THIS POST IS CONTINUED FROM PART 6, BELOW--
Smart contracts will not be suited to all types of transactions, or circumstances without a conscious brain especially before it has been set rolling and it has steadied its course
WE DON’T WANT “IF MY AUNTY HAD BALLS, SHE WOULD BE MY UNCLE “ TYPE KOSHER SMART CONTRACTS ON BLOCK CHAIN.
THE BEST COMPUTER CANNOT LAUGH AT A SUBTLE JOKE EVEN TODAY..
THE BEST COMPUTER CANNOT TELL THE MORAL OF A STORY NARRATED TO IT.
ONLY HUMAN BEINGS CAN DO THATBelow: You have to show the mirror to a SMART CONTRACT before it is unleashed on the hapless public
KICK STARTING A SMART CONTRACT REQUIRES HUMAN INTERVENTION – LEST LAND BE GRABBED BY WHITE JEWS USING BLOCKCHAIN THE WAY IT IS DONE IN GEORGIA AND UKRAINE
Kickstarting Smart Contract 2.0 will need a "smart lawyer".
IN FUTURE WE WILL HAVE LAWYERS AND “SMART LAWYERS”.
THE DIFFERENCE IS, SMART LAWYERS WILL BE THE TOP CREAM OF THE SCHOOL CEREBRAL BARREL - CAPABLE OF EXECUTING SELF ENFORCING BONAFIDE SMART CONTRACTS
Many technologists prefer a pure focus on the smart code. Their logic is: if the technology can automate and self-enforce performance, we should be able to do away with the need for legal contracts, and law in general. This is perhaps too simplistic a view.
A truly "smart contract" will be one which serves the purpose of a valid and binding agreement coupled with technological auto-performance, without further CONSCIOUS human intervention.
Technology is changing almost every aspect of our lives. It is therefore no surprise that it has already had a profound effect on how legal contracts are made (and signed), for example, we now negotiate via email, VC and Skype and sign electronically without ever meeting face to face.
Technology is also revolutionising other broader issues of electronic contracting, including identification of parties, and is forcing us to rethink the very fundamental ideals of what it means to conclude and perform under a contract.
Our law specifically recognises the validity of electronic contracts, accepts contracts concluded with electronic agents, and is even starting to recognise biometrics as the equivalent of a signature.
12 It is important to note that while all data on a permissionless, public distributed ledger can be viewed by all full nodes, the data might be anonymised in the sense that it cannot be linked to a particular individual or entity.
DLT allows the code to be embedded in the distributed ledger. This means there is only one ‘golden’ version, which effectively binds both parties. More importantly, once the code is switched on, the parties can take comfort from the fact that it will self-execute automatically and neither party can tamper with that. This is what is meant when smart contracts are described as ‘self-enforcing’.
There should be no need to resort to the courts to enforce the legal contract for payment because, when the relevant event occurs, failure to pay is not something that can happen within the code. It is important to remember, though, that smart contracts and DLT are distinct and come with their own respective challenges. Confusingly, in the legal context, these often get intertwined.
One example for DLT is the issue of situs. Under various legal regimes, it is necessary to identify the location of an asset or contract to determine the applicable legal jurisdiction for various legal questions relating to it – for example, whether a property right has been created.
In law, the situs of property is where the property is treated as being located for legal purposes. This may be important when determining which laws apply to the property, since the situs of an object determines the lex situs, that is, the law applicable in the jurisdiction where the object is located, which may differ from the lex fori, the law applicable in the jurisdiction where a legal action is brought.
For example, real estate in England is subject to English law, and real estate in France is subject to French law.
It can be essential to determine the situs of an object, and the lex situs, because there are substantial differences between the laws in different jurisdictions governing, for example: whether property has been transferred effectively; what taxes apply (such as inheritance tax, estate tax, wealth tax, income tax and capital gains tax); and whether rules of intestacy or forced heirship apply.
The rules for determining situs vary between jurisdictions and can depend on the context.
The English common law rules, which apply in most common law jurisdictions, are in outline as follows:---
the situs of real estate (land) is where it is located.
the situs of a chattel (tangible moveable item) is where it is currently located.
the situs of a bearer instrument is where the document is located, but the situs of a registered instrument is where the register is held.
the situs of debts is where the debtor resides, since that is generally where legal action can be taken to enforce the debt.
the situs of intangible property, including intellectual property and goodwill, is where the property is registered, or, if not registered, where the rights to the property can be enforced.
the situs of a ship within territorial waters is where it is located, but the situs of a ship in international waters is its port of registry.
Smart contracts and DLT are distinct technologies, but DLT provides a central platform on which smart contracts can be executed
In the case of dematerialised financial assets where ownership is recorded on a register, it is often the place where the register is held or where the registrar is situated that is deemed to be the situs of that financial asset.
However, the distribution of the register across nodes in multiple jurisdictions raises a seemingly intractable problem – under current legal principles at least – as to where the situs should be.
This point is often raised by experts as evidence that DLT and smart contracts suffer from legal issues relating to situs. It is important to note, though, that this legal issue is one relating to DLT rather than smart contracts.
To be sure, smart contracts raise their own legal issues (although the degree to which such issues arise depends on the conception of what a smart contract is), but they are distinct issues from those that arise for DLT. There isn’t an analogous situs problem for smart legal contracts themselves.
Immutability, a fundamental pillar of the blockchain, is often upheld as one of the key advantages of the smart contract.
However, it raises challenges, for example, in circumstances in which CONSCIOUS human regulators might need to intervene. Many KOSHER proponents of the purely technical smart contract will argue this should never be allowed to happen.
In object-oriented and functional programming, an immutable object (unchangeable object) is an object whose state cannot be modified after it is created. This is in contrast to a mutable object (changeable object), which can be modified after it is created.
Apparently there are two types of software engineers in the world. One type writes code, pushes it out into the world to see how it works, keeps track of the bugs, and then goes back to drawing board, re-writes the code, fixes the bugs, and re-releases. Write-release-fix, write-release-fix. A never-ending circle.
The other type of software engineer seems to be able to write code once, and because it was carefully KOSHER planned and carefully KOSHER implemented, it runs correctly forever on the KOSHER criminal path .
Write - release - DUN DANNADDUN DONE !
SIX MILLION JEWS DEAD IS IMMUTABLE.
IF YOU CHALLENGE IT , 18 NATIONS WILL KICK YOU INTO JAIL AND MAKE SURE YOU COME OUT AS A PAUPER AND BRANDED MENTALLY DISABLED
The advancement of blockchain technology as a decentralised database, with the ability to store a public registry of assets and transactions across a shared, trusted, peer-to-peer network, is lauded as one of the most significant technological innovations since the internet.
Coupled with the sophistication of software code as a form of communicating information and automating complex instructions, blockchain technology provides a new means of recording information and facilitating the exchange of value in the global economy in a decentralised and IMMUTABLE way.
At the centre of this battleground lie so-called "smart contracts", which are essentially agreements reduced to or replicated in software code whose execution is both automatable and enforceable.
SMART CONTRACT is used to specify software code that is typically stored, verified and executed on a blockchain .
SMART LEGAL CONTRACT focuses on legally enforceable contracts partially expressed and/or executed in code
WE KNOW WHY OUR EX-CJI J KHEHAR SINGH WANTED WHITE JEW LAWYERS IN INDIA.. MIND YOU, HE IS THE SAME SARDARJEE WHO WANTED TRIPLE TALAAQ TO CONTINUE ..
WE HAVE A LAW MINISTER WHO WILL FALL IN A DEAD FAINT, IF A COLLEGIUM JUDGE DOES BOOOOOOOOOOOO TO HIM IN BROAD DAYLIGHT
OUR LAW MINISTER COMES ON TV GHADI GHADI TO PROTECT THE REPUTATION OF HIS BOSS MODI. EGO MASSAGE IS WHAT MODI SEEKS FROM ALL HIS MINISTERS
Smart legal contracts differ from smart contract code in terms of what aspect is being enforced; the former involves the enforcement of complex legal rights and obligations while the latter may simply involve the execution of the code. When speaking about the transformational and disruptive capacity of smart contracts, therefore, we typically refer to smart contract code or business logic which can be programmed, verified, executed, and enforced automatically under conditions set in advance.
One other important distinction to make in this context is between syntactic (or operational) information, which describes the rules governing the relationship between symbols and coded language, and semantic (or denotational) information, which describes the meaning attributed to such symbols or the intent behind the coded language. As discussed in our previous article, semantic information, like the notion of "good faith", cannot yet be translated into code. Undoubtedly, this poses a significant obstacle to the practical implementation and widespread adoption of smart contracts.
BEFORE WE INTEGRATE THE INDIAN CONSTITUTION INTO BLOCKCHAIN, THE POWERS THAT BE MUST FIGURE OUT THE MEANING OF “BODMAS “
I HAD A CLASS MATE IN 3RD STANDARD WHO COULD NEVER FIGURE OUT HOW TO DO MATH BY INTEGRATING BODMAS.
FINALLY I TOLD HIM—I SUGGEST YOU DO NOT BECOME A MATHEMATICIANS—YOU SHOULD BECOME A LAWYER
I HAVE NOT YET SEEN A LAWYER OF JUDGE IN INDIA WHO KNOWS HOW TO APPLY BODMAS ON OUR CONSTITUTION
IF THE FALIS AND SOLIS DO NOT AGREE –COME ON TV LIVE AND TAKE A CHALLENGE FROM CAPT AJIT VADAKAYIL—A TEN ITEM TEST
Non-technical brained " loser lawyers turned judges " ( DOUBLE bottom dregs of the school cerebral barrel ) dont know what is BODMAS and how to apply it to our constitution.
Lawyers are THE bottom dregs
Judges are DOUBLE bottom dregs
---as successful lawyers will never agree to become a judge—this section of collegium Judiciary is for LOSER lawyers
Now let us apply our collective commonsense to find out which article of the constitution must take preponderence.. No intelligence or literacy is required here.
This is like the “Order of Operations – BODMAS”
But, when you see something like...
1 + 5 x 6 - 3 + (4 - 2)
... what part should you calculate first?
Calculate them in the wrong order, and you will get a wrong answer !
This is where BODMAS kicks in !
B- Brackets first
O- Orders (ie Powers and Square Roots, etc.)
DM- Division and Multiplication (left-to-right)
AS- Addition and Subtraction (left-to-right)
“Secular India” must not interfere in the religious matters of various communities. However, a reverse point can be made as well i.e. why should a secular India give such sweeping exemptions based on religion?
Principle of secularism means that state will not discriminate against individuals on the basis of their religious beliefs or lack of it. But by instituting religion based personal laws state is doing precisely that!
Is there NO intelligence in our law makers or judiciary? Is there NO intelligent “think tank”?
Can we make a BODMAS to kick in UCC.
Article 44 is based on the concept that there is no necessary connection between religion and personal law in a civilised society.
We must honour Article 44 of the Constitution which states "the State shall endeavour to secure for the citizens a uniform civil code throughout the territory of India".
The Constitution was made in 1950, and 64 years had passed since it was promulgated, but Article 44 had been totally ignored by vested politicians—eager to appease Muslims for vote bank politics . We must have one common criminal law in india.
Article 25 guarantees religious freedom whereas Article 44 seeks to divest religion from social relations and personal law.
Marriage, succession and like matters of a secular character cannot be brought within the guarantee enshrined under Articles 25, 26 and 27.
In the post below read about 3 friends, 3 beers and the missing dollar. I have tried this with several lawyers / judges and all fell PHUTT on their faces
To be frank our constitution makers have nothing to be proud of. They just did NOT have the perception to imagine a fuckin' BODMAS.
