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Jul. 4—WILLIAMSBURG — Two graduate students at University of the Cumberlands who received research fellowships to study emerging blockchain technologies have recently published their findings.
Greg Solt (Columbus, OH) and Arunkumar "Arun" Azhagudurai (Chicago, IL) are both students in University of the Cumberlands' online Master of Science in Global Business with Blockchain Technology degree program. In summer 2022, they received a $6,000 research fellowship from Phemex, a crypto exchange located in Singapore, to study innovative syllabus related to blockchain. For months, both students participated in a personalized blockchain research module and worked wone-on-one with Phemex staff exploring syllabus related to smart contracts, blockchain applications, and their integrative potential in other industries such as supply chain and IoT (internet of Things).
Greg Solt published his findings in an article entitled "Tracking Bourbon on the Blockchain." As his paper states, "The alcohol industry has developed two large and lucrative markets in the last few years... Since this market has become so large, there has become a larger counterfeit market for both bourbon and wine. The counterfeit market is robbing millions and millions of dollars from suppliers and consumers every year. This paper will explain the use of blockchain technology and how it can help to track these bottles." 1
Using his research in Internet of Things (IoT) sensors, mobile technologies, radiofrequency identification (RFID), and the Ethereum blockchain and its smart contracts capability, Solt provides insight into how these technologies can bring better accountability, visibility, and efficiency to bourbon and wine supply chains.
Arun Azhagudurai's article has four parts. As the introduction explains, "Part one will explore the concept of Industry 4.0 and how it's evolved over time. Part two will discuss the eight essential emerging technologies that have the potential to disrupt the economy we know today. Part three will discuss the sustainable frameworks for smart cities by looking at industries such as health care, supply chain, manufacturing, finance, insurance, and real estate. Part four will relate the eight essential technologies and the concept of smart cities back to how they can help scale and service a living ecosystem for Industry 4.0."2
Azhagudurai noticed the rapid expansion of digital technologies in exact years and how the technological advances are "reshaping the social and economic landscape around us."2 Since the technologies are here to stay, he decided to study them and research ways in which they can realistically be used to best benefit humankind across various sectors.
University of the Cumberlands' online master's degree program in global business and blockchain technology is offered year-round at one of the lowest price points in the country. Learn more at www.ucumberlands.edu/academics.
1 — https://phemex.com/student-foundation/papers/bourbon-blockchain
What Is a Blockchain Operating System?
A blockchain operating system uses blockchain as a support system that runs in the background of a computer system or platform. For instance, your Android mobile or Windows PC needs a local installation of the respective operating system (OS) on the smartphone’s memory or on the PC’s hard disk, and all transactions and commands are executed locally. A blockchain-based OS captures all commands and transactions from a user’s device where authenticating, executing, and recording them occurs on the blockchain.
Key Takeaways
- A blockchain operating system leverage blockchain ledger technology to run computer systems or networks in whole or in part.
- In order to function as an OS, blockchain protocols must allow for the execution of computer code and commands from users.
- Initially aimed as OS for mobile phones or other connected smart devices, blockchain operating systems tout a high level of data security and user anonymity.
Understanding Blockchain Operating Systems
Beyond the standard payment processing system of the popular Bitcoin cryptocurrency, blockchain is finding extensive use all across the technology stack. The emerging fad among the technical development on distributed ledger technology is the blockchain operating system.
A blockchain essentially works as a ledger turned transaction processing engine. Whether you need a payment processed, or you need to arm your cryptokitty with the latest gadget on the Ethereum platform, or if you want to track your high-cost wine shipment right from the vineyard to your doorstep on the VeChain blockchain, all such applications of blockchain are based on authenticating, recording, and processing transactions.
Any standard operating system, be it Microsoft Windows, Apple Mac, or mobile systems like Android or iOS, also executes transactions based on user commands issued through mouse-clicks or screen-taps where all the tasks get completed locally on the device. The same concept is extended to the use of a blockchain for device OS, where its use for working as an operating system is seen as a more efficient OS.
Examples of Blockhain OS Efforts
Early attempts to build blockchain-based OS first emerged for mobile and smartphone use, and it was a cloud-based virtual system. All the necessary transaction processing occurs on the cloud-hosted blockchain-based data center, with the user only issuing necessary commands through the taps on the device touchscreen.
