital banking era is already here. Sending and receiving a major part of payments digitally and recording it on blockchain can help our economy match income against cost and savings far more easily. Filtering out black money becomes simple
IN INDIA DIGITAL PAYMENTS MUST BE MADE CHEAPER THAN CASH PAYMENTS. THIS IS THE ONLY WAY TO ABOLISH INCOME TAX AND BRING IN BTT OR BANKING TRANSACTION TAX
There should be no retrospective taxation on merchants doing digital transactions. The Tax system we currently follow is a Progressive Tax System.
Those with lower income pay a smaller percentage of their income as tax, and those with larger incomes pay a greater part of it. Direct taxes cannot be too high since high taxation actually leads to people trying their best to avoid them(legal or not).
So governments also tax Goods and Services which are also known as Indirect Taxes and which aren’t so easily avoided. With GST being a reality, the ability to avoid payment of taxes on goods and services will be further reduced..
By moving away from the collection of Income Tax and instead charging a percentage based fee, the government could collect way more and hence reduce other forms of taxation.
SALARIES ARE INCREASING.
PENSION AMOUNTS ARE INCREASING ..
BUT RETIRED PEOPLE WHO HAVE NO PENSION , ARE GETTING ROYALLY SCREWED AS THEIR MONTHLY INCOMES ARE DECREASING .
WHERE IS THE LOGIC IN THIS ?
IS OUR PM ( WITH 56 INCH CHEST ) AND FINANCE MINISTER SO FUCKIN’ CALLOUS ?
OR ARE THEY JUST PLAIN STUPID ?
Below: Check out the KALANK to Indian womenhood , DEEPIKA PADUKONE guffawing like a donkey who has seen fresh shit ---over each DIRTY ANAL SEX comment.
This is the filthy woman who directly complained to I&B minister Smriti Irani --like an outraged BHAARGEEN nay virgin , over her stupid Padmavati rangoli being scuffed up by a few Rajput desh bhakts
And just who the hell is Smriti Irani, who was catapulted from sidey starlet to I&B minister by Narendra Damodardas Modi ?
You see YALE CELEBRATED HER LEADERSHIP CAPACITY--- BAAAAPR RE ! Check out her face when she lies.
Madame Smriti Irani-- WE THE PEOPLE will not allow benami media to convert our women into whores !
Below: Of course Smriti Irani will sponsor such KALANKs -- that is what she has been given the I&B minister chair for
Two months ago, the Supreme Court held that privacy is a fundamental right under the Constitution with reasonable restrictions, a landmark decision that could affect AADHAR.
THE MELORDS ARE WRONG ! ( SO WHAT ELSE IS NEW ? ).
TOBA TOBA-- Aadhaar data is centrally stored.
There are fears that Chinese (or any other) hackers will hack into the CENTRAL database.
There are even greater fears that any government or authority with malevolent intent will have access to the personal information and location of every Indian citizen and, therefore, the ability to inflict extreme surveillance and targeted damage
WE HAD A PM OF INDIA GIVING AWAY THE DEEP ASSETS OF RAW IN PAKISTAN AWAY
THE FIRST CHIEF OF PMO WAS A CIA AGENT
The government claims that the UIDAI database is in a central server with super-tight security, protected by best-in-class cryptography.
Unfortunately, hackers are always ahead of the game, and have broken into the super-secure systems like the NSA (National Security Agency) in the US, and Britain’s NHS (National Health Service).
And what is to prevent a PM who is a CIA spy ( PM Morarji Desai was one ) from amending the laws and going after its own citizens, using this targeted information?
Whoever hacked into the Central Identities Data Repository (CIDR) can reveal the personally identifiable information of more than 1.2 billion users
As of this date, over 99.1 % of Indians aged 18 and above had been enrolled in Aadhaar
Enter the dragon--nay-- blockchain.
If Aadhaar was built on a blockchain platform, most of the concerns could be addressed.