Three friends go to a bar for drinking beer ( costing 10 dollars a bottle )
As usual they take out one 10 dollar bill each from their wallets and gives the waiter, 3 nos 10 dollar notes or 30 dollars.
The bar owner is in a expansive mood and he tells the waiter -- "happy hour time! -- give them 5 dollars back!!-- i will charge only 25 dollars for 3 beers today ".
The clever waiter knows 5 dollars cannot be split between 3 regular dutchmen. so he pockets 2 dollars and returns 3 one dollar notes .
The three of them put back one dollar each into their respective wallets. Initially each wallet had one 10 dollar bill--now it has only one single dollar bill.
Now comes the perception part:
All three of them spent 9 dollars each-- 27 dollars total.
The waiter got 2 dollars.
WHERE IS ONE DOLLAR GONE-- POOF???
Be honest to yourself and dont read further, till you figure this out.
You tell an accountant without perception to give you a debit/ credit accounts statement--and see the way he sweats.
See literacy has nothing to do with perception. A illiterate chaiwala boy in mumbai can make an ass out of you, when it comes to accounts.
Daft accountants make a mistake when it comes to "receipts" and " balance ".
Here in this case it is - 30+0 = 27+3.
Opening cash + receipts = spent cash + balance cash.
It can never ever be 30-3+2 = 29
See, you cant argue with dorks.
2 dollars is something which happened in the mann mandir of the waiter.
How do you know that he stole 2 dollars ? Accounting has to be objective.
One of the key advantages of smart contracts on a blockchain is that transactions are recorded accurately and consistently in a distributable and shared way that allows every party (or node) in a network to verify the accuracy of the central ledger by reference to their own copies.
This system embeds HAJAAAR trust in the contractual relationship, enabling multiple parties to transact with each other with the certainty that a transaction will be performed as agreed.
Linked to this is the transparency of source code, which allows any party to access the written code online and independently verify its functionality.
Aside from the inherent limitation to capture legal concepts and intent, blockchain- based smart contracts offer not only more flexibility in the implementation of decentralised digital asset transfers, but also the capability to perform a range of functions that traditional contracts cannot.
For example, in a traditional sale of goods, smart contracts can automate both the performance and payment element of a contractual agreement by reference to an external set of dynamic or live conditions, such as the fluctuation of the market price of goods, the exchange rate, or even the weather.
Smart contracts have the capacity to streamline business processes and transform traditional business models in industries that strongly rely on such external dependencies, like finance, international trade, and insurance, something which we are already beginning to see.
Related to the above, smart contracts are less likely to result in a mismatch or breach of the terms in an agreement.
In a traditional contract, there can be a mismatch where there is a mutual misunderstanding of the initial terms, confusion due to multiple forms or versions of the original terms, or a disagreement with what actually happened in the external dependencies.
With a smart contract, there is only one set of contractual terms, written in software code, less verbose than legalese, and agreed upon in advance by reference to external dependencies that are fed in via a mutually agreed feed (or so-called oracles).
WHY ARE LEGAL CONTRACTS ALWAYS VERBOSE.
IT IS TO BAMBOOZLE THE ORDINARY CITIZEN .
IT IS TO MAKE SURE THAT NO MAN CAN ARGUE HIS OWN CASE
IT IS TO MAKE SURE THAT NO MAN CAN ARGUE HIS OWN CASE
It stands that the smart contract will exist on the blockchain and run when an event occurs or when the agreement expires. While this does not offer a utopian dispute-less context, the scope for disputes would be greatly reduced.
Finally, smart contracts on an immutable blockchain provide the added certainty that an agreement will perform as agreed, in strict accordance with the code.
Once a smart contract is programmed, it can no longer be changed, unless parties build in an express provision that allows for performance or execution of the contract to be halted on a set of mutually agreed conditions.
Although an integral feature of the functionality and usefulness of blockchain, as discussed below, immutability also poses the most significant challenge for the practical implementation and adoption of smart contracts at the level of industry.
As displayed by "The DAO attack", which involved the exploitation of a flaw in the code of a smart contract on the Ethereum blockchain , smart contracts when immutably embedded in a blockchain cannot be changed or updated.
This means that defects and vulnerabilities in the code cannot be fixed and code is effectively deprived of the benefit of being subject to a process of refinement and testing to allow it to reach "maturity".
This problem is further expounded by the difficulty, or near impossibility, of writing large pieces of code free of any bugs, as well as the inability of code to capture the semantic intent of the developer or curator.
The immutability of the Ethereum blockchain, this incapability to fix vulnerabilities in the written code, coupled with the inherent inability of processing semantic information or capturing the real intent behind The DAO smart contract, is what ultimately led to the logical impasse that resulted in the decision to change (or HARD FORK ) the Ethereum blockchain protocol, effectively reversing The DAO transactions.
A HARD FORK HAD TO BE SHOVED INTO THE ASSHOLE OF THE SMART CONTRACT. THIS CREATES TWO KOSHER CHRONS ASSHOLES
On the 18th of June, members of the Ethereum community noticed that funds were being drained from The DAO and the overall ETH balance of the smart contract was going down.
A total of 3.6m Ether (worth around $70M at the time) was drained by the hacker in the first few hours.
The attack happened due to an exploit found in the splitting function. The attacker/s withdrew Ether from The DAO smart contract multiple times using the same DAO Tokens. This was possible due to what is known as a recursive call exploit.
In this exploit, the attacker was able to "ask" the smart contract (DAO) to give the Ether back multiple times before the smart contract could update its own balance.
There were two main issues that made this possible: the fact that when the DAO smart contract was created the coders did not take into account the possibility of a recursive call and the fact that the smart contract first sent the ETH funds and then updated the internal token balance.
It's important to understand that this bug did not come from Ethereum itself, but from this one application that was built on Ethereum. The code written for The DAO had multiple bugs, and the recursive call exploit was one of them.
Another way to look at this situation is to compare Ethereum to the Internet and any application based on Ethereum to a website - If a website is not working, it doesn't mean that the Internet is not working, it simply means that one website has a problem.
The hacker stopped draining The DAO for unknown reasons, even though he could have continued to do so.
The Ethereum community and team quickly took control of the situation and presented multiple proposals to deal with the exploit.
In order to prevent the hacker from cashing in the Ether from his child DAO after the standard 28 days, a soft-fork was voted on and it was really close to being introduced.
A few hours before it was supposed to be released a few members of the community found a bug with the implementation that opened a denial-of-service attack vector.
This soft fork was designed to blacklist all the transactions made from The DAO and the fact that such a soft-fork is not possible to implement means that the Ethereum blockchain is immune to transaction censorship.
A more conclusive solution was then put up for vote, the Hard-fork. This hard-fork had the sole function of returning all the Ether taken from the DAO to a refund smart contract.
The new contract would have only one function: withdraw.
The DAO token holders can request to be sent 1 ETH for every 100 DAO. The investors that had paid more than 1 ETH for 100 DAO could request the difference from the original address.
This proposal created a lot of controversy among the Ethereum community, which was split into 2 groups:
Hard-fork supporters and non-supporters.
The anti hard-fork group has the following arguments:----
Code is law - the original statement of The DAO terms and conditions should stand under any circumstances
Things that happen on the blockchain are immutable and they should never change regardless of what the outcome is
There is a slippery slope and once you modify / censor for one course/reason there is not a lot to keep you from doing it for other contracts
The decision to return the money is short sighted and you might reduce the value of ETH down the line based on your decision to act now
This is a bailout
Users that supported the hard fork argued that:---
Code is law is too drastic of a statement at the current time and humans should have the final say through social consensus
The Hacker could not be allowed to profit from the exploit as it is ethically wrong and the community should intervene
The slippery slope argument is not valid as the community is not beholden to past decisions, people can act rationally and fairly in each situation
It would be problematic to leave such a big piece of the Ether supply in the hands of a malicious actor and it might harm the value of Ether down the line
This is not a bailout as you are not taking money from the community, it is just a return of funds to the original investors
It would stop an ongoing war between the white-hat hackers and the hacker that would demoralize the community and possible continue for many years
The exploit was big enough to take action and reverse it
If the community acts now it will make people that are unethical think twice before using Ethereum as their platform of choice
A hard-fork to return the funds would keep regulators and the legal system out of the debate: our mess, we fixed it.
In order to reach a quick consensus, the hard fork proposal was voted on and approved by Ether holders, who had to send a transaction to a voting platform.
The super majority of people (89%) voted for the Hard-Fork and it took place during the 1920000th block (20th July 2016).
This was when Ethereum CHRONS –nay-- Classic was born.
The hard fork drew criticism from both within and outside the Ethereum community and was labeled as a unilateral act of governance by the Ethereum Foundation that ran contrary to its alleged founding values of democratisation and decentralisation.
In the widely publicised aftermath, adherents of the strict "code is law" doctrine resisted the change and condemned the act by splitting into a separate, parallel blockchain, called Ethereum Classic.
As might have been expected, the hard fork was then followed by two successive forks, aimed at addressing ongoing attacks on the network that slowed down transactions and smart contracts, culminating in what were effectively three forks in the space of four months.
While the Ethereum community appears to have settled on hard forks as a regular way of fixing technical problems, it is questionable whether hard forks in this manner offer a sustainable or even satisfactory means of governance for Ethereum and other blockchains at large
The hard fork potential invites the floodgates argument – if Ethereum intervenes to roll back transactions or sequester funds in this case, what stops stakeholders from requesting and Ethereum from reversing transactions and carrying out successive corrective forks in future smart contract failures?
While a smart contract may be functionally executable to the extent that the transfer of assets and payment is all that is required, in situations where the code does not perform as intended by the parties or there is some form of disagreement, there is currently no formal redress system to resolve such issues or disputes.
To this end, Alternative Dispute Resolution ("ADR") provides parties with the formal means to resolve disputes in a private setting and without resorting to courts. This offers a two-fold advantage over the informal and unilateral approach taken by Ethereum.
First, it transfers legal authority to an independent and experienced arbitrator, who uncontroversially is qualified to hear and rule on disputes. Second, it elevates computer code to binding contractual provisions and provides a legal platform for recognising and enforcing legal rights in a smart contract.
In this respect, not only are arbitrators better placed to consider principles of contract law to determine what the parties have agreed, but they also have the authority to render a legal judgment that would be enforceable in a court of law.
Naturally, given the lack of representative capacity of constituents of the blockchain (i.e. developers, creators, or investors) and the lack of recognized legal form of distributed autonomous organisations ("DAOs"), which are organisations that are run through rules encoded as smart contracts, ADR provisions would need to be tailored to suit the nuanced requirements of such transactions.
Notwithstanding the challenge of developing such a discrete and adaptable set of smart contract provisions, ADR offers an important opportunity to test blockchain technology disputes and develop an effective system of governance that balances the values of blockchain immutability with the need for certainty in contracts.
We are still a long way from smart contracts entirely replacing traditional legal contracts
A blockchain runs on a set of nodes, each of which may be under the control of a separate company, individual or organization. These nodes connect to each other in a dense peer-to-peer network, so that no one node acts as a central point of control or failure.
Each node can generate and digitally sign transactions which represent operations in some kind of ledger or database, and these transactions rapidly propagate to other nodes across the network in a gossip-like way.
Each node independently verifies every new incoming transaction for validity, in terms of: (a) its compliance with the blockchain's rules, (b) its digital signature and (c) any conflicts with previously seen transactions. If a transaction passes these tests, it enters that node's local list of provisional unconfirmed transactions (the 'memory pool'), and will be forwarded on to its peers.
Transactions that fail are rejected outright, while others whose evaluation depends on unseen transactions are placed in a temporary holding area (the 'orphan pool').