For instance, Hong Kong-based NYNJA Group Ltd. has a strategic collaboration with Amgoo smartphone makers for its blockchain-based NYNJA virtual operating system (vOS). The two companies will work with telecom operators in Latin America to provide NYNJA vOS users with an initial block of data upon activation. The vOS supports a communication layer offering text, voice, video conferencing, and project management tools, a secure payments layer for commercial transactions, and a multi-currency wallet that supports Bitcoin, Ethereum, and all ERC-20 compatible tokens.
The OS platform also supports a marketplace for commercial activities—like allocating the skilled ‘gig economy workers to specific job demands from the users, and a market for users to buy and sell goods. The vOS is supported by its native cryptocurrency called NYNJAcoin or NYN.
Special Considerations
All benefits and advantages of blockchain are expected to be available to blockchain OS users.
Whatever a user does on their Android or iOS mobiles, or Windows or Mac PCs is prone to be captured by the respective apps, ISPs, as well as OS manufacturers who may record all user activities in the OS logs. Blockchain-based OS offers benefits of security and privacy, and the de-regulated, decentralized use of OS.
The concept is still evolving, and real-world use is limited. However, if it succeeds in offering a smooth and clutter-free working of the device OS, it may not be too far to see more and more devices running on such blockchain OS.
Isaura Daniel
isaura.daniel@anba.com.br
São Paulo – On the one hand, blockchain and its ample application possibilities. On the other hand, Brazil’s trade relationship with the Arab countries and its growth potential. Uniting these two universes and verifying how the first is benefiting and can make the latter advance even further was the object of research of 23-year-old University of São Paulo (USP) graduate student Helena Leite Rodrigues Fernandes from São Paulo (pictured above).
Earlier this August, Fernandes presented her final assignment for her MBA in Digital Business at the Luiz de Queiroz School of Agriculture (ESALQ) of USP, titled “Blockchain technology: Opportunities for applicability in trade relations between Brazil and the Arab countries.” The work received full marks, and the professors who accompanied the research presentation indicated it would remain in the USP Library as a reference.
The story of the São Paulo native with technology began at the Arab Brazilian Chamber of Commerce (ABCC), where she worked in the customer relationship management (CRM) system for four years. Despite having a degree in Marketing, based on her experience with software, the young woman wanted to delve into technology and became interested in blockchain. “I like to study, and I told myself: Let’s see what’s trending in the technology market besides CRM. I discovered several very cool things,” she said.
Fernandes started studying blockchain initially in a self-taught way, relying mainly on content in English, as she found little information on the subject in Portuguese. She also started to attend blockchain events and workshops. When she went looking for an MBA in 2020, however, she did not find courses specifically focused on the subject but believed USP’s Digital Business was a good way to unite blockchain and business, which she intended to study.
Interest in technology led her not only to a graduate degree in the area but also to a change in her job sector. Working at the ABCC for seven years, where she started as an apprentice, Fernandes moved between the Commercial and Marketing departments, and as of early 2023, moved to the Information Technology (IT) department, where she is Product Owner and gives support for a blockchain project, among other activities.
The ABCC developed the Ellos platform, which includes Easy Trade – a blockchain tool to digitally operate customs clearance for trade between Brazil and the Arab countries, eliminating paperwork. The solution is already used in exports from Brazil to Jordan and could soon be used by other Arab countries. Easy Trade on the Ellos platform was the case studied by Fernandes in her MBA.
“The blockchain is very customizable; it is so flexible we can apply it in certain sectors according to specific demands. It provides many benefits; it is secure, transparent, traceable, and scalable. These characteristics accompany the blockchain regardless of application. We can use it in the financial sector, supply chain, and several applications; it remains safe, transparent, traceable, and scalable,” she said.
Based on experience with the Ellos platform, the researcher pointed out the benefit of using blockchain technology in Brazil’s trade with the Arab countries, in addition to existing challenges and new opportunities for application. The study began with an overview of blockchain technology, Brazil-Arab countries’ trade relationship, and its potential. “Brazil and the Arab countries are significant partners; they have huge potential, and blockchain also has,” said Fernandes.