The database would be immensely difficult to hack: besides getting around the state-of-the-art cryptographic protection, the hackers would need to hack into multiple nodes or servers, rather than just one
Currently, the Aadhaar card is needed for:--
Opening a bank account
Employee Provident Fund (EPF) account
To link your PAN
To link mutual fund investments
Filing income tax returns
Getting a new mobile phone connection
Getting a passport
Getting a voter id
WE WILL NOT ALLOW ANY GOVT TO SWITCTH OFF OUR LIFE USING AADHAR
The Government recently amended the Income-Tax Act, 1961 introducing Section 139AA to make Aadhaar and PAN linkage mandatory for the taxpayers. This is done to curb the tendency to avoid filing taxes—observed among citizens—and to curtail the circulation of black money within the system.
From July 1, 2017 onwards, every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar Enrolment ID number to file Income Tax Returns.
Every person who has been allotted a permanent account number (PAN) as on the 1st day of July 2017, and those who have Aadhaar, or are eligible to obtain an Aadhaar shall intimate his Aadhaar details to income tax authorities for the purpose of linking PAN with Aadhaar
Fraud and chargebacks are two sides of the same coin. We call “fraud” a case when there is a transaction that was submitted by a fraudulent party, e.g. someone who is using someone else’s credit card. A chargeback, on the other end, is needed when the receiving party is fraudulent.
Chargeback fraud, also known as friendly fraud, occurs when a consumer makes an online shopping purchase with their own credit card, and then requests a chargeback from the issuing bank after receiving the purchased goods or services.
As is the case with any other type of fraud, chargeback fraud involves dishonest practices. Although chargebacks are intended to protect consumers from unfair merchants and identity theft, these bank-facilitated refunds are increasingly misused by consumers.
Chargeback fraud occurs when a customer files a chargeback on a legitimate transaction instead of following the merchant’s procedures for requesting a refund.
Well-intentioned customers may accidentally commit chargeback fraud because they are ignorant of the differences between a traditional refund and a bank-issued refund. They don’t know what chargeback fraud is and incorrectly assume a chargeback is simply an easier way to get their money back.
Other consumers are aware of the loopholes in the chargeback process and knowingly abuse this consumer protection mechanism. For example, a customer will authorize a credit card transaction and later file a fraudulent chargeback once the item has been received. In this case, chargeback fraud is committed in the hopes of getting something for free.
Common claims that chargeback fraudsters make include:--
The purchased item or service wasn’t delivered.
The purchased item or service wasn’t as described (for example, counterfeit product or subpar services).
The merchant didn’t cancel the customer’s recurring payment when requested.
The original transaction wasn’t authorized.
Whether chargeback fraud is committed innocently or intentionally, the outcome is bad news for the affected business.
Fees are issued.
Revenue is lost.
Valuable resources are inadequately dispersed.
The cost of goods sold is forfeited.
Future profitability is denied.
Transaction processing fees are wasted.
Businesses that repeatedly fall victim to chargeback fraud run the risk of not only losing profits, but also losing the privilege of accepting credit cards.
When a cardholder initiates a transaction dispute, the bank requires little or no evidence before submitting the chargeback to the merchant’s acquiring bank. By failing to verify the legitimacy of each chargeback, banks allow cardholders to file fraudulent chargebacks without repercussion.
It is far easier for cardholders to commit chargeback fraud against online merchants than brick-and-mortar stores. This is because fraud detection systems for most online merchants have not been able to keep pace with the growing volume of online card-not-present transactions
These are a lot of layers in a secure payment processing environment. The more layers and participants, the more room for error and disruption. Paperwork gets lost, records are hacked, files are deleted, and chargeback fraud happens.
Chargebacks represent a large portion of the online fraud. Chargebacks are harmful for merchants and card issuers since they require time for investigation and can negatively affect profits. Chargebacks can occur for several reasons.
The most common are:--
Fraudulent Transaction: Cardholder did not give consent for a transaction
Credit Not Processed: Cardholder was never credited for returned merchandise
Item Not Received: Cardholder was charged but never received the item
Technical Problems: Invalid connection between the merchant and issuer can result in a double charge
Blockchain is the technology created for the digital age and one of its core functions is to address online fraud
Not all friendly fraud is intentional: many customers simply don’t understand the difference between a chargeback and a refund. They get their money back—often with less hassle—and give no thought as to who was responsible for reimbursing them.
