Gist:

It had now been 7 months since the beggar had purchased his first smartphone. Within the first month itself, he had acquired considerable mastery over its working. From the second month onwards, he started using the internet and by the end of seventh month, he had had enough of it. Now he wanted to sell it. But, to his utter surprise, he found no suitable buyers. Not even at half the price!

One fine day, he overheard a man speaking about a block chain smartphone. The man estimated the price of a block chain smartphone to be about 1000 USD.

This literally created renewed interest for the beggar in his smartphone and he wished if he could turn his smartphone into a new invention called the block chain smartphone. He hunted the internet, ransacked libraries and eventually found out how would a block chain smartphone look like. However, the beggar did not have the seed capital to develop such a device.

So, he resumed begging. Fortunately, he found the same man giving him alms whom he had heard months ago speaking about the block chain smartphone. The beggar was quick to ask the man if he had invented the new device. The man was surprised and replied in negation. The beggar showcased his old smartphone which contained a file titled “The Algorithm for developing a block chain smartphone”. The beggar sold his phone along with the file for 1000 USD. The file contained the following report:

Preface

“The tag line Block chain phone is as exciting as it sounds. And why not both the terms in this tagline have been making headlines for quite some time now. Having said that, let us explore both the terms individually before developing a  Block chain phone.

Block chain

If put in simple terms, Block chain can be defined as a digital ledger which keeps a record of transactions which take place over a period of time. A block chain can be termed as an aggregate of data sets called blocks, which are connected by nodes. In other words, a Block chain is an encrypted database, which is shared by a number of users with each one enjoying the legacy to edit it. Block chain also comes with complex algorithms, which create a strong mechanism and an error free procedure to store data. A Block chain is virtually impossible to corrupt as it lacks as what can be called as a master copy.

The best thing about the Block chain is that it is publicly available to all audience and millions of users can easily get it verified. This feature of Block chain practically leaves the registers immune from any backdoor ambiguity. Moreover, talking about the updates, the blocks get updated every 10 minutes by the software which powers the Block chain. Above all this, if you are worried about the hackers, it should be mentioned that Block chain is hack proof.

The crypto currency relation

As the data gets updated every 10 minutes, this is where it  becomes an ideal platform to host cryptocurrency. Individual devices spread across the network, otherwise called nodes keep a perfect record of the transactions. Any changes in these transactions can be called blocks.

Cloud mining

Notwithstanding the management of hardware, users can mine bitcoins or cryptocurrencies remotely. This is popularly called cloud mining. And when cryptocurrency mining starts to showcase popularity, it could act as a potential money-spinner for businesses.

Major Takeaways

• Transparency- a Block chain is very transparent and available to all citizens who have the software to access it.
• Master copy- an absence of master copy means that corruption of files segregated across nodes is impossible.
• Verification- the technology uses a validation system to make changes in the existing data.
• Records- a Block chain keeps record of every transaction and each transaction is completely secure.
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Galvanizing Block chain into smartphone

Smartphones are gadgets which can be ranked second to none. As  phones are becoming smart and the mantle of technology is enlarging, smartphones are incorporating into their processor whatever newest innovation is possible. The biggest breakthrough in this regard is the Block chain smartphone.

The algorithm to make a Block chain smartphone

Let’s examine the relation between Block chain and a smartphone in detail. Block chain is a ledger of registries called nodes. This is established. Now let us imagine how to integrate a smartphone into this system. This is simple. Let us simply assume a smartphone to act as a node, which records an isolated transaction via a digital wallet.

Taking this further, let us analyze this. If we talk about making a smartphone to act a node through a digital wallet, then this can be done through any gadget, which comes with a wallet. How is then a Block chain smartphone different? It is indeed different because a company proposing to launch a Block chain smartphone would definitely need to integrate a digital wallet into the smartphone.

Amid all this, one thing appears to be clear. A company foreseeing the overall prospects of a Block chain smartphone would need to justify one big paradox. The paradox is that while Block chain believes in the access of the data to the general public, a Block chain smartphone would need to secure the personal information of the user which should not be disclosed in public domain.

Winning is believing!

A company which resolves this dilemma will become all set to develop the world’s first Blockchain smartphone.”