The researcher interviewed professionals from different ABCC departments about the applicability and benefits of the Ellos platform and its blockchain. International Relations professionals from the institution perceived the benefit of sustainability of the process by using digital documents instead of paperwork, no longer sending it physically, which would generate emissions of pollutants in transport.
Market Intelligence pointed out the technology’s traceability and security, bringing more accuracy and transparency to export data, including creating public policies to strengthen the relationship between countries. The commercial area sees cost savings with the exemption of paperwork, even offering a more competitive product to the international market. The shortening of deadlines, from 15 days to four hours, was also pointed out as a benefit, which could impact business margins.
A new applicability suggested for blockchain in the Brazil-Arab countries trade relationship and pointed out in the research was the traceability, mainly for halal products. Halal goods are produced according to Islamic religious requirements and must follow given standards and procedures. The blockchain could track this entire process and make the information available to the consumer.
One of the challenges pointed out was the infrastructure, since for the blockchain to work, the internet is needed, and not all countries have the necessary network. “But if a project is implemented, we could help these countries to have this basic infrastructure,” said Fernandes. Other challenges are finding professionals qualified in blockchain – which are scarce – and the cost, which is very much linked to the value of the workforce. “There are not many qualified professionals, and this market is trending, so the cost is high,” stated Fernandes. Other blockchain expenses, such as cloud storage and server hosting, are not usually expensive.
With the MBA and the experience gained, Fernandes positions herself as a professional who proposes and conducts business projects using blockchain and manages to plan the architecture for them to a stage before a technical scope. She explained she is not a developer and, therefore, not a professional who creates a blockchain platform from a technological point of view.
The final paper, “Blockchain technology: Opportunities for applicability in trade relations between Brazil and the Arab countries” was supervised by professor Bruno Henrique Sanches and will be made available at the USP Library soon for public consultation. It could also serve as a base for a scientific paper for a conference or magazine.
Translated by Elúsio Brasileiro
Press release
Looking at specific use-case, in Supply Chain management, blockchain can help companies proactively detect and mitigate supply chain risks before any severe impact occurs. Moreover, blockchain is used in the tokenization of assets where an issuer can create digital tokens on a distributed ledger, which represent either digital or physical assets. The technology ensures that once you buy tokens that represent an asset, no one else can erase it or change your ownership. Even the Government of India is exploring various ways to leverage blockchain in KYC and digital identification2.
Let us understand this further.
What is Blockchain?
At its core, blockchain is a decentralised and secure digital ledger that records transactions in a transparent and immutable manner. In its current form, Blockchain has changed the way we secure, verify, and transact digital assets and information. Given that the technology works on a decentralised network of participants, it creates an immutable and transparent digital ledger that records transactions in a tamper-resistant manner.
Why is it important to build blockchain expertise right now?
Given the rapid pace at which the blockchain is adopted by various industries across the globe, there’s a growing need for professionals who understand the technology and help brands and companies leverage it to stay ahead of the curve. To tackle this specific challenge, IIIT Hyderabad Blockchain Center of Excellence and TalentSprint have curated a special course to empower those who want to not just make a career in blockchain and also pave the way forward. The course titled Advanced Certification Course in Blockchain and Distributed Ledger Technologies aims to help learners provide a hands-on learning experience about this disruptive technology.
Which aspects of blockchain are covered in the course?
In the 6-months of learning, one can expect to cover key syllabus and gain skills such as blockchain fundamentals and how to build Smart Contracts using Ethereum & Solidity. The course will also teach about building DApps (Decentralized Apps) using Hyperledger and learn about how the industry is using blockchain Tradeoffs across Multichain, Ripple, Corda, EOS & Cosmos. There are multiple Capstone Projects & Specific Projects that enable a learner to gain on-the-job knowledge about blockchain.
What do the experts at IIIT Hyderabad say about the course?
Dr Kannan Srinathan, Lead Faculty at IIIT Hyderabad, said, "Blockchain is a unique technology, which for the first time encompasses all the aspects of game theory, distributed computing as well as cryptography, confluence and coming together so that trust emerges. Currently, IIIT has decided to have executive education on blockade technologies.”