Of course, there’s a huge difference between a chargeback and a refund. By using the bank as a customer service “middleman,” these consumers are unknowingly engaged in “cyber shoplifting.”
On the other hand, more and more friendly fraudsters are cognizant of their actions. They specifically make purchases with the intention of filing illegitimate chargebacks.
Not only do the criminals get free merchandise or services, some will even claim a refund from the merchant immediately before filing a chargeback to “double-dip” on the fraud.
Solidity is an contract-oriented programming language for writing smart contracts. It is used for implementing smart contracts on various blockchain platforms.
Solidity was partially to blame for The DAO hack that took place in 2016.
Technically the EVM was operating as intended, but Solidity was DELIBERATELY introducing KOSHER security flaws into contracts
The DAO was crowdfunded via a token sale in May 2016. It set the record for the largest crowdfunding campaign in history..
In June 2016, users exploited a vulnerability in the DAO code to enable them to siphon off one third of The DAO's funds to a subsidiary account.
On 20 July 2016, the Ethereum community decided to hard-fork the Ethereum blockchain to restore virtually all funds to the original contract.
This was controversial, and led to a fork in Ethereum, where the original unforked blockchain was maintained as Ethereum Classic, thus breaking Ethereum into two separate active blockchains, each with its own cryptocurrency
SO SO SO --Hard fork split ethereum's blockchain in two..
On a blockchain, a fork is a technical event that occurs because diverse participants need to agree on common rules.
At its most basic, a fork is what happens when a blockchain diverges into two potential paths forward — either with regard to a network’s transaction history or a new rule in deciding what makes a transaction valid.
As a result, those who use the blockchain have to show support for one choice over the other. A byproduct of distributed consensus, forks happen anytime two miners find a block at nearly the same time.
The ambiguity is resolved when subsequent blocks are added to one, making it the longest chain, while the other block gets "orphaned" (or abandoned) by the network.
But forks also can be willingly introduced to the network. This occurs when developers seek to change the rules the software uses to decide whether a transaction is valid or not.
A hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork).
Nodes that continue running the old version of the software will see the new transactions as invalid. So, to switch over to the new chain and to continue to mine valid blocks, all of the nodes in the network need to upgrade to the new rules.
The ethereum DAO hard fork was a perfect case study of how a community can split over rules. Now, we have two blockchains using a variant of the software – ethereum and ethereum classic, both of which boast a different ethos and a different currency.
After the embarrassing failure of the DAO in 2016, the Ethereum Foundation moved quickly to address the problem by implementing a hard fork.
On July 20, 2016, the new code went into effect, reversing transactions that allowed a hacker to bleed $50 million out of the $150 million venture fund in the wee hours of June 17.
That DAO hard fork was not popular, but it was effective. The majority of miners moved over to the new chain, and the DAO funds went into a new smart contract, so the original investors could safely withdraw their funds.
To be clear, the Ethereum network itself was not hacked, just the DAO smart contract. The hacker( with INSIDE knowledge ) took advantage of a loophole in the contract code, written in the language Solidity.
A hard fork is a radical change in the protocol that all stakeholders in a blockchain need to agree upon to implement. Not everyone agreed with reversing the DAO funds. Many vehemently opposed it.
Yet, as events unfolded, it became clear that Ethereum had no structure in place for settling these differences — no official forum for discussing the events, and no official voting mechanism. Instead, decisions were being made on the fly.
As a result, the broader Ethereum community was awakening to the reality that the Ethereum Foundation and its core developers were the ones holding the cards.
And there were clear conflicts of interest: the DAO was founded by former Ethereum KOSHER controlled developers, and several people in the Ethereum Foundation owned DAO tokens.
The Ethereum Foundation and core developers ignored the interests of the stakeholders to push forward their own agenda for the fork.
