Major Types of Blockchain Projects that are emerging to decentralize the economy!

Major Types of Blockchain Projects that are emerging to decentralize the economy!
Blockchain app development
The term- ‘Blockchain’ was first coined in 2008 by Satoshi Nakamoto- an individual, or a group of people- its identity is not known till date. Blockchain was actually invented for serving as the public transaction ledger for Bitcoin cryptocurrency. But today, Blockchain solutions are solving several complex challenges for multiple industries. Blockchain Projects range from improving capital markets to data sharing/securing to seamlessly performing international payments. In this blog, I will discuss with you different types of Blockchain projects existing in the decentralized economy, along with a few basics of Blockchain technology and some vital benefits of Blockchain app development. Let’s get started.

Basics of Blockchain Technology

Simply put, Blockchain refers to the technology in which chains of blocks are created for carrying important data securely. This technology enables to timestamp digital documents so that altering or backdating them isn’t possible. Also, it helps the Blockchain app developers resolve the double records problem without requiring a central server.
This technology is also called Distributed Ledger Technology (DLT). It uses decentralization and cryptographic hashing. It is based on three concepts: Blocks, Nodes, and Miners. Conceptual working of Blockchain is explained in the below steps:
  • Transaction is initiated
  • Blocks are created for the transaction using the mining process
  • Blocks are sent to every node on the network
  • Nodes validate the transaction
  • Nodes are awarded for proof of work
  • Existing Blockchain embraces this newly generated blocks
  • Finally, the transaction gets completed

Potential Advantages of Blockchain App Development

The forward-thinking solutions provided by Blockchain app development will be virtually impacting almost all the sectors within a few years. This underlying technology is here to stay for decades to come as it offers advantages like the below:
  • Open-source
  • Easy to use
  • High-speed Transactions
  • Decentralization and Immutability
  • Elevated Traceability and Transparency
  • Lesser Frauds, Security Threats and Risks, etc.
  • Auditability
  • Top-grade Security
  • Better Accessibility to Important Data
  • Automatic reconciliation of Accounts
  • Improved Efficiency
  • Higher Integrity
  • Reliability and Trustworthiness
With the increasing demand for Blockchain technology, businesses are trying to adopt it in various forms. Different types of blockchain projects are coming up to keep abreast with the trending technology.

Categories of Blockchain projects

Blockchain Projects
‘Fear of Missing Out’ (FOMO) Projects
The FOMO projects, as their names depict, are the ones initiated by companies to be seen as a competitive organization following the current trends and does not fall behind in the business world. These Blockchain Projects are usually led by single companies, either used for in-house applications or with a few limited partners. They are mostly used as a marketing act. These companies do not have the adept knowledge on how Blockchain can be best employed for varying projects. Though they might not create much value but they are not always useless. They represent the companies as modern and futuristic, so the chance of getting prospective customers increases.
However, the companies going with such projects must be aware of ‘FOMO backlash.’ It means that if the project is poorly planned and fails in the long term, the company’s reputation can be at stake.
Opportunistic Projects
These kinds of projects are usually meant to solve issues related to record-keeping or any known problems. These projects provide long-term benefits to the companies even when they are not operating for some time. But looking at the downside of these projects, the companies may lose control over contracts and data later.
One of the examples related to Opportunistic Projects is the creation of the Australian Securities Exchange for streamlining financial trading. Another example is the project developed by the Depository Trust and Clearing Corporation (DTCC) for regulating records from credit-default swaps is for the US financial system.
Trojan Horse Projects
In this category of projects, one significant player like a dominant supply-chain participant, or a small group, or a digital giant builds a Blockchain project and invites other ecosystem participants for employing it. They come with a strong technological foundation and are meant to address the common and wide-reaching issues in a certain industry. These projects look quite attractive and are backed by a brand. But such projects may require the users to share their sensitive info, their company’s data, etc., and thus, transfer the control which may result in consolidation of the market for the main owner of Blockchain.
A food-tracking Blockchain system is a good example of a Trojan Horse project. It takes lesser time and effort comparatively to decide the point at which the food items were replaced/adulterated, the person responsible for this, and its further prevention. It allows accessing of the records to the users in real-time. But the requirement is that participants need to share their personal details on the network. This can be at times risky for the participants as they become dependent on owner’s technology and bound by their contract terms.
Evolutionary Blockchain Projects
Blockchain projects in this archetype are developed in order to evolve over time so as to utilize tokens with decentralized governance. As compared to the trojan horse project category, the business currencies in evolutionary type projects can trade at a lower risk level comparatively for the participants.
There is an example for these type of projects that comes from UEFA – the central committee for European football. This committee works with two Swiss technology companies namely- TIXnGO and SecuTix for the development of an evolutionary blockchain platform that provides a safer and equitable market for selling football tickets. In this project, token is created for each ticket so that all the purchases, transfers of each ticket can be tracked along with owner details.
Blockchain Native Solutions
This too is another kind of project that business leaders focus upon. They are a preferred choice of several start-ups or innovated even by teams of existing firms for disrupting an existing business model or for developing new market opportunities. They may start with some different facilities and perspectives, but eventually, they are expected to move in the direction of decentralized governance and tokenization. However, these solutions come with huge currency risks. As a result, businesses that are ready to experiment and manage their own data, prefer Blockchain Native Solutions.
The gaming and Education industries have been working upon such projects. Enjin is an example of this project type in the gaming sector. In the education sector, Woolf University, also known as ‘decentralized Airbnb for degree courses’, is the best-cited example.