Blockchain and Distributed Ledger Technologies
Sunil Aggarwal, Dean - Blockchain Programs at TalentSprint, said, "Anything which can be transacted digitally will ultimately embrace blockchain. IIIT Hyderabad is running not only a special program in blockchain but it is also running a centre of excellence in the blockchain. This combination is something you cannot get anywhere else in India. Any successful participant after this program would be able to build an independent business application using either Ethereum blockchain or Hyperledger Fabric blockchain framework. Not only can the learner actually participate in all kinds of blockchain-based uses, but they can also participate in building unique distributed ledger technology solutions.”
Harsh Patel, Faculty at IIIT Hyderabad, said, " The main aspect for the core skills is to make students understand what are the various use cases that are possibly using blockchain and how it can be applied in the real world. To take some examples, we provide around 19 lessons on blockchain and also hands-on experience on smart contracts by virtue of lectures as well as the labs.
How does this course make you an expert in blockchain?
This 6-month long course will help you understand the ins and outs of blockchain technology. Apart from teaching you the fundamentals of blockchain, the course will help those who want to accelerate their career growth with expertise in blockchain. Once the course is completed, learner will be able to
- Take the initiative & lead Blockchain projects in their organization.
- Build their own Blockchain or Blockchain-based apps.
- Use practical skills to develop blockchain-based solutions
- Gain a holistic view of how this technology helps in providing solutions through use-cases
- Advance their career in the blockchain field in the innumerable opportunities in the field
Sunil Aggarwal, Dean - Blockchain Programs at TalentSprint, added, "You can become a blockchain architect, you can become a blockchain developer, as well as you can actually design new blockchain business models. See, everybody wants to build new kinds of wealth systems, and blockchain is a big opportunity for building those new wealth systems, and that is why we need hundreds and thousands and millions of quality professionals. And I would say that blockchain is going to be a sunrise industry, and it will maintain its growth for at least the next 20 years."
What insights do program alumni offer regarding the program's worth?
Talking about their experiences with Advanced Certification Course in Blockchain and Distributed Ledger Technologies from IIIT Hyderabad, learner Chitrabandhu Ghosh, Vice President - Investment Bank, said, "Currently, there is no other course in India that combines such extensive depth and breadth within its curriculum.”
Another participant of the course, Tabitha Lavanya Mamilla, Capability Manager at Tech Mahindra, said, "Speaking about the curriculum design, I must highlight its remarkable ability to make learning accessible to beginners while ensuring expertise by the end of the program."
Cohorts of Advanced Certification Course in Blockchain and Distributed Ledger Technologies from IIIT HyderabadPhanindra Dasika, Senior Project Manager at Microsoft and a learner at IIIT Hyderabad said, "In the online sessions, we get to interact with the professors. It's not a monologue but a dialogue between the professors and the learners.”
Taraka Prabhu, Senior Blockchain Engineer at Tech Mahindra, said, "I would definitely say that this has transformed my career for the next three to four decades."
How is the program delivered?
The IIIT Hyderabad's Advanced Certificate Program in Blockchain and Distributed Ledger Technologies is a 6-months program which provides a comprehensive take on blockchain technology. The course provides a hands-on learning experience about the latest in blockchain technology. The program covers multiple formats of online learning such as 100% Live Interactive Sessions with IIIT Hyderabad faculty on weekends, Hackathons, Projects and Group Assignments. IIIT Hyderabad also provided handholding for Startups & one-to-one mentorship.
Who should enroll in this course?
Professionals with a minimum of 1 year of work experience, readiness for learning basics of coding and a eager interest in venturing into the blockchain sector are most suitable for this course. Entrepreneurs exploring blockchain-based business opportunities will also gain multiple essential inputs from this course. A diverse range of professionals having 1 to 15 years of work experience from various industries such as IT, Manufacturing, Supply Chain, Consulting, Finance, Automobiles, Fintech, Blockchain startups and many more have benefitted from this course.
Why should you opt for the Course on Blockchain from IIIT Hyderabad?
With the technology already on the radar of multiple companies and governments, it is time to provide a boost to your career with the Advanced Certification Course in Blockchain and Distributed Ledger Technologies from IIIT Hyderabad. The course not only helps you understand the fundamentals of blockchain but also helps you apply the learning to real-world applications. Wait no more and book your seat today!
To learn more about the course, click here.