When a hard fork goes through, the hope is that everyone switches over to the new protocol and that the old, deprecated chain simply dies off.
But in the case of the post-DAO hard fork, that didn’t happen. Several miners, developers and stakeholders remained on the old blockchain, now called Ethereum Classic.
Forks create security problems. The fewer nodes a network has (when validators leave the system), the less secure it is from takeover attempts. Forks can also create opportunities for replay attacks, where a valid transaction on one fork can be repeated on the other, wreaking havoc in the system.
For maximal security, and the sake of the community, hard forks need to happen in a way that reduces friction and convinces everyone to join the new fork. The fact that this didn’t happen with Ethereum shows that the process lacks consensus.
A few months after the DAO fork, both Ethereum and Ethereum Classic came under a sustained denial-of-service attack. Both currencies followed up with subsequent forks to fix the security problems. Additionally, Ethereum planned three upgrade forks: Homestead (which launched in March 2016), Metropolis and Serenity.
Soft forks and hard forks are becoming an accepted way of life for blockchains, and that is dangerous.
Any fork has the potential to become controversial, and those controversies can weaken a network and stall future growth, just as with the post-DAO fork in Ethereum and the seemingly endless Bitcoin block size debate.
Future blockchains need built-in governance systems. Whenever possible, decisions should happen on chain, not on Twitter or some off-site polling tool.
And, as part of that governance system, blockchains also need a testnet, so stakeholders can review protocol changes before implementing them.
But whether upgrades happen on the blockchain or off, the decision-making process needs to be clear, accountable and decentralized. The fact that the post-DAO fork was none of these is what will cost Ethereum dear
According to 2017 Identity Fraud Study by Javelin Strategy & Research, 15.4 million consumers were victims of fraud or identify theft in 2016. This is an increase in 16% from 2015.
According to this report, CNP fraud numbers for 2016 increased 40% from 2015, account takeover fraud increased 31%, and new account fraud was up 20%. These increases in fraud numbers accounted for theft of $16 billion in 2016.
The question that lingers is how to stop this rising tide in fraud. Blockchain banking, while not a panacea, could be a marked improvement in how data is created, approved, transferred, and stored.
With its single ledger system, blockchain banking can work to eliminate the layers of multiplicity and data transfer that happens within one single transaction. The more layers, the more room for error; the more time delays, the more risk and vulnerability.
When done right, blockchain can eliminate these vulnerabilities:
Blockchain is nothing but an ever-growing list of records. These are called blocks. With the use of cryptography, these records are kept linked and secured. There is a hash pointer in each block serving as a link to the previous block. There is a timestamp and transaction data with each link too.
Real-time monitoring. Timestamps fix a traceable timeline, featuring the how, who, when, and where of accountability.
Trusted timestamping is the process of securely keeping track of the creation and modification time of a document. Security here means that no one - not even the owner of the document - should be able to change it once it has been recorded provided that the timestamper's integrity is never compromised.
The administrative aspect involves setting up a publicly available, trusted timestamp management infrastructure to collect, process and renew timestamps.
Digital data can be hashed and the hash can be incorporated into a transaction stored in the blockchain, which serves as a secure proof of the exact time at which that data existed.
The proof is due to a tremendous amount of computational effort performed after the hash was submitted to the blockchain. Tampering with the timestamp would also lead to breaking the integrity of the entire digital currency, and this would result in the digital currency devaluing to zero
The decentralized timestamping approach using the Blockchain has also found applications in other areas, such as in dashboard cameras, to secure the integrity of video files at the time of their recording or to prove priority for creative content and ideas shared on social media platforms
Current EU regulations for time stamping of stock trades require that all trading venues and market participants coordinate their clocks to UTC (Coordinated Universal Time) and that transactions be stamped in milliseconds.
However, regulations set to come into effect as of Jan. 3, 2018 require timestamps to be more accurate, traceable and transparent for greater consumer protection.
The National Physical Laboratory, the Toronto Stock Exchange (TMX), and UK-based consultancy Z/Yen have come together to bring atomic clock timestamp precision to trades over a Blockchain database.