At periodic intervals, a new block is generated by one of the 'validator' nodes on the network, containing a set of as-yet unconfirmed transactions. Every block has a unique 32-byte identifier called a 'hash', which is determined entirely by the block's contents. Each block also includes a timestamp and a link to a previous block via its hash, creating a literal 'blockchain' going back to the very beginning.
Just like transactions, blocks propagate across the network in a peer-to-peer fashion and are independently verified by each node. To be accepted by a node, a block must contain a set of valid transactions which do not conflict with each other or with those in the previous blocks linked.
If a block passes this and other tests, it is added to that node’s local copy of the blockchain, and the transactions within are 'confirmed'. Any transactions in the node’s memory pool or orphan pool which conflict with those in the new block are immediately discarded.
Every chain employs some sort of strategy to ensure that blocks are generated by a plurality of its participants. This ensures that no individual or small group of nodes can seize control of the blockchain’s contents.
Most public blockchains like bitcoin use 'proof-of-work' which allows blocks to be created by anyone on the internet who can solve a pointless and fiendishly difficult mathematical puzzle.
By contrast, in private blockchains, blocks tend to be signed by one or more permitted validators, using an appropriate scheme to prevent minority control.
Depending on the consensus mechanism used, two different validator nodes might simultaneously generate conflicting blocks, both of which point to the same previous one. When such a 'fork' happens, different nodes in the network will see different blocks first, leading them to have different opinions about the chain's recent history.
These forks are automatically resolved by the blockchain software, with consensus regained once a new block arrives on one of the branches. Nodes that were on the shorter branch automatically rewind their last block and replay the two blocks on the longer one.
If we're really unlucky and both branches are extended simultaneously, the conflict will be resolved after the third block on one branch, or the one after that, and so on. In practice, the probability of a fork persisting drops exponentially as its length increases. In private chains with a limited set of validators, the likelihood can be reduced to zero after a small number of blocks.
Nonetheless, it's important to remember that each node is running on a computer system owned and controlled by a particular person or organization, so the blockchain cannot force it to do anything. The purpose of the chain is to help honest nodes to stay in sync, but if enough of its participants choose to change the rules, no earthly power can stop them.
That’s why we need to stop asking whether a particular blockchain is truly and absolutely immutable, because the answer will always be no. Instead, we should consider the conditions under which a particular blockchain can be modified, and then check if we're comfortable with those conditions for the use case we have in mind.
Let us check out the doctrine of immutability ( like SIX MILLION JEWS DEAD ).
We’ll begin with the claim that the consensual validation procedures used in permissioned blockchains cannot bring about the 'true immutability' promised by public chains.
This criticism is most easily addressed by pointing to the vulnerability of public blockchains themselves. Take, for example, the ethereum blockchain, which suffered a devastating exploit in June 2016.
Someone found a coding loophole in a smart contract called The DAO, in which almost $250m had been invested, and began draining its funds at speed.
While this clearly violated the intentions of the contract's creators and investors, its terms and conditions relied on the mantra that 'code is law'. Law or not, less than a month later, the ethereum software was updated to prevent the hacker from withdrawing the cryptocurrency 'earned'.
Of course, this update could not be enforced, since every ethereum user controls their own computer. Nonetheless, it was publicly supported by Vitalik Buterin, ethereum's creator, as well as many other community leaders. As a result, most users complied, and the blockchain with the new rules kept the name 'ethereum'.
A minority disagreed with the change and continued the blockchain according to its original rules, earning the title 'ethereum classic'.
A more accurate choice of names might be 'ethereum compromised' and 'ethereum the pure'.
Either way, democracy is democracy, and (the pragmatic and popular) 'ethereum' is now worth over 10x (the idealistic but sidelined) 'ethereum classic'.
Now, let's consider a less benevolent way in which public blockchain immutability can be undermined. Recall that block creation or 'mining' in bitcoin and ethereum uses a proof-of-work scheme, in which a mathematical problem must be solved in order to generate a block and claim its reward.
The value of this reward inevitably turns mining into an arms race, with miners competing to solve the problems faster. To compensate, the network periodically adjusts the difficulty to maintain a constant rate of block creation, once every 10 minutes in bitcoin or 15 seconds in ethereum.
In the last five years, bitcoin’s difficulty has increased by a factor of 350,000 times. Today, the vast majority of bitcoin mining takes place on expensive specialized hardware, in locations where the weather is cold and electricity is cheap.
For example, $1,089 will buy you an Antminer S9, which mines blocks 10,000 times faster than any desktop computer and burns 10 times more electricity. This is all a long way from the democratic ideals with which bitcoin was created, even if it does make the blockchain extremely secure.
Well, kind of secure. If someone wanted to undermine the immutability of the bitcoin blockchain, here’s how they would do it. First, they would install more mining capacity than the rest of the network put together, creating a so-called '51% attack'.
Second, instead of openly participating in the mining process, they would mine their own 'secret branch', containing whichever transactions they approve and censoring the rest. Finally, when the desired amount of time had passed, they would anonymously broadcast their secret branch to the network.
Since the attacker has more mining power than the rest of the network, their branch will contain more proof-of-work than the public one. Every bitcoin node will therefore switch over, since the rules of bitcoin state that the more difficult branch wins.
Any previously confirmed transactions not in the secret branch will be reversed, and the bitcoin they spent could be sent elsewhere.
And yet, under the right conditions, the idea of allowing blockchains to be modified retroactively via chameleon hashes can make perfect sense.
A chameleon hash can only be used by those who hold its secret key. The key is required to enable a new version of a block, with different transactions, to be given the same chameleon hash as before.
Of course, we probably don’t want centralized control in a blockchain, so we can make the scheme stronger by having multiple chameleon hashes per block, each of whose key is held by a different party.
Or we might use secret sharing techniques to divide a single chameleon hash key between multiple parties. Either way, the chain can be configured so that a retroactive block substitution can only occur if a majority of key holders approve it.
Chameleon hashes allow old blocks to be substituted in a chain far more efficiently than before. Imagine that we need to remove a transaction from the start of a blockchain that has been running for five years.
Perhaps this is due to the European Union's right to be forgotten legislation, which allows individuals to have their personal data removed from companies’ records. Nodes can't just wipe the offending transaction from their disks, because that would change the corresponding block’s hash and break a link in the chain.
The next time the blockchain was scanned or shared, everything would fall apart.
To solve this problem without chameleon hashes, nodes would have to rewrite the early block without the problematic transaction, calculate the block's new hash, then change the hash embedded in the next block to match. But this would also affect the next block's own hash, which must be recalculated and updated in the subsequent block, and so on all the way along the chain.
While this mechanism is possible in principle, it could take hours or days to complete in a blockchain with millions of blocks and transactions. Even worse, while engaged in this process, a node may be incapable of processing new incoming network activity.
So chameleon hashes provide a far more computationally efficient way to achieve the same goal. If you imagine a bad transaction as a rock buried many miles underground, chameleon hashes can teleport the rock to the surface, instead of making us dig all the way down, retrieve the rock and fill in the hole.
WHEN IT COMES TO IMPORTANT THINGS LIKE LAND REGISTRY—TILL THE BLOCKCHAIN SYSTEM STABILISES , IMMUTABILITY MUST NOT BE ALLOWED IN INDIA
One of the IoT's greatest attributes is its ability to integrate and work with other emerging technologies
The Internet of things (IoT) is the network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data
Artificial intelligence is the simulation of human intelligence by machines.
AI supports enhanced IoT applications by enabling:--
Predictive analytics – ‘What will happen?’
Prescriptive analytics – ‘What should we do?’
Cloud computing is the delivery of computing services—servers, storage, databases, networking, software, analytics and more—over the Internet (“the cloud”). Companies offering these computing services are called cloud providers and typically charge for cloud computing services based on usage, similar to how you are billed for water or electricity at home.
Big data analytics is the process of examining large and varied data sets -- i.e., big data -- to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions
Internet of Things (IoT), Big Data Analytics and Cloud Technology are three related technological trends that are transforming how manufacturing and industrial companies are creating value.
Usually, the underlying data that gets analyzed is a count or aggregate of a filtered column of data. Descriptive statistics are useful in showing things like total stock in inventory or average dollars spent per customer.
Predictive analytics has the ability of “Predicting” what might happen next. Predictive analytics is about understanding the future. Predictive analytics provides organizations with actionable insights based on data. Moreover, it also provides estimates of the likelihood of a future outcome.
But, it is equally important to remember that no statistical algorithm can “predict” the future with 100% accuracy. Organizations can use these statistics for forecasting what might happen in the future. This is because the foundation of predictive analytics is based on probabilities obtained from data.
This relatively new field of prescriptive analytics facilitates users to “prescribe” different possible actions to implement and guide them towards a solution. Prescriptive analysis is all about providing advice. It attempts to quantify the effect of future decisions in order to advise on possible outcomes before those decisions are actually made.
Looking at all the different types of analytic options can be a daunting task. No one type of analytic is better than the other; rather they co-exist with, and complement each other.
IoT network generates data that requires a new infrastructure to capture, process and store the same for further access. Cloud storage computing facilitates just that, while facilitating wider and easier access.
Data analytics and machine learning, backed by the expansion of computing power, enable companies to extract maximum value from data to build new offerings.
The convergence of these three technologies is creating a massive shift in the belief of value in individual objects to the dependence on interconnected devices and the information they generate.
The shift from product orientation to information-based outcome orientation requires acquisition of certain new capabilities across a range of activities, from product development to sales.
For instance, a company seeking to exploit opportunities in IoT and manufacturing smart devices, will require strong skillsets in data analysis and data management.
The key for any company that wants to successfully use big data is gaining the right information that delivers knowledge and gives businesses the power to gain a competitive edge. And this can be only be done by identifying and selecting from different types of big data analytics.
Big data analytics should not be considered as a one-size-fits-all blanket strategy. What distinguishes the best data scientist or data analyst from others is that they have the ability to identify the kind of analytics that can be leveraged for gaining benefits for their particular business line.
There are three dominant types of analytics available today –descriptive, predictive, and prescriptive. These are interrelated solutions that are helping companies to make the most out of the big data that they have. Each of these analytic types offers organizations a different kind of insight.
The underlying data that gets analyzed is a count or aggregate of a filtered column of data. Descriptive statistics are useful in showing things like total stock in inventory or average dollars spent per customer.
Descriptive analytics enables organisations to understand their environment and it is similar looking into the rear-view mirror of your car; using a variety of structured data sets and statistical methods to achieve insights about what has happened from a second ago to decades ago.
Predictive analytics has the ability of “Predicting” what might happen next. Predictive analytics is about understanding the future. Predictive analytics provides organizations with actionable insights based on data.
Moreover, it also provides estimates of the likelihood of a future outcome. But, it is equally important to remember that no statistical algorithm can “predict” the future with 100% accuracy.
Organizations can use these statistics for forecasting what might happen in the future. This is because the foundation of predictive analytics is based on probabilities obtained from data.
One common application of predictive analytics is to produce a credit score. These scores are used by financial institutions to determine the probability of customers making future credit payments on time.
Predictive analytics improves decision-making across an organisation to understand how to respond to the changing environment. It is your car’s navigation system that tells you the fastest route despite a traffic jam.
Predictive analytics uses artificial intelligence to find patterns and relationships in multiple (un)structured data sources to create recommendations. Organisations that use predictive analytics gain a competitive advantage, since they can anticipate the future.
Prescriptive analytics facilitates users to “prescribe” different possible actions to implement and guide them towards a solution. Prescriptive analysis is all about providing advice. It attempts to quantify the effect of future decisions in order to advise on possible outcomes before those decisions are actually made.
Prescriptive analytics can be seen as the future of Big Data. If we see descriptive analytics as the foundation of Business Intelligence and we see predictive analytics as the basis of Big Data, then we can state that prescriptive analytics will be the future of Big Data.