1. https://www.gartner.com/guest/purchase/registration?resId=3627117&srcId=1-3478922230
2. https://www.niti.gov.in/sites/default/files/2020-01/Blockchain_The_India_Strategy_Part_I.pdf
Disclaimer: The article has been produced on behalf of TalentSprint by the Times Internet's Spotlight team.
It’s a buzzy, exciting technology, but blockchain is only in the early stages of development. Cryptocurrencies have been making dramatic headlines for their outsized gains and tremendous losses, but more pragmatic blockchain applications have had a much lower profile.
Large, established public companies have dabbled in blockchain businesses while smaller, more focused firms have put blockchain and crypto at the core of their operations. In either case, there has yet to be a killer app that has made the case for blockchain as a core part of the future of business and technology.
This means investing in the stocks of just one or a few blockchain or crypto-focused companies is very risky. That makes choosing a diversified blockchain ETF a less risky way to get exposure to the industry. The blockchain ETFs on our list invest in dozens or even hundreds of stocks, providing plenty of diversification in a single fund.
Given how rapidly the blockchain space is evolving, choosing a blockchain ETF for your portfolio could be the best possible choice for investing in the industry.
Michael Adams held a position in NVIDIA Corp at the time of this publication.
New Delhi [India], August 12: Bharat Blockchain Yatra (BBY), an awe-inspiring journey that spans 25 series of events, spreading its wings across 18 states in India. First of its kind Tech Tour on Web3 & Blockchain. Narrating India's Blockchain Story - The Shift from Hype to Value had its curtain raiser event held at the iconic T-Hub in Hyderabad. This event marked a significant milestone in India's blockchain journey and brought together an enthusiastic gathering of government representatives, industry leaders, blockchain experts, developers, students, and thought leaders.
Event Highlights at T-Hub:
The curtain raiser event commenced with a remarkable inauguration, led by Sudharshan Reddy Minumula, CEO of IDS, and Voruganti Aravind, Convenor of BBY. Speaking on the occasion, Sudharshan, CEO of IDS said that, we have been pioneers in the enterprise blockchain space, providing cutting-edge blockchain solutions to governments and corporates worldwide across 9 Industry verticals. He extended special thanks to Kamal and Stefan of The Hashgraph Association for being Headline sponsor and supporting this initiative of unprecedented scale. Further, he also thanked Chandrashekar Buddha for all support and encouragement from AICTE, Ministry of Education to make this initiative happen. Aravind Voruganti said that this journey explores the immense potential of blockchain and Web 3 across India. Bharat Blockchain Yatra is a testament to our commitment to fostering blockchain innovation and entrepreneurship in India. Our goal is to not only raise awareness about value-driven blockchain use cases but also provide a platform for companies and startups that have not received the limelight they deserve, he added.
Chandrasekhar Buddha, CCO of AICTE, graced the occasion and launched the B-ON portal. Speaking on the occasion, he said that India has biggest advantage of demographic dividend and youth of our country should take the advantage of scaling their startups in emerging technologies like Blockchain. He issued a letter of support to Bharat Blockchain Yatra and Bharat Blockchain Network from AICTE which was received by Aravind Voruganti, Vice President IDS and Sunil Yadavalli, Business Head IDS.
Stefan Deiss from The Hashgraph Association eloquently shared Hedera's profound vision for India's blockchain landscape and unveiled the "Hedera India Hackathon 2023". As part of this initiative, the top three selected startups will each receive up to Rs 2 Crore in grant funding to develop scalable and utility-driven applications on Hedera. He also announced that one representative from each of the chosen companies will embark on an incredible two-week journey to Switzerland, collaborating closely with Hedera's engineering teams which will allow them to gain invaluable insights and expertise from the industry's best, propelling their projects to new heights of success.
The event witnessed multiple expert speaker sessions, panel discussions, product showcases and demonstrations from industry leaders in Web 3.0 space which ignited discussions, collaborations, and ideas that will shape the future of blockchain technology in India. Hyderabad Software Enterprises Association (HYSEA) and The Federation of Telangana Chambers of Commerce and Industry (FTCCI), played a vital role as ecosystem partners. Future Skills Prime and Telecom Sector Skill Council (TSSC) were skilling partners for Bharat Blockchain Yatra while Hyperledger India Chapter, Blockchained India, and Hyderabad DAO have contributed to the event success as community partners.