The database, called ‘Atomic Ledger’ timestamps trades within nanoseconds and is completely transparent. It also records time on the atomic clock, providing highly accurate time stamping.
The group tested the new technology on the Toronto exchange with great success. The application of precise, traceable and certified timestamps, as applied to the knots of a distributed ledger system, will enable a trusted treatment to the transactions as having existed at that point in time, across all platforms..
Using NPL’s atomic clocks is a major step forward in adding authority to distributed ledgers for time-stamping-- trillion transactions per day is in view commercially
Blockchain is a chain of blocks. To make things as simple as possible, but not simpler, every block includes the most necessary: index, timestamp, data, hash and previous hash. And each new block which is about to be added to a chain should be validated as well.
From IT point of view, blockchain is transparent and immutable distributed high available database with crypto enabled data consistency validation, smart contracts and atomic transactions.
From business perspective, blockchain is all about operational efficiency (cost efficiency, time efficiency, additional trust for multiparty collaboration) and new operational models, new ways of doing business (assets digitization).
Blockchain technology can be used to identify applications in areas such as digital identities, passports, e-residency, birth certificates, wedding certificates, and other IDs. Blockchain Technology could be used as a Cybersecurity shield.
The key to blockchain’s security is that any changes made to the database are immediately sent to all users to create a secure, established record. With copies of the data in all users’ hands, the overall database remains safe even if some users are hacked. Many cutting-edge finance firms, for instance, have used blockchain to expedite processes and cut costs without compromising security.
Data manipulation can be spotted with the help of blockchain technology enabling banks to go beyond asymmetric encryption and caching in public keys. The deployment of blockchain enables authentication of users and devices without password protection.
The decentralization of the network helps in generating consensus between different parties for verification through blockchain-based SSL certificates. The distributed and decentralized nature of the network that verifies the integrity of the transactions and associated account balances makes a successful attack mathematically impossible.
With blockchain, businesses can authenticate users and devices without the need for a password. This eliminates the human factor from the authentication process, therefore preventing it from becoming a potential attack vector.
The use of simple logins and a centralized architecture are a big weakness of traditional systems. “No matter how much money a company spends on security, all these efforts are in vain, if customers and employees use passwords that are easy to crack or steal.
Blockchain takes the responsibility for strong authentication, resolving the single point of attack at the same time. In addition, the decentralized network helps us to provide consensus between parties for their identification.
A decentralized system is better than a centralized one, which is vulnerable to attacks. Consider, for example, the numerous attacks on centralized password manager LastPass, which have left millions of accounts potentially vulnerable to theft.
A password manager will generate a unique strong password for every account and application, without requiring you to memorize or write down these random strings of characters.
These strong passwords help shield against traditional password attacks such as dictionary, rainbow tables, or brute-force attacks. Some top password managers store your credentials locally, while others rely on cloud services for storage and synchronization, and still others take a hybrid approach.
LastPass Premium account costs all of $1 per month, making it an extremely compelling option.
But Dashlane takes password security a few steps further, most notably by limiting its web app to a read-only version of your password vault, and only decrypting your data within your local browser session, not on the server. In a nutshell, go with LastPass for maximum ease and features at the lowest price; go with Dashlane for maximum password security.
Hacked passwords cause 96% of data breaches today.. It is estimated that by 2019, over 82% of organizations will use access management software or services to avoid such cybersecurity issues using blockchain.
Few months ago the WannaCry virus attack hit the British National Health Service NHS, with software that targeted Microsoft’s widely used Windows operating system..
REMME won the first place at at the recently held Microsoft Blockchain Intensive hackathon.
The company partnered with Infopulse to come up with a traffic collision awareness solution using REMME authentication technology.
REMME leverages a distributed public key infrastructure to authenticate users and devices. Instead of a password, REMME gives each device a specific SSL certificate.
The certificate data is managed on the Blockchain, which makes it virtually impossible for malicious hackers to use fake certificates. The platform also uses two-factor authentication to further enhance security for its users.