Prescriptive analytics transforms an organisation and is the final stage in understanding a business. It allows a permanent and real-time (re)alignment of (in)tangible assets based on recommendations obtained from analysing unstructured and structured data sources.
It uses a variety of algorithms and data modelling techniques to offer recommendations on how to take advantage of predictions provided. In continuation of the car metaphor, it is like a self-driving car bringing you autonomously to your destination.
Prescriptive analytics uses the latest technologies such as machine learning and artificial intelligence to understand what the impact is of future decisions and uses those scenarios to determine the best outcome.
With prescriptive analytics, it becomes possible to understand and grasp future opportunities or mitigate future risks as predictions are continuously updated with new data that comes in.
Prescriptive analytics basically offers organizations a crystal ball. Prescriptive analytics will become really powerful when it has developed into a stage where decision makers can improve their decision-making without the constant need for data scientists.
Although prescriptive analytics is still in its infancy, there are more and more use cases being developed. Also, several Big Data startups focus especially on prescriptive analytics.
The most well know is Ayata. They use patented software to predict what is going to happen, when it is going to happen and why it is going to happen. They focus primarily on the oil and gas industry, but there are more use cases of prescriptive analytics. Prescriptive analytics is used in scenarios where there are too many variables, options, constraints and data sets.
Without technology, it is too complex for humans to efficiently evaluate those scenarios. Also when experimenting in real-life is too risky or expensive, prescriptive analytics can come to rescue.
Prescriptive analytics is the future of Big Data, but it is still a long way away before it will be a common language. The potential is enormous, but it also requires massive amounts of data to be able to make correct decisions.
Only a handful of organizations and industries have that amount of data and data sets to make something useful out of it with prescriptive analytics. However, in a decade it will be as normal as Business Intelligence today.
Prescriptive analytics is still at the budding stage and not many firms have completely used its power. However, the advancements in predictive analytics will surely pave the way for its development.
When I introduced Predictive analysis at sea all were scratching their collective heads and balls. I could take it to prescriptive only on one highly automated ship where I could get TRENDS.
This helped me to take decisions which bamboozled everybody—some white CUNTS accusing me of behaving like a prophet
I WAS A GRANDMASTER OF CHANGE AT SEA
I USED DOMINO METHOD AND CASCADE METHOD TO EFFECT CHANGE – AND I SWUNG LIKE TARZAN
PSSST—WHAT WAS TARZANs LAST WORDS ?
“WHICH BASTARD GREASED THE VINES –KREEEGAAAHHHHHHHH”
Prescriptive analytics not only anticipates what will happen and why it will happen, but also WHEN it will happen.
There lies the critical element of Time Management.
I was a TIME manager at sea
The way the world conducts businesses is changing at a fast pace, the world has leaped from an era of traditional advertising, marketing and sales to an era where almost every digital data has a strong media elements including boring office productivity tools.
Real-time data analysis that even predicts future outcomes and trend even by a fraction of minutes might just be the differentiating factor and this is how most businesses are operating and will operate.
Predictive analytics is a modern marketing tool. Prediction becomes difficult if significant meaning cannot be translated from a large data set.
Interesting and beautiful solutions are popping up due to data growth, forcing scientists to come up with even more brilliant algorithms; entrepreneurs more groundbreaking solutions. As data creation and consumption grows, it only indicates that there is more data evolution to come
Blockchain is a few years away from becoming a massive marketing tool. Blockchain will be the most significant technological breakthrough since the invention of the internet, and it will become an important part of many businesses in the coming years.
AI is gaining practical use and is becoming inseparable from daily life activities, gaining relevance across almost sectors ranging from banking, health, transportation defence etc. With a wide and an almost endless variety of AI applications, we are most certainly in the dawn of an automated world.
Blockchain, big data, predictive analytics, AI or machine learning, -- technologies share so much in common because they all depend upon the other for an effective solution.
Big Data has ushered in an era of data analytics that is taking different forms, including prescriptive analytics. This type of business analytics helps you find the best approach for a specific circumstance. It is also considered the third or final part of business analytics, which also encompasses descriptive analytics and predictive analytics.
Prescriptive analytics leverages predictive analytics and descriptive analytics to derive ideal outcomes or solutions from helping you solve business problems, and it is driving the future of Big Data.
Raw data is plentiful in today's digital age. Approximately 90 percent of today's online data represents a compilation of data that was generated in only a few years, and it is projected to grow rapidly.
Consumers send billions of messages via instant messaging apps and social networking sites, such as Facebook and Twitter, and generate upwards of six billion on Google every day via their mobile devices and desktops.
However, this raw data does not create value on its own. It must be processed in a way that delivers valuable insight to your enterprise for it to be resourceful. With raw data, you can identify patterns, build models based on these patterns and other known information and make data-driven projections to solve business problems.
Both prescriptive analytics and predictive analytics enable you to turn primary data into valuable insights. However, prescriptive analytics and predictive analytics differ in the type of insights you can leverage. Predictive analytics allows you to make future projections based on historical and present data.
It enables you to use the known raw data and process it so that you can make predictions on the information you do not know. With prescriptive analytics, you not only can make sense of raw data but also use it to determine the actions to take now.
It leverages machine learning, simulations, and mathematical optimization to help enterprise leaders make better-informed decisions that are data-driven. Prescriptive analytics also helps evolve decision-making logic to maintain or improve its effectiveness over time.
Prescriptive analytics showcases viable solutions to a problem and the impact of considering a solution on future trend. It is considered the aim of any data analysis project. The prescriptive analysis is still an evolving technique and there are limited applications for it in business.
Predictive and prescriptive analytics calculate probabilities, i.e. the likelihood of something happening in the future. For these forecasts to be reliable, giant amounts of data needs to be mined (“big data”).
These can include numerous different sources of external data such as posts on social media or competitive intelligence. The data volumes analyzed are in fact so staggering that only very complex predictive models can make sense of them.
An already widespread area of application is sentiment analysis. Also known as opinion mining, predictive analytics is set to replace traditional methods of market research as the amount of data it sifts through is huge and the result thus considered more reliable than for example focus groups.
It enables businesses to gauge what people think and, as a result, to take a more pro-active approach in spotting business opportunities even before they arise.
This type of “advanced” analytics also uses existing historical data to train predictive machine learning (ML) models. This culminates into the most sophisticated type analytics – prescriptive – that serves as a basis for deciding how to react to forecasted trends. Prescriptive analytics is considered to be fully digitalized decision-making and the nearest approach to artificial intelligence.
Big data explosion has rapidly become a pivotal tool for the business intelligence sector. This powerful data stream is building the momentum and magnitude for the predictive and prescriptive analytics market.
This platform helps swiftness of diverse data, combining with big data, and utilizing better models and business outcomes of leading healthcare organizations. It improves quick-decision, profits, measures social media influence and tries to avert scams and frauds, through the application of advanced analytics and decision optimization.
Every day, quintillion bytes of files are created for authentication and to examine future trends of the market. Many organizations implement predictive and prescriptive analytics for data validation, to increase data accessibility, reduce the cost to providers, and individual risk for payers, etc.
Prescriptive analytics can suggest all favorable outcomes according to a specified course of action and also suggest various course of actions to get to a particular outcome.
Hence, it uses a strong feedback system that constantly learns and updates the relationship between the action and the outcome. The computations include optimisation of some functions that are related to the desired outcome.
For example, while calling for a cab online, the application uses GPS to connect you to the correct driver from among a number of drivers found nearby. Hence, it optimises the distance for faster arrival time. Recommendation engines also use prescriptive analytics.
The other approach includes simulation where all the key performance areas are combined to design the correct solutions. It makes sure whether the key performance metrics are included in the solution.
The optimisation model will further work on the impact of the previously made forecasts. Because of its power to suggest favorable solutions, prescriptive analytics is the final frontier of advanced analytics or data science, in today’s term.
Prescriptive analytics answers the question of what actions need to be taken to make something happen or… prevent something from happening. Prescriptive analytics is considered to be fully digitalized decision-making and the nearest approach to artificial intelligence.
If applied with the right data, the insights gained from prescriptive analytics can represent valid recommendations of the actions a company can take in the future to boost to business outcomes.
Prescriptive analytics enable companies to transform descriptive data into business-critical, actionable insights. Often used by management, prescriptive analytics can help optimize operations, prioritize spending by looking at condition- or risk-based models, quantify changes from past data sets, conduct audits and budget more accurately for the future.
While the sheer quantity of data available today, the ability to extract it for quality descriptive, predictive and prescriptive analytics is vitally important to businesses of all types.
The Prescriptive Analytics industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue.
Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Prescriptive Analytics production, supply, sales and market status. Prescriptive analytics can recommend multiple courses of action and the likely outcomes of each decision.
Prescriptive goes beyond predictive analytics, because in addition to the shared data model, it requires actionable data and a way to feed data back into the system to track outcomes. It can also be more powerful than predictive analytics, especially for those NON-PERCEPTIVE , NON-CONSCIOUS that might need help choosing the correct route.
Prescriptive analytics try to define the outcomes of future decisions in order to advise on possible outcomes before the decisions are made. In theory, prescriptive analytics predict not only what will happen, but also why it will happen, offering recommendations on how to take advantage of the predictions.
When given several options to choose from, prescriptive analytics is helpful in identifying the best outcome or solution based on known limitations and scenarios. It takes predictive analytics further by helping you see what the probable outcome relies on each decision. That helps you to decide what business decision to make.
Prescriptive analytics comes with some benefits you can leverage with Big Data, such as enhanced awareness of the impact of new technologies or techniques, improved utilization of resources and increased insight into patterns and habits of consumers.
For example, you can use prescriptive analytics to determine the best social media engagement opportunities to take or when to knock on the door of opportunity
The future of prescriptive analytics will facilitate further analytical development for automated analytics where it replaces the need of human decision-making with automated decision-making for businesses.
With the expanding use and value of prescriptive analytics, it is driving the future of Big Data. Enterprise leaders can avoid risky business moves and reduce financial losses with the power of prescriptive analytics to evolve the logic of their business decisions.
When you incorporate prescriptive analytics in your Big Data strategy, it can help you make business decisions faster to enhance efficiency and productivity of your enterprise.
Referred to as the "final frontier of analytic capabilities," prescriptive analytics entails the application of mathematical and computational sciences and suggests decision options to take advantage of the results of descriptive and predictive analytics.
Prescriptive analytics, goes beyond predicting future outcomes by also suggesting actions to benefit from the predictions and showing the implications of each decision option.
Prescriptive analytics suggests decision options on how to take advantage of a future opportunity or mitigate a future risk and shows the implication of each decision option.
Prescriptive analytics can continually take in new data to re-predict and re-prescribe, thus automatically improving prediction accuracy and prescribing better decision options.
Prescriptive analytics ingests hybrid data, a combination of structured (numbers, categories) and unstructured data (videos, images, sounds, texts), and business rules to predict what lies ahead and to prescribe how to take advantage of this predicted future without compromising other priorities.
Prescriptive analytics technologies need to be adaptive to take into account the growing volume, velocity, and variety of data that most mission critical processes and their environments may produce.
Prescriptive analytics incorporates both structured and unstructured data, and uses a combination of advanced analytic techniques and disciplines to predict, prescribe, and adapt..
The technology behind prescriptive analytics synergistically combines hybrid data, business rules with mathematical models and computational models. The data inputs to prescriptive analytics may come from multiple sources: internal, such as inside a corporation; and external, also known as environmental data.
In addition to this variety of data types and growing data volume, incoming data can also evolve with respect to velocity, that is, more data being generated at a faster or a variable pace.