For more information about the Bharat Blockchain Yatra event please visit: https://www.bharatblockchainyatra.com/
Join our Discord community: https://discord.gg/yeUzsfenk7
(Disclaimer: The above press release has been provided by SRV Media. ANI will not be responsible in any way for the content of the same)
What Is Ripple?
Ripple is a blockchain-based digital payment network and protocol that uses its own cryptocurrency, XRP. Ripple's main focus is as a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers used by banks and financial intermediaries dealing across currencies.
The token used for the cryptocurrency is premined and uses the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks—as a sort of temporary settlement layer denomination. Ripple was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb.
Key Takeaways
- Ripple is a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP.
- Rather than use blockchain mining, Ripple uses a consensus mechanism, via a group of bank-owned servers to confirm transactions.
- Ripple transactions use less energy than Bitcoin, are confirmed in seconds, and cost very little, whereas Bitcoin transactions use more energy, take longer to confirm, and include higher transaction costs.
- Ripple (XRP) ranks among the most valuable blockchain-based tokens by market capitalization.
- The Ripple payment system is intended to be used primarily by banks, but individual investors can speculate on the price of XRP.
Understanding Ripple
Ripple operates on an open-source and peer-to-peer decentralized platform that allows for a seamless transfer of money in any form, whether it's dollars, yen, euros, or cryptocurrencies. It is a global payments network and counts major banks and financial services institutions among its customers. XRP is used to facilitate quick conversion between different currencies.
Ripple as a Digital Hawala Network
To understand how the system works, consider a money transfer structure where the two parties on either end of the transaction use their preferred intermediaries to receive the money. In effect, Ripple functions as a digital hawala service. Hawala is an informal method of transferring money, usually across borders, without any physical money actually moving.
For example, imagine Lawrence needs to send $100 to River, who lives in a different city. Lawrence sends the funds to a local agent, Kate, and provides a secret password that River must correctly answer to receive the funds in their city. Kate alerts River's agent, Asuka, of the transaction details—recipient, funds to be reimbursed, and password. If River gives Asuka the right password, Asuka gives them $100.
However, the money comes from Asuka's account, which means that Kate owes Asuka $100 (which will be settled at a later date). Asuka can either record a journal of all Kate's debt, which Kate would pay on an agreed day, or make countertransactions that would balance the debt. This multi-step transaction requires a network of trust, which Ripple bypasses using a blockchain network.
Any person or business can register and open a gateway, which authorizes the registrant to act as the intermediary for exchanging currencies, maintaining liquidity, and transferring payments on the network.
Ripple's Digital Currency XRP
Ripple's digital currency, XRP, acts as a bridge currency to other currencies. It does not discriminate between any fiat/cryptocurrency, which makes it easy for any currency to be exchanged for another. Each currency on the ecosystem has its own gateway—for example, CADBluzelle, BTCbitstamp, and USDsnapswap. If River wanted bitcoins as payment for the services rendered to Lawrence, Lawrence does not necessarily have to be in possession of any bitcoins. He can send the payment to his gateway in Canadian dollars (CAD), and River can receive bitcoins from his gateway. One gateway is not needed to initiate a complete transaction; multiple gateways can be used, forming a chain of trust rippling across the users.
Holding balances with a gateway exposes the user to counterparty risk, which is also present in the traditional banking system. If the gateway does not honor its liability, the user could lose the value of money held at that gateway. Users who don't trust a gateway can, therefore, transact with a trusted gateway that deals with the "untrusted" gateway. This way, the IOU will be transacted through a trusted or creditworthy-certified gateway.
How Ripple Works
The Ripple network does not run with a proof-of-work (PoW) system like Bitcoin or a proof-of-stake (PoS) system like Ethereum. Instead, transactions rely on a consensus protocol to validate account balances and transactions on the system. The consensus works to Excellerate the integrity of the system by preventing double-spending.
A Ripple user that initiates a transaction with multiple gateways but attempts to send the same $100 to the gateway systems will have all but the first transaction deleted. Individual distributed nodes decide by consensus which transaction was made first. The confirmations are instant and take roughly five seconds. Because no central authority decides who can set up a node and confirm transactions, the Ripple platform is described as decentralized.