SSL Certificates provide secure, encrypted communications between a website and an internet browser. SSL stands for Secure Sockets Layer, the protocol which provides the encryption.
SSL Certificates are typically installed on pages that require end-users to submit sensitive information over the internet like credit card details or passwords.
Example pages include payment pages, online forms and login pages.. Data transferred in plain-text form or in non-encrypted format can be intercepted, eavesdropped, compromised and stolen.
Transactions performed online may involve submitting personal information such as credit card information, social security numbers, usernames and passwords. Cybercriminals who intercept unencrypted communications will gain full access to this data and can use it for fraudulent purchases and activities.
Trust and security are what make people confident enough to provide private, sensitive information online. SSL certificates are what make a website trusted. Organizations must use an SSL certificate to secure their site if they wish to take online payments or expect their visitors to submit confidential information.
Apart from building essential trust and security into your website, SSL certificates also help with SEO efforts now that Google is providing a rankings boost for pages that are served over https. The blockchain addresses the fundamental flaws of security by taking away the human factor from the equation, which is usually the weakest link.
By leveraging a distributed ledger and taking away the risk of a single point of failure, blockchain technology provides end-to-end privacy and encryption while still ensuring convenience for users.
Blockchain technologies are here to stay. Pentagon wants to use blockchain technology as a cybersecurity shield. Blockchain technology is potentially useful for protecting military technology, communications, and purchases.
It is well-designed to help increase the security of the entire US military, across all departments and units. Blockchain couldl prevent hackers and terrorists from attacking military networks, including connected vehicles, aircraft and satellites.
The engineers of the Defense Advanced Research Projects Agency (DARPA) are currently experimenting with Blockchain to create a messaging service that is secure and impenetrable to foreign attacks. This service will be tested internally first, but if it holds up, may find its way onto the battlefield soon.
DARPA seeks to create code that is impossible to hack, preventing hackers from breaking into secure databases
DARPA must do BRAINSTRORMING before they jump off the deep end into KOSHER waters.
Couple of weeks ago the US Senate passed a $7 billion defence bill requesting a report on blockchain applications for the cybersecurity industry
In 2016 alone there were 3.1 billion data breaches.. the mode of such hacks is varied; cybercriminals may embed malware in email attachments, pose as customer support to obtain user log in details, spoof employee identities, and so on.
But the basis of their strategy is often similar: exploiting weak points in centralised systems. Blockchain can be applied to safeguard vital external infrastructure too, such as domain name services (DNS) for company websites.
As shown by the attack that took down major brands like Twitter and Spotify last year, current DNS practice of keeping the access key on one server — and relying on caching — can leave services vulnerable.
A blockchain-based server, can minimise the risk: creating a wider network of keys and splitting control of domain records between multiple parties to make websites impenetrable.
Theft isn’t the only focus for today’s cybercriminals. With data now an essential resource for decision-making, investment, and analysis, cybercriminals are also attempting to undermine businesses through information sabotage; be that by altering information and demanding a ransom for its restoration, or entering fake data to cause system failure. Yet, once more, this is a cybersecurity problem that can be effectively addressed by blockchain technology.
Information, is not only decentralised; it is also sequentially hashed and encrypted. So, it is almost impossible for intruders to either gain access to databases or make sense of information.
In other words, with blockchain, hackers’ chances of unilaterally making changes to important data stores are slim to none and data integrity remains intact.
WhatsApp, uses end-to-end encryption to protect message content, but also collects metadata (information about who users contact), and most services require personal authentication details, such as an email address.
With such information frequently stored in single systems, there is a significant risk it could be accessed by hackers. Start-up businesses such as Obsidian messenger, are keeping data private and protecting users by decentralising the network itself and dividing up metadata — thereby making sure it can’t be gathered in one place and used to survey or hack individual accounts.
IN INDIA WE WILL NOT ALLOW LOSER LAWYERS TURNED ( BOTTOM OF THE CEREBRAL BARREL ) MELORD JUDGES TO DECIDE ON HOW TO PROTECT BHARATMATA –
MODI BE WARNED .. DO YOUR JOB AS PM.