Business rules define the business process and include objectives constraints, preferences, policies, best practices, and boundaries.
Mathematical models and computational models are techniques derived from mathematical sciences, computer science and related disciplines such as applied statistics, machine learning, operations research, natural language processing, computer vision, pattern recognition, image processing, speech recognition, and signal processing.
The correct application of all these methods and the verification of their results implies the need for resources on a massive scale including human, computational and temporal for every Prescriptive Analytic project.
In order to spare the expense of dozens of people, high performance machines and weeks of work one must consider the reduction of resources and therefore a reduction in the accuracy or reliability of the outcome. The preferable route is a reduction that produces a probabilistic result within acceptable limits.
Below: When you have CUNTS in charge --whose brains are worse than SHIT you need machines
Capt Ajit Vadakayil never allowed a machine to run his ship
Prescriptive analytics outcomes don't just inform those involved in the decision-making process, they are the decision-making process.
Prescriptive analytics examines data from a wide variety of internal and external sources and uses a number of different techniques; from machine learning, image processing, applied statistics and natural language processing.
Prescriptive analytics not only tries to predict what will happen but also understand why it will happen and present different options on how to take advantage of future opportunities.
The pandits say—“The ongoing advance of AI is also having a further impact: it’s causing AI to converge with IoT, to the extent that it’s rapidly becoming indispensable to IoT solutions. The core components of IoT—connectivity, sensor data and robotics—will ultimately lead to a requirement for almost all ‘dumb’ devices to become intelligent. In other words, the IoT needs smart machines. Hence the need for AI”
WHEN YOU ALLOW A CUNT MACHINE TO DO “ROOT CAUSE ANALYSIS” AND ACT, YOU CAN KISS YOUR ASSHOLE GOODBYE !
ANCIENT INDIAN KINGS WERE EDUCATED IN GURUKULS BY SAGES BRIMMING WITH WISDOM
THE YOUNG PRINCES WERE EDUCATED ( ONLY ANIMALS ARE TRAINED ) NOT BE DATA CRUNCHING MONKEYS
THEY WERE ASKED TO USE THEIR CONSCIOUS BRAIN
EVEN THE BEST COMPUTER ON THIS PLANET –TODAY—OR IN THE FUTURE—CANNOT DEDUCE THE “MORAL OF A STORY” .. AS COMPUTERSARE NOT CONSCIOUS LIKE THE HUMAN BRAIN
NO COMPUTER CAN LAUGH AT A SUBTLE JOKE
I USED THE WISDOM OF PANCHATANTRA TO KEEP MY SHIP SAFE WHEN THE WORLDs GREATEST STORM THREATENED TO SINK MY SHIP WITH ALL HANDS
COUPLE OF WEEKS AGO CHINA LEARNT THE HARD WAY ( DOKLAM STANDOFF ) THAT INDIA WAS NOT SCARED OF THEIR SUPERIORITY IN NUMBERS .
WE PUT THE FEAR OF THEIR ATHEIST GOD IN THEM —
THAT WE WILL MAKE CHINA SELF DESTRUCT AND HANG ALL COMMIE LEADERS USING THEIR OWN PEOPLE , AS SOON AS A FULL BLOWN WAR STARTS.
( PSSST APCO MODI STILL THINKS THAT HIS 56 INCH CHEST AND SIDEKICK AMIT SHAHs CLOUT SCARED THE COMMIE SHIT OUT OF THE CHINESE )
The right way to view blockchain, though, is to see blockchain as a technology and cryptocurrency as the first business domain where it was successfully applied. The features of blockchain are applicable to any industry, and they specifically address the concerns about data correctness and security that limit the use and sharing of big data.
After all, blockchain is essentially a distributed database forming a ledger. Changes to the ledger need to be agreed upon by every participant in the blockchain, which is reached through a consensus mechanism such as Proof of Work or Proof of Stake. In addition, the hash algorithm and timestamp ensures that data on a blockchain is immutable, verifiable and traceable.
However, it important to note that low-quality data isn’t magically transformed into high-quality data.
Garbage in still means garbage out.
As such, it is vital that data is verified when it is acquired to ensure that bad data is not recorded on the blockchain.
Organizations that want to apply Blockchain-ULU ( or is it Blockchain-UDU ? ) within their organization, will need to ensure that their big data is correct and of the highest standards, since once on a blockchain it can no longer be altered.
If done correctly, Blockchain could be a catalyst for better data, resulting in better insights.
The rise of cloud storage has helped companies collect and manage massive amounts of data. Data comes from corporate systems, Internet of Things objects and unstructured sources like online forums. New analytics tools like Hadoop help companies make sense of that data.
Since the advent of the internet, the technology industry has been steadily moving away from local storage to remote, server-based storage and processing—what is known as the cloud.
You no longer need to be sitting at your work PC to see your work files: With cloud syncing you can get to them from your smartphone on the train, from your tablet on your couch, and from the laptop in your hotel room or kitchen. Using a service like those included here means no more having to email files to yourself or plug and unplug USB thumb drives.
Cloud storage is a model of data storage in which the digital data is stored in logical pools, the physical storage spans multiple servers (and often locations), and the physical environment is typically owned and managed by a hosting company.
These cloud storage providers are responsible for keeping the data available and accessible, and the physical environment protected and running. People and organizations buy or lease storage capacity from the providers to store user, organization, or application data.
Cloud storage services may be accessed through a co-located cloud computer service, a web service application programming interface (API) or by applications that utilize the API, such as cloud desktop storage, a cloud storage gateway or Web-based content management systems.
The cloud part of cloud-based storage services refers to storing your files somewhere other than your computer's hard drive, usually on the provider's servers. There is no DANG Cloud. It's just someone else's computer.
Having data in the cloud refers to the ability to access those files through the internet. Your data is usually encrypted before making the journey over the internet to the providers' servers, and, while they live on those servers, they're also encrypted.
The services don't upload entire files every time they change. They just upload the changes, saving your connection bandwidth.
You can access your cloud files through an app or software installed on your computer (once it's installed, it's usually pretty much invisible), though you need an internet connection for it to work.
Many cloud storage services have a free account that usually comes with some limitations, such as the amount of storage they provide or a size limit on files you can upload.
The first place to look at applying blockchain to big data is finance. Every Bitcoin transaction is held within Bitcoin’s blockchain.
While Bitcoin offers a level of anonymity, the transaction data is not private; Bitcoin is pseudo-anonymous. With sufficient data, is it possible to find patterns in Bitcoin transactions and eventually link those to people.
There are multiple companies working on such solutions, such as Skry, which was recently purchased by Bloq. Skry offers big data Bitcoin analytics to help companies avoid transactions with criminal counterparties.
The case for the cloud so far has been based on its potential to lower computing costs and increase business flexibility. By tapping into a large cloud computing company, such as Amazon Web Services (AWS), clients have hoped to move more quickly and cheaply to increase or decrease their computing resources as their needs change.
The most recent change, has involved a combination of cloud and mobile, with smartphones acting as the delivery mechanism for services in the cloud. This is starting to evolve into the next thing-- this will be the combination of artificial intelligence (AI) and the cloud.
Microsoft y offers more than 20 such “cognitive services”, such as analysing images, known as computer vision, and language comprehension.
Cloud-delivered services like these are starting to proliferate. Companies have added predictive analytics — data mining to forecast trends — to its cloud services, opening up machine-learning algorithms first developed for internal use.
Google said its speech recognition API could turn a client’s audio file into a written transcript in 50 languages.
Such technologies have many potential applications. Facial recognition technology, for instance, could lead to more effective security and access control systems. In retail, this same technology could alert staff to the identity or interests of potential customers and help them make a sale.
AI can also have much higher accuracy around things like image recognition coming back from drones. When there is a tactical nuclear EMP attack GPS goes PHUTT. After that it will be land recognition for navigation
Read all 4 parts of the post below--
The API is intended to provide programmatic access to published economic statistics using industry-standard methods and procedures. The intended audience of this document is programmers who are familiar with the concepts and techniques of retrieving data from Web Services.
An application program interface (API) is code that allows two software programs to communicate with each other. The API defines the correct way for a developer to write a program that requests services from an operating system (OS) or other application.
When you use an application on your mobile phone, the application connects to the Internet and sends data to a server. The server then retrieves that data, interprets it, performs the necessary actions and sends it back to your phone.
The application then interprets that data and presents you with the information you wanted in a readable way. This is what an API is - all of this happens via API.
Application Programming Interface acts as an interface and usually function to connect large amounts of relevant information with Internet of things. This makes it more useful and powerful.
In computer programming, an application programming interfaceis 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.. APIs have become so valuable that they comprise a large part of many business’ revenue.
Major companies like Google, eBay, Salesforce.com, Amazon, and Expedia are just a few of the companies that make money from their APIs
API’s are considered as market enabler and are quintessential part of Internet of Things, without which they cannot work. Modern APIs adhere to standards (typically HTTP and REST), that are developer-friendly, easily accessible and understood broadly
Artificial intelligence (AI) refers to the ability of computers to perform tasks usually associated with human intelligence. Today’s AI-enabled computers can recognize images, understand language, and perform complex reasoning while making decisions based on sophisticated mathematical analyses.
Apps driven platform is getting replaced by Artificial Intelligence driven platform.
Oracle Management Cloud is an example of an AI-powered application available as a cloud service. It combines big-data processing techniques with machine learning to help companies detect anomalies in very large data sets that indicate problems on a manufacturing line, for example, or patterns that indicate system security has been breached.
Oracle Management Cloud helps end users quickly address critical problems whose solutions are hidden in data sets too large for humans to evaluate. The software can notify a systems operator to take corrective action or even fix the problem automatically.
Oracle’s management capabilities include security services. Oracle’s Cloud Access Security Broker uses machine learning to enhance its threat- and data-protection capabilities.
Oracle embeds machine-learning capabilities into Oracle Database, where moving analytics closer to the data helps customers get fast, accurate answers to business questions and make fact-based predictions about the future.
Oracle is introducing the world’s first autonomous database with machine learning built in. With the autonomous database, users just define policies and the database makes things happen. It is fully-managed, preconfigured, and automatically tuned..
With Oracle Analytics Cloud, powerful analytics tools do the hard work behind the scenes while business users simply ask the computer a question. The answers can be in English or the end-user’s native language. Or the answers can be displayed as graphs, charts, or other visual representations.
Sophisticated visualization tools allow the system to automatically select the best way to display the data in graphs or charts. The system will also generate a detailed description of the analytics findings for study and discussion.
Because business decisions are only as sound as the data they are based on, the more information available to analyze, the better the conclusions and recommendations.
Good platforms provide enormous value by linking IoT to advanced analytics and applications to generate business outcomes. This enables the generated data to be meaningfully used by the users.
Platforms must be able and efficient enough to add close loop automation, privacy, security, cognitive and insight generation.
IoT can act as an agent to transform business.
The commoditization of sensors, memory and processors has made things more intelligent rather than just being connected in a network and being identified with their IP addresses.
Traditional IoT implementations are accompanied by cognitive computing which increases the amount of data that helps in improving the learning environment and increases the possibilities of edge analytics.
Multiple data streams can be combined with cognitive IoT. Sensors can be made capable of diagnosing and getting adapted with the environment, without human interference.
IoT value is further showcased by artificial intelligence, cognitive IoT and machine learning. To make use of existing IoT data and information new approaches are required.
There is a need to reduce both sensors’ power needs and the need for the AI system to process a lot of “background noise” data that has little or no value (the data processing will increasingly be done “at the edge,” where it’s collected, to avoid overloading the system). Both IoT and AI will benefit.