The XRP Ledger keeps track of all IOUs in a given currency for any user or gateway. IOU credits and transaction flows between wallets are publicly available on the XRP ledger. But even though financial transaction history is publicly recorded and made available on a blockchain, the data is not linked to the ID or account of any individual or business. However, the public record of all dealings (i.e., the blockchain) makes the information susceptible to de-anonymization measures.
The Ripple payment system is mainly intended to be used by banks, although individual investors may speculate on the price of XRP.
Special Considerations
Ripple improves on some of the drawbacks attributed to traditional banks. Transactions are settled within seconds on the Ripple network (even though the platform handles millions of transactions frequently).
This is unlike banks, which could take days or weeks to complete a wire transfer. The fee to conduct transactions on Ripple is also minimal, with the minimum transaction cost required for a standard transaction set at $0.0002 XRP, compared with the hefty fees charged by banks for conducting cross-border payments.
Is Ripple Better Than Bitcoin?
Ripple transactions use less energy than Bitcoin, are confirmed in seconds, and cost very little, whereas Bitcoin transactions use more energy, take longer to confirm, and include higher transaction costs.
How Does Ripple's Network Function?
Ripple network transactions rely on a consensus protocol to validate account balances and transactions on the system. It does not run with a PoW system like Bitcoin or a PoS system such as Ethereum. Ripple's consensus aims to Excellerate the integrity of the system by preventing double-spending.
How Is Ripple Different from XRP?
Ripple is a global payments network with major banks and financial services providers as its customers. XRP is an open source cryptocurrency developed by Ripple that is used in Ripple products to facilitate quick conversion between different currencies.
The Bottom Line
Ripple is a decentralized blockchain designed to provide payment services that are faster than existing solutions for institutions globally using its native cryptocurrency, XRP.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own XRP.
Jul. 4—WILLIAMSBURG — Two graduate students at University of the Cumberlands who received research fellowships to study emerging blockchain technologies have recently published their findings.
Greg Solt (Columbus, OH) and Arunkumar "Arun" Azhagudurai (Chicago, IL) are both students in University of the Cumberlands' online Master of Science in Global Business with Blockchain Technology degree program. In summer 2022, they received a $6,000 research fellowship from Phemex, a crypto exchange located in Singapore, to study innovative syllabus related to blockchain. For months, both students participated in a personalized blockchain research module and worked wone-on-one with Phemex staff exploring syllabus related to smart contracts, blockchain applications, and their integrative potential in other industries such as supply chain and IoT (internet of Things).
Greg Solt published his findings in an article entitled "Tracking Bourbon on the Blockchain." As his paper states, "The alcohol industry has developed two large and lucrative markets in the last few years... Since this market has become so large, there has become a larger counterfeit market for both bourbon and wine. The counterfeit market is robbing millions and millions of dollars from suppliers and consumers every year. This paper will explain the use of blockchain technology and how it can help to track these bottles." 1
Using his research in Internet of Things (IoT) sensors, mobile technologies, radiofrequency identification (RFID), and the Ethereum blockchain and its smart contracts capability, Solt provides insight into how these technologies can bring better accountability, visibility, and efficiency to bourbon and wine supply chains.
Arun Azhagudurai's article has four parts. As the introduction explains, "Part one will explore the concept of Industry 4.0 and how it's evolved over time. Part two will discuss the eight essential emerging technologies that have the potential to disrupt the economy we know today. Part three will discuss the sustainable frameworks for smart cities by looking at industries such as health care, supply chain, manufacturing, finance, insurance, and real estate. Part four will relate the eight essential technologies and the concept of smart cities back to how they can help scale and service a living ecosystem for Industry 4.0."2
Azhagudurai noticed the rapid expansion of digital technologies in exact years and how the technological advances are "reshaping the social and economic landscape around us."2 Since the technologies are here to stay, he decided to study them and research ways in which they can realistically be used to best benefit humankind across various sectors.
University of the Cumberlands' online master's degree program in global business and blockchain technology is offered year-round at one of the lowest price points in the country. Learn more at www.ucumberlands.edu/academics.
1 — https://phemex.com/student-foundation/papers/bourbon-blockchain