APCO Modi-- you and your sidekick Law minister Ravishankar Prasad are guilty of allowing Collegium Judges to make laws and play god.
APCO Modi-- you and your sidekick Law minister Ravishankar Prasad are guilty of allowing Collegium Judges to make laws and play god.
Russian carrier S7 is now using blockchain to issue tickets. Employing blockchain in the recordkeeping process could completely change the way in which airlines verify, track, and secure their operations.
Luggage is handed-off by many different parties during air transit, and it’s not uncommon for something to get misplaced from time to time. Using a blockchain to log the movement of each item enables carriers and their customers to benefit from a better workflow.
Millions of bags are mishandled by airlines each year, at a cost to the industry of hundreds of millions of dollars and upset customers. Additionally, the International Air Transport Association (IATA)—the trade association for 250 airlines worldwide—is mandating improved baggage handling systems by June 2018 through its Resolution 753.
The IATA resolution says they should be implemented when bags are loaded, when they arrive, and in cases where they’re are transferred.
Passengers must be able to track their bags at any point throughout the journey using their smart phones .
Delivering a passenger’s bag on time to the appointed place improves customer satisfaction and impacts an airline’s bottom line. Radio-frequency identification (RFID) is an underlying approach to improving existing baggage-handling services and providing new services.
The IATA is calling for the use of the RFID technologies in baggage handling. The organization has participated in RFID trials, developed an industry standard for smart baggage tags and produced a business case for its airline members.
Numerous types of trials around the world show that RFID tags—when coupled with management reporting systems—help to improve baggage performance.. Informed passengers always know where to go, the location of his/her bag, and what to do if something goes wrong.
Blockchain payments are not reversible in the same way as ACH payments.
They’re not eligible for chargebacks without the blockchain’s consensus. As great as that sounds, remember: payments are not the only application here. Blockchain can fill a valuable role in mitigating ACH payment chargebacks, too.
Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.
ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. Debit transfers also include new applications such as the point-of-purchase (POP) check conversion pilot program sponsored by the National Automated Clearing House Association (NACHA).
Both the government and the commercial sectors use ACH payments. Businesses increasingly use ACH online to have customers pay, rather than via credit or debit cards.
ACH is a computer-based clearing and settlement facility established to process the exchange of electronic transactions between participating depository institutions.
ACH payments are electronic payments that are created when the customer gives an originating institution, corporation, or other customer (originator) authorization to debit directly from the customer's checking or saving account for the purpose of bill payment.
ACH payments are made through the Automated Clearing House (ACH) Network. They are a popular alternative to paper checks and credit card payments because of the benefits to merchants and consumers: everybody involved gets to save a little money and automate payments (which means fewer errors and less hassle).
ACH payments are electronic payments that pull funds directly from your checking account. Instead of writing a check or paying with a card (like a credit or debit card), the money moves automatically.
While ACH debit is an excellent choice for some of your most important bills, there are a few drawbacks:
You hand over access to (and information about) your bank account, including your account number
A biller error may accidentally lead to you paying more than you should (and a large error could drain your account, causing you to bounce other payments and rack up fees)
You might overdraw your account if you don’t keep enough money available in checking – you might have the money, but it’s just in the wrong place
You may forget what you’re paying for if you don’t actually see the bills come through, and you might keep paying for services that you no longer use
In exchange for the convenience you get with ACH debit programs, you have to give up some control.
Compelling evidence is the backbone of a winning dispute case. Unfortunately, the complicated process of tracking, identifying, and presenting necessary evidence makes chargebacks very hard to fight. Organizing and cementing all that information in the blockchain, though, would make it much easier.
Tracking pertinent transaction data can be achieved more efficiently.
There’s a great deal of uncertainty surrounding new developments like the EU’s General Data Protection Regulation, and how that will impact the tracking of transaction data. With a blockchain, the raw data may still be tokenized and kept for data profiling even if customers act on their “right to be forgotten.”
