We have created one blockchain based application for transparent communication in the technical and non-technical events organised in an NIT.
We have used the hyperledger fabric to model our own application using the different script files.
- Hyperledger Composer - The web framework used
*Hyperledger Composer:
(Hyperledger Composer is a set of collaboration tools for building blockchain business networks that make it simple and fast for business owners and developers to create smart contracts and blockchain applications to solve business problems. Built with JavaScript, leveraging modern tools including node.js, npm, CLI and popular editors, Composer offers business-centric abstractions as well as sample apps with easy to test devops processes to create robust blockchain solutions that drive alignment across business requirements with technical development.)
... *CLI Tools(command line interface): ( A command-line interface (CLI) is a means of interacting with a computer program where the user (or client) issues commands to the program in the form of successive lines of text (command lines). The program which handles the interface is called a command-line interpreter or command-line processor, or shell.) ...
*RESTful APIs:
(A RESTful API -- also referred to as a RESTful web service -- is based on representational state transfer (REST) technology, an architectural style and approach to communications often used in web services development.)
*Hyperledger Fabric:
( Hyperledger Fabric is an enterprise-grade permissioned distributed ledger framework for developing solutions and applications. Its modular and versatile design satisfies a broad range of industry use cases. It offers a unique approach to consensus that enables performance at scale while preserving privacy.) *POW(proof of work) Algorithm:
(In Blockchain, this algorithm is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded.
In a network users send each other digital tokens. A decentralized ledger gathers all the transactions into blocks. However, care should be taken to confirm the transactions and arrange blocks.)
*Overriding the problem of mismatch in transaction record between Student dean welfare and student council *Transparency at each node of contact anyhow. *Formalize the relationship between investors and investee. *No need to spend any revenue for the parties which are remain idle. *Project funding from top tech companies which are undergoing in respective NITs.
Jaswant arya, Roll No.: B17CS036, Department of Computer Science and Engineering, National Institute of Technology Meghalaya.
Hackathon event, NIT conclave 9th edition.
- Trust:
The smart contract can’t be lost as its embedded in the blockchain itself.
2.Accuracy: Smart contracts are accurate to the limit a programmer has accurately coded them for execution.
3.Speed: Smart contracts use software code to automate tasks, thereby reducing the time it takes to maneuver through all the human interaction related processes. Because everything is coded, the time taken to do all the work is the time taken for the code in the smart contract to execute.
4.Backup: Every node in the blockchain maintains the shared ledger, providing probably the best backup facility.
5.Autonomy: There is no third part involved. The contract is made by you and shared between the parties. No intermediaries involved which minimizes bullying and grants fully authority to the dealing parties. Also, the smart contract is maintained and executed by all the nodes on the network, thus removing all the controlling power from any one party’s hand
6.Safety: Cryptography can make sure that the assets are safe and sound. Even if someone breaks the encryption, the hacker will have to modify all the blocks that come after the block which has been modified. Please note that this is a highly difficult and computation intensive task and is practically impossible for a small or medium sized organisation to do.
7.Savings: Smart contracts save money as they eliminate the presence of intermediaries in the process. Also, the money spent on the paperwork is minimal to zero