Concluding Views:

Blockchain technology has emerged as a new-age solution to address numerous business challenges that include data sharing and workflows. Blockchain solutions are not just limited to cryptocurrency today. They are applicable to several industries like the healthcare industry for sharing the data securely, in the transportation industry for real-time operations, in real estate processing, in the voting mechanism, for cross-border payments, for tax regulation and compliance, for food safety, and much more. So if you are thinking of building an impactful software application using Blockchain app development services, this blog would prove to be useful.
This is it for now. I hope this read was insightful.
What are your views on this technology? Which type of Blockchain project have you worked upon?
Do share with us in the comments section below.

Angular11: Exciting New Features and Updates

Angular11: Exciting New Features and Updates

Angular 11

“The Angular framework is used by 25.1% of developers across the globe” – states a survey report published by the renowned portal Statista in 2020. As per this report, Angular is the third most favorite choice of developers worldwide. This framework is known for its technical goodies and frequent updates. Each updated version intends to harness the latest technological innovations and improving the Angular experience. The proactive Angular team recently released yet another updated version, Angular11. The Angular11 release date is November14, 2020, and this release has strengthened Angular app development further.
Angular11 aims at addressing the bug-issues that have been raised by the community which ultimately intend to improve the developers’ experience. Furthermore, Angular11 ushers in a plethora of improvements, modifications, and deprecations for simplifying the developmental process. As such, every Angular App Development Company should be well versed with the prominent updates in Angular11.
This article will enlighten you about the new updates introduced in Angular11. So, get ready to embark on a journey into the world of Angular11.

The Notable Updates, Add-ons, Deprecations, and Modifications introduced in Angular11

Enhancements in Component Test Harnesses
Component test harnesses were initially introduced in the 9th update of Angular. It offered a sturdy and legible API surface that facilitated testing of Angular material. It enabled developers to interact with the components of Angular Material by making use of supported API during testing. However, this feature was only available for Angular Material so far. Angular11 has added harnesses for all the components. As a result, testing became much easier, and the developers now create sturdier test suites. Besides, Angular11 also introduces parallel functions, new APIs, and performance enhancements. The parallel function feature works with asynchronous actions during testing, as it allows developers to carry out several asynchronous interactions with components simultaneously. The manual change detection feature allows developers to disable the auto change detection mode while unit testing and gain a finer-grained access control of change detection.
Refurbished Hot Module Replacement (HMR) Mechanism
The existing mechanism of HMR (Hot Module Replacement), which enables Angular developers to replace modules without having to refresh the full browser, is refurbished in Angular11. Now, a CLI command is introduced so that the developers have to put so much lesser effort to configure HMR. To enable HMR, one simply needs to employ the ng serve command along with an hmr tag.
Operation Byelog Updates
Operation Byelog was one of the items when the Angular’s Roadmap was shared by the Angular team. The team’s objective was to put in lots of engineering efforts for triaging PRs and issues till they could clearly understand the needs of the huge community. Their initial intention of this goal was fulfilled with the release of Angular11. The reason is all issues have been triaged successfully in each one of the three existing monorepos. This will go on as a continual effort as new issues are reported. Moreover, all new issues that are reported will be triaged within a period of two weeks. This has minimized the size of the Angular backlog considerably. Additionally, this update has resolved some common concerns related to the router and forms.
Updates in Language Service Preview
The language service feature in Angular offers tools that ease out development and boost productivity as well. The erstwhile Language Service was based on View Engine. With Angular11, the Language Service is based on Ivy which is more robust and accurate as compared to the View Engine. After this update, the Language Service can accurately infer the generic sin templates as done by a TypeScript compiler.
Automatic Font-Inlining
Angular11 also introduces auto-inlining of fonts. This feature converts the icons and Google fonts to inline in the index HTML, each time the flag is set in angular.json under the build option. The fonts that are being linked and used with the app will be downloaded and inlined by the Angular CLI during compilation. For leveraging this update, you need to ensure the availability of connectivity while the build is running on CI. So, upgrade your apps to Angular11 for receiving this feature by default.
Faster Builds
  • Support for TypeScript 3.9 has been dropped and Angular11 supports only TypeScript 4.0. This deprecation intends to accelerate builds.
  • The ngcc update procedure has become two to four times faster than before when dependencies are being installed.
Experimental Support for Webpack 5
Webpack is employed for compiling numerous files into one single file or bundle. Webpack5 is the most recent version, though not fully stable yet. But Angular11 offers experimental support for Webpack5 so that they can be used together for trying out new things. As per Angular11 release notes the Angular team intends to expand this experimental support once Webpack5 is stable, for achieving smaller bundles and speedier builds.
Migrating to ESLint
With Angular11, the use of the popular Angular linting tool TSLint and Codelyzer has been deprecated and TSLint is replaced by ESLint. The future versions won’t be providing default implementation to lint Angular projects and hence the Angular team advises migrating to ESLint. The team has devised a three-step migration process for moving to ESLint from TSLint. The steps are:
  • Adding relevant dependencies
  • Running the schematic convert-tslint-to-eslint on a project
  • Removing TSLint configuration and using only ESLint.
Other noteworthy Updates
  • The Angular roadmap is updated to keep the users informed about the on-going priorities. The team intends to put more effort so that developers can provide early feedback that can be included in the final release.
  • Modifications have been made in the builder phase reporting to enhance its usability.
  • The new CLI output updates, simplify creating logs and reading reports.
  • Angular11 introduces lazy loading with the help of named outlets which was not possible earlier.

Final Takeaway

Angular11 is loaded with groundbreaking enhancements and profitable add-ons. To reap its benefits all you need to do is update to this most recent version.
Would like to leverage the goodies of Angular? Well then, reach out to the highly experienced and adept Angular app developers of Biz4Solutions, a distinguished mobile app development company that provides top-notch services to clients around the globe.