More advanced sensors will also play a role in the IoT-AI synthesis: There exists DARPA research on sensors for life-or-death situational awareness in battlefield conditions, where computing power is limited and soldiers can be killed if they have to replace sensor batteries.
These new sensors — which must work 24/7 to protect the troops — have: “persistent, event-driven sensing capabilities in which the sensor can remain dormant, with near-zero power consumption, until awakened by an external trigger or stimulus.
Companies that want to make use of big data and blockchain will find new tools developed to support this, such as BigChainDB built on top of MongoDB. By adding the features needed for enterprise development, including scalability, queryability, and audit trails, it will become easier for organizations to build blockchain-based applications that meet corporate standards.
The spread of these tools, along with the continued push for digital transformation that requires companies to make better use of digitally generated and collected data, will drive companies to adopt blockchain in order to effectively out-compete others in their industries.
Being able to analyze data provenance and be ensured that the data is reliable by being immutable, verifiable and traceable is a paradigm shift. Blockchain could be a catalyst for data quality and as such, the convergence of big data and blockchain offers tremendous opportunities for organizations and consumers.
Just as companies that are hanging back on the IoT are still paving the way for adopting it by acquiring sophisticated data analysis tools and hiring data scientists to interpret the growing amount of data they are already generating, investing now in cloud-based AI capability will allow an easier transition to the IoT and the even greater quantities of data it will generate.
Viewing blockchain as simply a database means it is applicable to any industry, not just finance. By storing granular transaction data, any industry can understand its interactions with suppliers and its customers..
With Walmart producing 40 petabytes of data daily, managing big data is integral to the store’s continued success and having immutable, verifiable and traceable product data on a blockchain could offer
In the UK, Google DeepMind and the NHS are partnering to use blockchain to encrypt and safely store patient data.
HAVING SAILED AND DEALT WITH WHITE MEN THROUGHOUT MY LIFE , I CAN TELL THIS
THE AVERAGE WHITE MAN CANT STRETCH HIS BRAINS ( LIKE AN INDIAN ) AND HENCE THE NEED TO HAVE CHECKLISTS FOR EVERYTHING AT SEA
INSTEAD OF PUTTING HIS UNDIES FIRST AND THEN HIS PANTS LIKE A SANE HUMAN BEING — LACK OF CHECK LIST MAY CAUSE HIM TO PUT HIS UNDIES ON TOP OF HIS PANTS LIKE PHANTOM
I AM THE GUY WHO MADE CHECKLISTS AT SEA, ON REQUEST FROM MY WHITE BOSSES.
WHILE MAKING A CHECK LIST I WARN—CHEMICAL TANKERS CANNOT ACCOMODATE HALFWITS
I HAD A RUNNING BATTLE FOR OVER A DECADE WITH WHITE POWERS TO GET THE FOLLOWING TWO CHECKLISTS ADOPTED.
I REFUSED TO ACCEPT THE APPROVED CHECKLISTS OF IMO/ OCIMF – DESPITE BEING WARNED THAT THEY WOULD BITE MY HEAD OFF
I TOLD THEM “FUCK OFF”
THIS IS WHY I DID NOT WANT MY ELDER SON TO BECOME A CAPTAIN LIKE ME. YOU ARE A HORSE IN THE MIDST OF DONKEYS..
I AM THE HORSE WHO REFUSED TO BRAY
IF I REALLY WERE TO COMPLETE MY “NAÏVE SAILOR SERIES” -- EVEN DIMWIT LANDLUBBERS WOULD SPIT WHEN THEY SEE A SAILOR
SUCH STRONG WORDS?
ENGINEERS WANTED MY TO WRITE CHECKLISTS – BECAUSE, AS A DECK BOY , I HAD NO PRE-CONCEIVED NOTIONS .
IF SOMEONE MADE A MISTAKE FOR 30 YEARS , I WOULD STOP IT ON DAY ONE, HOUR ONE —
I DID NOT CARE FOR THAT POWERFUL CUNTs REPUTATION , WHICH WOULD BE SMASHED TO SMITHEREENS BY MY OWN INTELLIGENT CHECKLIST
MOST SAILORS DIED AT SEA, BECAUSE THEY FOLLOWED OFFICIAL PROCEDURES –
THIS IS A VERY SERIOUS CHARGE COMING FROM A CAPTAIN WHO HOLDS THE WORLD RECORD FOR SHIP COMMAND .
EVEN A STUPID CUNT CAN UNDERSTAND THE CONTENTS OF THE POST BELOW—BUT OH NO—NOT THE CUNT WHITE POWERS WHO RUN SHIPS AT SEA
SOMETIMES WHEN I GO FOR A LONG WALK WITH MY WIFE , I LOVE TO TELL HER THIS
YOURS TRULY -- “I AM GONNA SAY SOMETHING NOW— CAN YOU GUESS IT ?“
Me WIFE WOULD REPLY “ AFTER 4 DECADES AT SEA, I AM STILL IN ONE PIECE “
The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software.
Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining.
To form a distributed timestamp server as a peer-to-peer network, bitcoin uses a proof-of-work system. This work is often called bitcoin mining.
The signature is discovered rather than provided by knowledge. This process is energy intensive. Electricity can consume more than 90% of operating costs for miners. Requiring a proof of work to provide the signature for the blockchain was a key innovation.
Some malware can steal private keys for bitcoin wallets allowing the bitcoins themselves to be stolen. The most common type searches computers for cryptocurrency wallets to upload to a remote server where they can be cracked and their coins stolen.
Many of these also log keystrokes to record passwords, often avoiding the need to crack the keys. A different approach detects when a bitcoin address is copied to a clipboard and quickly replaces it with a different address, tricking people into sending bitcoins to the wrong address. This method is effective because bitcoin transactions are irreversible..
One virus, spread through the Pony botnet, was reported in February 2014 to have stolen up to $220,000 in cryptocurrencies including bitcoins from 85 wallets.
Authorities, including the European Banking Authority the FBI, and the Financial Action Task Force of the G7 have expressed concerns that bitcoin may be used for money laundering. In early 2014, an operator of a U.S. bitcoin exchange, Charlie Shrem, was arrested for money laundering
In a Ponzi scheme that utilized bitcoins, The Bitcoin Savings and Trust promised investors up to 7 percent weekly interest, and raised at least 700,000 bitcoins from 2011 to 2012. In July 2013 the U.S. Securities and Exchange Commission charged the company and its founder in 2013 "with defrauding investors in a Ponzi scheme involving bitcoin". In September 2014 the judge fined Bitcoin Savings & Trust and its owner $40 million for operating a bitcoin Ponzi scheme..
Theft occurs at sites where bitcoins are used to purchase illicit goods. In late November 2013, an estimated $100 million in bitcoins were allegedly stolen from the online illicit goods marketplace Sheep Marketplace, which immediately closed
A major bitcoin exchange, Bitfinex, was hacked and nearly 120,000 bitcoins (around $60m) was stolen in 2016. Bitfinex was forced to suspend its trading. The theft is the second largest bitcoin heist ever, dwarfed only by Mt. Gox theft in 2014.
Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin transactions worldwide, as the largest bitcoin intermediary and the world's leading bitcoin exchange..
Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time.
Almost from the beginning, Mt Gox's accounts were leaking money, and as the currency grew in value, the leak turned into one of the largest bank heists ever — more than 1 out of every 20 bitcoins in the world vanished without a trace.
Hackers are using virus-infected consumer computers to generate bitcoin, according to news from The Wall Street Journal. Unknowing users may be having their processing power commandeered to mine the virtual currency.
Currently smart contracts can only make payments in cryptocurrencies (BTC, ETH, etc), and other balances stored on blockchains, sometimes called coins or tokens.
Bitcoin’s contracts can make BTC payments. Ethereum smart contracts can make ETH payments, or move around coin/token balances which are recorded on Ethereum.
Ethereum utilises blockchain technology and cryptography similar to Bitcoin, but is unique in its inherent properties.
Ethereum is an open-ended and decentralised platform for blockchain applications (like android or iOS for their respective apps). It was created with the intention of making it simpler to create and host these applications.
Ether is used inside the Ethereum platform as a token to run these applications and monetize the work.
Ether, is the token of value used for monetizing work in the Ethereum platform and it is traded just like Bitcoin and other cryptocurrencies.
Ether is a form of payment that is different from Bitcoin, since it is made by the clients using the Ethereum platform to execute smart contracts and distributed applications developed within the platform.
It is traded as a digital currency on exchanges, just like Bitcoin and other cryptocurrencies.
Smart contracts cannot make payments denominated in fiat currencies (GBP, SGD, USD, etc), because digital fiat currencies, in general, reside in bank accounts, and bank accounts are currently recorded on private ledgers – not distributed ledgers.
Although both Bitcoin and Ethereum are blockchains that utilize cryptography, the two differ in several ways
1. The primary purpose of the Ether, the Ethereum token, is not to establish itself as a payment alternative (unlike Bitcoin) but to facilitate and monetize the working of Ethereum platform to enable developers to build and run distributed applications.
2. The time taken to verify a transaction (block time) is in seconds for Ether transactions on the Ethereum blockchain whereas it can go to minutes for Bitcoin transactions on the Bitcoin blockchain.
3. The programming language used by Ethereum is called ‘Solidity’ which is Turing complete i.e. you can write programs (smart contracts) that can solve any reasonable computational problem; whereas, Bitcoin is not yet Turing-ready.
Ether is a global currency that is traded for the Dollar, Euro, Yen, and other currencies in real-time, 24 hours a day. Like any commodity, stocks or property, the value of Ether is determined by buying and selling in the open market.
The price fluctuation in Ether is real-time and based on the number of people who want to buy or sell it at any given moment. It follows the laws of economics where the value of a stock or property can go up or down based on supply and demand.
Ether value can be volatile compared to traditional currencies such as the USD because it is still an emerging technology.
Ethereum is NOT a digital currency. It is a blockchain-based platform with many aspects. It features smart contracts, the Ethereum Virtual Machine (EVM) and it uses its currency called ether for peer-to-peer contracts.
Ethereum’s smart contracts use blockchain stored applications for contract negotiation and facilitation. The benefit of these contracts is that the blockchain provides a decentralized way to verify and enforce them.
The decentralized aspect makes it incredibly difficult for fraud or censorship. Ethereum’s smart contracts aim to provide greater security than traditional contracts and bring down the associated costs.
The smart contract applications are powered by ether, Ethereum’s blockchain based cryptocurrency. Ether, as well as other crypto-assets, are held in the Ethereum Wallet, which allows you to create and use smart contracts.
Bitcoin’s average block time is about 10 minutes, while Ethereum’s aims to be 12 seconds. This quick time is enabled by Ethereum’s GHOST protocol. A faster block time means that confirmations are quicker.
Ethereum features its own Turing complete internal code, which means that anything can be calculated with enough computing power and enough time. Bitcoin does not have this capability.
While there are certainly advantages to the Turing-complete, its complexity also brings security complications, which contributed to the DAO attack in June.
Bitcoin has emerged as a relatively stable digital currency, while Ethereum aims to encompass more, with ether just a component of its smart contract applications.
In the Bitcoin blockchain, a small subset of people with access, called “Miners,” compete to be the first to decrypt and verify new blocks successfully and they are literally rewarded with bitcoin for their efforts.
The entire blockchain then reaches consensus within a few minutes on the authenticity of a new block before making it immutably part of the chain. Old transactions are permanently preserved on each computer on the network, and new transactions are irreversibly added. All of this prevents tampering.
In mathematics and computer science, an algorithm is an unambiguous specification of how to solve a class of problems. Algorithms can perform calculation, data processing and automated reasoning tasks.
An algorithm is a procedure or formula for solving a problem, based on conducting a sequence of specified actions. A computer program can be viewed as an elaborate algorithm. In mathematics and computer science, an algorithm usually means a small procedure that solves a recurrent problem.
