The first generation of the technology was started with the bitcoin network in 2009, which is known as blockchain 1.0. In this generation, the creation of the first cryptocurrencies was introduced. The idea was all about payment and its functionalities to generate cryptocurrency.
Background of Blockchain
Blockchain 1.0
Blockchain 2.0
In the second level of the blockchain technology, smart contract and financial services for various applications were introduced in 2010. The development of blockchain with Etheruem and Hyperledger frameworks was proposed in this generation.
Blockchain 3.0
In this generation of blockchains, the convergence towards the decentralized applications was introduced. Various research areas such as health, governance, IoT, supply-chain, business, and smart city were considered for building decentralized applications. In this level, etheruem, hyperledger, and other platforms were used which having the ability to code smart contracts for a variety of decentralized applications
FROM BLOCKHAIN 2.0 TO BLOCKCHAIN 4.0
2.0
In Blockchain 2.0, we witnessed the emergence of smart contracts and decentralized applications, particularly on the Ethereum platform. However, Blockchain 3.0 has brought about significant improvements
3.0
One of the most critical aspects that Blockmax inherits from Blockchain 3.0 is the enhanced scalability. Blockmax platforms aim to process transactions faster and have improved horizontal scalability, reducing issues related to delays and high transaction fees. This expansion opens up new application areas that Blockmax provides, such as payment solutions, decentralized financial services, and Forex trading.
Another significant development is the diversification of decentralized applications. Both Blockmax and Blockchain 3.0 have introduced the concept of combining decentralized applications with various sectors such as healthcare, governance, supply chain, business, and smart city projects. This has created numerous new opportunities for innovation and creativity, particularly in enhancing performance, security, and integration within these fields. This fundamental element has given rise to the emergence of the 4.0 platform
4.0
The development of Blockmax into Blockchain 4.0 signifies a significant and promising step in the field of blockchain technology, addressing weaknesses related to transaction speed and scalability, with a focus on broader-ranging applications.
Blockchain 4.0 platforms have developed new technologies like grid technology and decentralized interaction protocols to establish more robust decentralized networks, thereby enhancing reliability and scalability.
This development is also closely related to breakthroughs in performance and privacy. Blockchain 4.0 has addressed issues related to transaction processing speed and reduced transaction costs, making blockchain technology more suitable for large-scale applications. Additionally, it has reinforced privacy and data security through advanced encryption methods and decentralized identity management.
Blockchain 4.0 also signifies a strong convergence between blockchain and emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT). This convergence leads to smarter and more highly automated applications that have the potential to change the way we interact with the world around us.
What is BCHAIN?
BLOCKCHAIN 4.0
Blockchain 4.0 is a new generation of blockchain technology. It promises to deliver blockchain as a business- usable environment for creating and running applications, bringing the technology fully mainstream.
Previous iterations of blockchain technology have had obvious potential advantages for businesses:
- security
- automated record-keeping
- the potential to pay invoices, bills and wages inside a totally secure framework.
Unfortunately, blockchain had not previously overcome several major obstacles:
- speed was far too low
- only a small number of people had the specialized skills required to develop on the blockchain
This generation mainly focused on services such as publicledger and distributed databases in real-time. This level hasseamless integration of Industry 4.0-based applications. It uses the smart contract which eliminates the need for paper-based contracts and regulates within the network by its con-sensus.
Blockchain Requirements:
- Smart Contracts
- Tokenization
- Data security
- Decentralised data storage
- Immutability
- Consensus
- Typed Blocks
- Access rights management
- Standards used to manage permissioned blockchains
- Standard data formatting
- Updatability
- P2P encryption between blockchain nodes
- Development operation
Blockchain Deployment In Smart Applications
BCHAIN FOCUS ON?
- Smart supply chain: logitics
- Smart product: IoT
- Smart solution – Business
- Decentralized Wallet – Smart contracts
Industry 4.0
Fusion of the physical and the virtual world into smart cyber physical systems
Core value drivers
Smart Solutions
Smart products and services enabling new value propositions and business models
Smart Products
Extended innovation embraces the creation and distribution of ideas across organisational borders
Smart Supply Chains
Highly integrated and automated supply chains enabled by digital technologies and cyber physical systems
Smart Factory
New level of self-organisation and process optimisation is enabled in the use of cyber physical system integration and decentralised production control