The General Data Protection Regulation (GDPR) is a regulation by which the European Parliament, the Council of the European Union and the European Commission intend to strengthen and unify data protection for all individuals within the European Union (EU).
Supply chain has become complicated. Some would say cumbersome. It takes days to make a payment between a manufacturer and a supplier, or a customer and a vendor.
Contracts must be handled by lawyers and bankers, which means extra cost and delay. Products and parts are often hard to trace back to suppliers, making defects difficult to eliminate. Whether for industrial equipment, consumer goods, food products, or digital offerings, supply chains have headaches a-plenty.
Friction in supply chain is a big problem. There are too many go-betweens. There is too much to-ing and fro-ing. The rise in uncertainty stops supply chains from working well. Suppliers, providers and clients must deal via central third-party entities, instead of directly with each other. What should be simple transactions turn into lengthy procedures with many steps.
Blockchain can be used for any kind of exchange, agreements or tracking. In a supply chain, it can apply to anything from self-executing supply contracts to automated cold chain management.
Blockchain allows the transfer of funds anywhere in the world. Traditional banking methods are not needed. Transfer is direct between payer and payee. It is also secure and rapid – in minutes, compared to days for automated clearing house payments..
Smart contracts can help eliminate costly delays and waste currently due to manual handling of paperwork.
Bitcoin mining is the validation of transactions that take place on each Bitcoin block.
The decentralized nature of Bitcoin means that transactions are broadcasted to the peer-to-peer network and once broadcasted, needs to be verified, confirming that the transaction is valid and then having the transaction recorded on the public transaction database, which is known as the Bitcoin blockchain.
Miners basically are the people involved in the processing and verifying transactions before then recording the transactions on the Bitcoin blockchain.
Miners will then receive transaction fees in the form of newly created Bitcoins
Computers are used to include new transactions onto the Bitcoin exchange and while computers will find it relatively easy to complete the verification process, the process becomes more difficult as computer capability becomes more sophisticated with faster processing speeds.
The Bitcoin network is self-evolving, to ensure that the time taken for a miner to win a block is steady at approximately 10 minutes. The speed of processing power in Bitcoin mining is referred to as the hash rate and the processing power is referred to as the hash power of the hardware.
To get slightly more technical and introduce some of the more common terms used in the Cryptoworld, the mining process is where Bitcoin mining hardware runs a cryptographic hashing function on a block header.
For each new hash attempted, the mining software will use different numbers as the random element, the number referred to as the nonce.
Once a proof of work is produced, through the random calculation of nonces until the correct nonce is discovered, a new block is essentially discovered, which is then verified and agreed upon by the peer-to-peer network.
At this stage the miner is rewarded with a certain number of Bitcoins, currently set at 12.5 coins, though will halve every 210,000 blocks. In addition to the Bitcoins received, the minor will also be awarded the transaction fees paid by users within the successfully mined block, which is of far greater incentive for miners as the number of Bitcoins per block continues to decline.
Bitcoin cloud mining provides a medium to receive newly mined Bitcoins, without the need to own Bitcoin mining hardware or even have any mining ‘knowhow’, allowing the mining world to not only attract the technically minded but a far wider audience, who lack the technical knowledge needed to get into Bitcoin mining.
BELOW: BITCOIN MINING KARNA MAANGTHA ?
PHIR KYA MAANGHTA ?
JULIE JULIE ?
YAA -- SANDRA FROM BANDRA ?
BOLOH TOH - AKKAL WAALI PIG SORPOTEL ?
LET US DANCE FOR MODI -- KO KO KOVINDAAAAAA
IN MY SONS OFFICE PETS ARE ALLOWED-- HERE HE IS PLAYING WITH A CLEVER DOG OF HIS COLLEAGUE, INSIDE THE OFFICE...
THERE IS NO FIXED TIMING -- YET THE COMPANY PROVIDES BREAKFAST, LUNCH AND DINNER ( CLASSY ) TO MAKE PEOPLE COME TO OFFICE DURING EARTHLY HOURS--
THIS POST IS NOW CONTINUED TO PART 5--
CAPT AJIT VADAKAYIL