A search engine algorithm, for example, takes search strings of keywords and operators as input, searches its associated database for relevant web pages, and returns results.
An encryption algorithm transforms data according to specified actions to protect it. A secret key algorithm such as the U.S. Department of Defense's Data Encryption Standard (DES), for example, uses the same key to encrypt and decrypt data. As long as the algorithm is sufficiently sophisticated, no one lacking the key can decrypt the data.
The COMMIES have given away Algebra and Algorithms to a DUMBO Arab mathematician, Mohammed ibn-Musa al-Khwarizmi..
The truth is that this Persian fellow bought his entire knowledge for gold from Kodungallur University owned by the Calicut king.
THIS PLANET MUST KNOW THAT ALGORITHMS WERE FIRST INVENTED BY INDIANS
IT WAS STOLEN BY EUCLID WHO STUDIED IN KODUNGALLUR UNIVERSITY AND PATENTED IN HIS OWN NAME.
LATER KODUNGALLUR UNIVERSITY SOLD MATH TO ARABS FOR ENORMOUS AMOUNTS OF GOLD
FATHER OF ALGEBRA MUHAMMAD IBN MUSA AL-KHWARIZMI BOUGHT HIS READY MADE TRANSLATED INTO ARABIC ALGEBRA FROM THE KERALA SCHOOL OF MATH FOR GOLD .
HE STUDIED IN THE SAME UNIVERSITY AND WAS KICKED OUT FOR BEING NOT GOOD ENOUGH TO BE A STUDENT
If Kerala Namboodiris created RIGHT to LEFT Hebrew, then who created Arabic?
The answer is the same Kerala Namboodiris !
Pythagoras and Plato studied in Kodungallur University of Kerala. Same way several Persian scholars studied Math in Kerala
Arabic language was created by Kerala Namboodiris. Their numerals are called Hindu-Arabic even today.
This is why 786 becomes OM
MUSLIMS DONT KNOW WHY 786 IS PRINTED ON THEIR KORAN COVERS
SHOW OM SYMBOL TO MIRROR AND READ FROM RIGHT TO LEFT - YOU GET 786
Muslims substitute 786 for the phrase بسم الله الرحمن الرحيم bism illāh ir-raḥmān ir-raḥīm ("in the name of Allah, the compassionate, the merciful").
ALGEBRA is derived from Al-Jabr, one of the two operations he used to solve quadratic equations. Algorism and algorithm stem from Algoritmi, the Latin form of his name (Mohammed ibn-Musa al-Khwarizmi)
Zakir Naik can stop boasting that Arab Muslims—
AL HULL BURRR invented Math
AL KULL HURRR invented astronomy
AL PRRRR KURR invented science
--and get faalthu wahabi awards from the CRYPTO JEW Al Saud Dynasty. Mind you this man Zakir Naik is giving away his motherlands discoveries to an alien Muslim nations ruled by crypto Jew bloodlines installed by Rothschild.
The entire Math , astronomy , science in Arabic was sold in gold by Kerala Kings.
KERALA TEMPLE GOLD MADE JEW ROTHSCHILD THE RICHEST MAN ON THE PLANET
Smart contracts are digital contracts, written in code, whose clauses are enforced automatically Without human adjudication, we are left with hoping that code-authors in the payroll of KOSHER BIGBROTHER will be able to “get it right” with the code in our smart contracts. But precise, safe, smart-contract coding is a challenge, and its difficulty comes with real consequences. Consider the DAO, a DELIBERATELY mis-coded Ethereum smart contract mutual fund that resulted in the theft of millions of dollars in 2016. As blockchain technologies mature from mathematical curiosities to practical applications, smart contracts will need to mature as well.
INDIA MUST INCORPORATE THE “PARAMOUNT CLAUSE “ IN EVERY SMART CONTRACT WITH FOREIGN NATIONS AND KOSHER ORGS IN FUTURE
EVERY AGREEMENT MUST BE SIGNED ONLY AFTER GLEANING THE DOCUMENT AND IF IT CONTAINS SHALL/ SHOULD TYPE OF CHICANERY ( USED AT WTO NAIROBI ), THEN A "PARAMOUNT CLAUSE " MUST BE INSERTED , THAT BY SIGNING INDIA "SHALL" NOT SURRENDER HER NATIONAL SOVEREIGNTY.
Java is a general purpose programming language designed with one mantra in mind—”write once, run anywhere.” Java applications are compiled into bytecode that can run on implementations of the Java Virtual Machine (JVM).
JVM helps bridge the gap between source code and the 1s and 0s that the computer understands. Any machine that has the JVM installed can run Java.
In web development, Java features most prominently as a server-side language and the programming language of choice for mobile apps on the Android platform.
Java follows class based inheritance—a top down, hierarchical, class-based relationship whereby properties are defined in a class and inherited by an instance of that class (one of its members).
You should consider Java if your project involves…
Big Data Analytics
General Purpose Programming of Hardware
Server-Side Technologies like Apache, JBoss, Geronimo, GlassFish, etc.
Dynamic single page applications (SPAs)
Front-End technologies like jQuery, AngularJS, Backbone.js, Ember.js, ReactJS etc.
Server-Side technologies like Node.js, MongoDB, Express.js, etc.
Mobile App Development through PhoneGap, React Native, etc.
With the internal model, the code element of the smart contract becomes an inextricable part of the legal contract. There is no possibility of difference between the code and the relevant part of the written contract because they are one and the same.
However, there are two other potential areas of difference (or translation error) that are normally raised as potential issues:---
The first is illustrated by the question: “how do I know the code as written in the contract reflects my intentions if I cannot read it?”
This is really no more than a reprise of the concern that the code, as written in the contract, might not be as readily understandable to an average reader as natural human language is today.
One way of resolving this is for the lawyer to have learnt the relevant language used to write the code.
To execute automatically, smart contracts need to be able to interface with data in the wider world.
For example, a piece of conditional logic that depends on whether a particular stock price has reached a certain level would require the smart contract to be able to ascertain that stock price.
To do this, it can look up the stock price from a separate data source, typically known in the distributed ledger community as an ‘oracle’.
When a transaction is entered into, it would be time stamped. This would mean that when the compiler prepares a compiled long-form transaction confirmation for that transaction, it would use the version of each modular definition that was current at that time stamp.
Such a system would allow the ISDA library to be updated on an ongoing basis rather than requiring periodic updates of definitional booklets or the publication of annexes containing often disparate updates to certain definitions.
If elements of the ISDA definitional booklets are coded to facilitate smart legal contract implementation, this would lend itself to the idea that each definition could be viewed as a distinct module and could be kept in a universal repository.
If there are to be smart legal contract standards and technologies that can viably be used for derivatives products, it is important that ISDA and the global derivatives industry play a key role in the development of these standards and work closely with utilities and service providers in their development of the applicable technologies.
ISDA’s Market Infrastructure and Technology Oversight Committee (MITOC) intends to facilitate this involvement, with smart contracts forming one part of the wider work
The industry needs to agree on common objectives, whether that be short-term solutions to current infrastructure challenges or longer-term objectives associated with process redesign, --this effort will be led by ISDA’s Market Infrastructure and Technology Oversight Committee (MITOC).
Working groups have been set up by ISDA to coordinate the various legal/documentation, regulatory, technological and reporting workstreams in order to futureproof standard documentation and align data standards.
Leave swindlers with fuck all - Smart contracts, which are, actually, a self-executing code on blockchain that automatically implements the terms of an agreement between parties, can be used whenever there is a clear cause-consequence logic.
Imagine this: you want to order some goods from a new business partner, but there is always a trap of mistrust — you don’t want to pay before getting your goods, and your partner doesn’t want to ship it until getting prepayment.
What if it’s a cheat? With smart contracts, it’s possible to sign an automatically performed and unbreakable agreement with certain predefined terms: as soon as you receive the delivery, your counterparty gets the funds.
As simple as that. No more fraud, massive amounts of paperwork, and also intermediaries like banks, lawyers, brokers, and notaries, which are usually associated with significant costs.
You don’t need to pay banks anymore--Since the core feature of smart contracts is automatization, it is also possible to automate regular payments, which your company make to other parties. These include taxes and fees, mobile communication and Internet provider services, rental fee, utilities and any other services with a fixed amount and date of payment.
Although many banks already provide automatic bill payment service to their clients, they act as intermediaries here, earning their profits by charging a fee. Smart contracts enable direct payments between companies and individuals, with no middlemen involved.
Forget about broker fees--Another issue, which is even more costly and time-consuming for business than contracts drafting and payments to other companies, is international trade and settlements. According to McKinsey report, published at the beginning of 2017, cross-border B2B payments on blockchain could save financial institutions about $50–60 billion by 2021.
Regular companies will benefit by eliminating of brokers to verify the transactions, which usually take a 2% to 5% fee, and speeding up of delivery. While regular international payments usually take between 3 days and 2 weeks, depending on scope, smart contracts enable real-time settlements, which would reduce liquidity and operational costs.
Regular questions like where to allocate funds, what contractor is better to work with, and how to prioritize your plans and goals may cause a lot of friction. Smart contracts offer a perfect solution here: you can use a blockchain structure to manage all these things by direct, decentralized voting of managers and shareholders, whose voting rights are represented in corporate tokens (the DAO concept). Upon the decision is made, a smart contract automatically carries it into action.
Notably, smart contracts almost exclude the possibility of voting fraud, which seems to be a major problem: according to a recent study made by Stockholm School of Economics, called “Are Shareholder Votes Rigged?” (published in May 2017), about 11% of shareholder proposals were rejected during the voting process in U.S. companies from 2003 to 2016 because of vote rigging by managers.
Automatization of labor agreements. You can set up a labor smart contract, which will automatically transfer to your employee a certain amount on a particular day, or, when using hourly wages, pay him/her per time actually spent at work.
That will save you from costs related to and also eliminate human factor errors, which are always very painful when it comes to paying wages. Moreover, automatization of payments will significantly raise the company’s reliability in the eyes of your current and potential employees.
If your business is built on production or distribution of some intellectual property, smart contracts can open up entirely new horizons. A wide range of creative industries, including music, media, literature, science, photography, art, fashion, design and many many others, will benefit by a digital registry of artworks with certificates of their authenticity, condition, and ownership.
Say, if your business is a digital design agency, you will be able to set up smart contracts in such a way, that the illegal use of your fonts, illustrations, or logos will be technically impossible. That is also very applicable to software development and film industries, where the annual losses in commercial revenue caused by piracy amount to $ 54billion USD
Smart contracts take care of your goods--Supply chain, which is all entities and processes involved in getting an item from raw materials to final product, is sometimes extremely opaque and difficult to track. There are always numerous individuals, companies, and environments, which interact with a product as it moves to its customer, and the potential impact of blockchain technology is multifold here.
With the help of smart contracts, you can track, for example, transportation and storage conditions of some environmentally sensitive products (such as agricultural or medical goods) — like if the temperature in the truck carrying medicines is below or higher the required degree, the smart contract will just not pay the carrier.
This application could be especially useful to decrease food losses and waste:, approximately a third of all produced food is either wasted or lost on the way to the customer’s table, which costs the global economy more than one trillion USD a year.
While now it becomes obvious that smart contracts can generate significant value across industries and eliminate most of the troubles related to human factor errors, lack of trust or trackability in some fields, their mass adoption is still constrained by many factors.
Probably, the most significant ones are expensiveness and technological complexity of smart contracts development, which requires many working hours of a qualified blockchain developer with an average annual salary three times what a senior software developer gets in USA in a premium gold standard company in Manhattan
YES SMART CONTRACT SOFTWARE DEVELOPERS CAN MINT MOOLAH IF THEY ARE SMART
But the good news is, as we learn from the history, every expensive and hard-to-reach technology eventually and inevitably becomes mainstream — just remember what a luxury it used to be to own a car, a cell phone, a computer.. Smart contracts will become an ordinary thing for every small business sooner than later
Smart contracts are becoming one of the most popular innovations on the Blockchain. It’s finding adoption in almost every sector and is being implemented by both small and large organisations.
However, no matter how interesting the concept appears, with the automation of processes and execution, the need for arbitration arises during disputes.
In traditional systems, when business relationships are challenged or fail, parties may seek justice and protection of their interests in courts of arbitration and private settlements.
This necessitates the development and implementation of judicial processes which interpret contract terms and find ways to resolve such disputes.
The rate of technological development has rendered traditional judicial systems too slow and most often inadequate in solving many issues, especially as smart contracts are becoming prominent.
Disadvantages such as high cost of service, elongated duration of proceedings, delayed execution of judgement, among other setbacks, make these traditional processes incompatible with today’s systems.
To solve these problems, Jury.Online is creating a protocol for interaction between judges and the parties to deal, as well as a transparent, secure and convenient platform for making deals using Blockchain and modern cryptographic systems.
Jury.Online is a new service where any kind of small dispute can be resolved via its platform by EXPERT jurors who SPECIALISE in different sectors.
Moreover, it wants to abolish the high prices that professional legal services charge for minor cases. What makes Jury.Online interesting is the manner in which it functions.
Deals are executed in the form of smart contracts via blockchain Smart contracts are executed with predetermined conditions by parties and blockchain data cannot be modified or altered, making the process safe and secure.
IT IS HIGH TIME WE DID AWAY WITH BOTTOM CEREBRAL BARREL DREGS LAWYERS AND JUDGES—WHO DON’T KNOW ASSHOLE FROM ELBOW , OR IF THEY ARE COMING OR GOING
Jury.Online is founded by Alexander Shevtsov, a mathematician and high-qualified specialist in cryptography, with a background in abstract and theoretical areas of mathematics.
Alexander is the author of several educational articles such as “Advanced encryption standard” and “Hash Algorithms”. A Blockchain developer and enthusiast, Shevtsov also writes smart contracts on Ethereum.
Alexander Shevtsov’s idea is to digitalize some spheres of life which were not intended to be digitized. This has earned him the reputation of a “romantic mathematician who sees the world in zeroes and ones”.
Konstantin Kudriavtsev is the project’s CTO, and has a degree in technical cybernetics.
In general, all the technologies separately (p2p Protocol, encryption, etc.) were known. By combining them together, the technical world has received Blockchain technology as a breakthrough which no one can afford to miss.
Konstantin Kudriavtsev is popularly described as a Blockchain enthusiast who wants to develop current solutions so they can be applied to Blockchain standards.
Secure and transparent arbitration--Jury.Online is providing a platform for deals reinvention where disputes can be resolved very quickly with minimal hassles.
Built on the Blockchain, every information on the platform is open and accessible by any computer connected to the network, therefore contract and arbitration proceedings are transparent, secure and immutable.
The Jury.Online platform creates workplaces where arbiters from around the world can join and provide the price for which they are willing to work. Counterparties would make their choice of arbiters on an established cost of service, and the jury’s decision settles the dispute.
The platform is a decentralized arbiters market where anyone can apply to be an arbiter within or without a pool to Jury.Online project, with a background and experience description, and get a chance to become a professional arbiter.
FOR EXAMPLE— WHO COULD BE A BETTER EXPERT ON MARITIME DISPUTES THAN CAPT AJIT VADAKAYIL.. WHICH SHIT ASS LAWYER , JUDGE OR MARINE ADJUDICATOR CAN BE BETTER ?
Oracle Blockchain Cloud Service can help companies reduce friction in business-to-business transactions by eliminating the need for third-party intermediaries..
Oracle Blockchain Cloud Service provides preassembled blockchain code that’s optimized for many standard business processes, including ERP transactions that traditionally require third-party validation.
Blockchain addresses the problem of trust between organizations by providing independent validation through a tamper-resistant, peer-distributed ledger, thus eliminating the need for offline reconciliation.
Blockchain can remove the need for intermediaries and replace it with cryptographically secure protocols.. It will help companies extend the boundaries of their enterprises
A type of guarantee crucial for creating trust between new business clients, letters are being encoded on a blockchain as part of the trial with the help of Microsoft Azure's blockchain-as-a-service sandbox.
In essence, instead of letters being manually sent between multiple parties, they are being translated into smart contracts on a private version of Ethereum blockchain.
Ethereum is a platform that is specifically designed to make it possible for users to create their own permissioned blockchains (that is, blockchains with various degrees of accessibility). Microsoft Azure positions itself as a cloud platform specifically designed for developers to create their own apps with the wide range of tools the company provides.
A blockchain built within Azure needn’t run within it. It can simply be connected to Azure but work independently. Thus, outside the system an Azure blockchain can be used for a risk service, while the general environment remains safe.
As an open, flexible, and scalable platform, Azure supports a rapidly growing number of distributed ledger technologies that address specific business and technical requirements for security, performance, and operational processes. Microsoft initially launched Azure Blockchain-as-a-Service in November 2015.
In 2016, Microsoft took the wraps off version 1 of its Project Bletchley blockchain template/middleware, which was meant to help customers and partners create private consortium Ethereum networks.
A consortium of India-based banking firms including State Bank of India, ICICI Bank and DCB Bank has formally selected Microsoft Azure as their exclusive cloud partner.
Chinese WanCloud is unique as an ecosystem in that it allows users to work with open-source blockchains more easily and in one place. Unlike traditional Blockchain-as-a-Service (BaaS) providers that have private networks or build on top of one public chain.
WanCloud provides an ecosystem for open-source blockchain protocols to be localized and made easily accessible to the Chinese development community and enterprise users.
WanCloud is essentially a bridge between the global blockchain development community and China.. WanCloud joins a burgeoning group of blockchain subsidiaries for Wanxiang Group under Wanxiang Blockchain Corporation
Oracle’s Blockchain service is a high level of integration with Oracle Cloud through REST API. REST enables easy communication between different applications on the basis of a certain architectural principle.
The main takeaway here is the fact that Oracle’s Blockchain service will use a well-known, standardized integrating principle, which should enable easy and low-cost implementation of blockchain applications.
Moreover, this is likely to increase the attractiveness of Oracle Cloud platform, as REST API will make it easy to build or scale blockchain applications on a basis of Oracle’s platform. Representational state transfer (REST) or RESTful web services is a way of providing interoperability between computer systems on the Internet.
REST-compliant Web services allow requesting systems to access and manipulate textual representations of Web resources using a uniform and predefined set of stateless operations.
LET ME LET OUT A SECRET
MY CHANGE MANAGEMENT AT SEA INVOLVED MY OWN SYSTEM BLOCKCHAIN SMART CONTRACTS—AS MY SYSTEM WAS “DOMINO “BASED—USING MY LITTLE PINKY FINGER TO START AND STOP
One can imagine a smart contract as a database, in which the most diverse events are predefined and aligned. A review of whether a particular event has occurred, enabling the next “domino” to fall is takes place in the network in a decentralized manner. This is commonly referred to as the “Smart Contract Due Diligence” (SCDD) process.
Smart contracts are a series of instructions, written using the programming language “solidity”, which work on the basis of the IFTTT logic aka the IF-THIS-THEN-THAT logic.
Basically, if the first set of instructions are done then execute the next function and after that the next and keep on repeating until you reach the end of the contract.
Suppose you just bought something from a vending machine in the Ethereum network, how will the steps look like then?
Step 1: You give the vending machine some money and this gets recorded by all the nodes in the Ethereum network and the transaction gets updated in the ledger.
Step 2: You punch in the button corresponding to the item that you want and record of that gets updated in the Ethereum network and ledger.
Step 3: The item comes out and you collect it and this gets recorded by all the nodes and the ledger.
Every transaction that you do through the smart contracts will get recorded and updated by the network. What this does is that it keeps everyone involved with the contract accountable for their actions. It takes away human malice by making every action taken visible to the entire network.
But, having said that, what mainly incentivizes these people to fulfill their end of the bargain anyway? What are they getting by helping out the requestors? This is where Ether comes in.
Every single step in a smart contract is a transaction or a complex computation and would have a cost that is measured in “gas”. The price of this gas is paid by the requester in “Ether”.
Ether is the currency with which everything runs in the Ethereum. When people talk about ETH and ETC they are actually talking about the value of the Ether in their respective blockchain.
Every command has a specific gas limit which ensures that a buggy piece of code doesn’t end up depleting your entire ether wallet. So basically, the main reason why people fulfill their end of the bargain in a contract is that they are incentivized to collect Ether.
What happens when your ether supply gets depleted in the middle of the contract? If you do not have the ether required for all the gas payments, then all the transactions that have already taken place during the course will go back to the original state.
But, your ether wallet will still reflect the change in balance since all transactions made in the blockchain are irreversible.
Going forward it is very important that you have two things absolutely clear:--
Smart contracts are how things get done in Ethereum. Ether is the currency that is used in the Ethereum network to do anything.
The primary difference between Ethereum and any other cryptocurrency is that it’s not just a currency, it’s an environment. Here anyone can take advantage of the blockchain technology to build their own projects and DAPPS (decentralized applications) through smart contracts.
This is a very important distinction because this very thing shows you the true scope of what is possible in Ethereum.
With smart contracts, it is easy to map complex network decisions – an advantage that should not be underestimated. Due to the decentralized storage of the blockchain, the decision processes is largely guarded from unauthorised manipulation.
Smart Contracts are unchangeable , and hence this distinguishes them from the general rule of civil law that treaties have to be subject to an evaluative consideration. There is an infinite number of reasons why a contract or a business action to fulfil a contractual obligation can be void, suspended or contestable.
It is important to assess whether actual exchanged material or monetary values must be returned. This cannot usually be achieved by an automated software code. It is just not possible to consider and program all eventualities in advance.
For this, “artificial intelligence” (AI) would be required. Even if the development of smart contracts goes in this direction – as it must – one must accept the fact that smart contracts do not currently have this intelligence.
From a legal point of view, the discussion about the use of so-called “hard-forks” is of particular interest. Hard forks are retrospective interventions in the existing protocol of a blockchain. The principle of invariability is thus broken.
This, on the one hand, means a departure from the basic principle of each blockchain, but on the other hand, it permits the representation of a legally caused disturbance in the performance relation. If smart solutions are developed here, the range of applications of smart contracts will be inevitably widened.
Smart contracts have considerable potential for simplifying the digital handling of mass transactions, but they are not yet an autonomous “stand-alone” solution.
Unlike the term “contract“, a smart contract is not a contract in the civil law sense. It is a software code, more precisely, a very specific expression of a blockchain.
Automatic machines – that are able to grasp the insertion of a coin and the selection of a brand of confectionery, enabling the desired product to land in the dispenser – can be considered predecessors of the smart contracts.
Modern smart contracts are designed to define what should happen when a certain predefined event occurs (if-then-logic) between two or more contract partners in one network in a decentralized manner.
If, for example, a previously agreed payment is made, the delivery of goods ordered on the Internet can be triggered via the smart contract.
On the other hand, actions such as payment or investment can also be triggered by the fact that a certain number of participants declare their agreement. With smart contracts, it is also easy to map complex network decisions – an advantage that should not be underestimated.
Due to the decentralized storage of the blockchain, the decision processes is largely guarded from unauthorised manipulation.
THIS POST IS NOW CONTINUED TO PART 8 ,BELOW--
CAPT AJIT VADAKAYIL