This blog will help you to get the required permissions to start mining the XRK tokens at your local node. The mining permissions for both RecordsKeeper Testnet and RecordsKeeper Mainnet is explained below:
The mining for RecordsKeeper Testnet is open for everyone so when you connect to RecordsKeeper Testnet, you will receive all the permissions for your default address.
For Mainnet when your node gets connected, you will receive the permissions to connect, send and receive. To get the permissions to mine at you node follow the steps mentioned below:
Step 1: Look for your default XRK address from the command given below, which will display your node’s wallet address. This address is your “default XRK address” or “public address” of the Recordskeeper Blockchain in which you will receive XRK coins. To check the address, run the following command:
rk-cli recordskeeper getaddresses ./rk-cli recordskeeper getaddresses #(for Mac Users)
Step 2: Copy this address and open up the following link in a new window to receive Mining Permissions for RecordsKeeper Mainnet.
The RecordsKeeper Testnet Blockchain is available for the users to Develop and Deploy applications over RecordsKeeper Blockchain, XRK Testnet tokens do not hold any value and are only available for testing. You can earn XRK tokens from RecordsKeeper Mainnet mining.
Now to connect to the RecordsKeeper Blockchain, run following command from the terminal:
You will see the following message on your Mac command line terminal after you execute the command to connect to the Recordskeeper blockchain.
In case of an error message like this:
Error: Couldn’t initialize permission database for blockchain recordskeeper. Probably rkd for this blockchain is already running. Exiting…
First kill the daemon process and then try connecting to the RecordsKeeper Blockchain again. If the problem persists then restart your computer and then repeat the whole process of connecting to RecordsKeeper Blockchain again.
As more and more enterprises are incorporating this blockchain technology in their businesses, are databases still relevant? Let’s find out.
Structural Difference Between Blockchain and Database
A database often uses a client-server network architecture. There are database administrators who may make changes to any part of the data and its structure at any given point in time. Administrators are the central authority that maintains control of the database and they’re the ones who decide who else gets access and permissions. The updated version of the database is the one that is accessible.
Blockchain itself is a database in the form of digital ledger. It combines the Internet and cryptography to cater information registration and distribution, thus, eliminating the need for a trusted party such as a bank in case of monetary transactions. Records are arranged in ‘blocks’ of data and each block is connected to the previous one by a hashing function. It forms a chain of blocks that cannot be changed.
Immutability of Blockchain
In a database, data can be easily modified or deleted. However, in the case of blockchain, modifying or deleting data is almost impossible. In fact, unalterable data entries is one of the defining features of the blockchain.
Blockchain has a write-only data structure. Every new block gets appended to the blockchain by linking to the previous block’s ‘hash’. There are no administrator permissions within a Blockchain that allow editing or deleting of data. This hash includes the Merkle root hash of all the transactions in the previous block.
If a single transaction were to change, not only would the Merkle root hash change but so too would the hash contained in the changed block. In addition, each subsequent block would need to be updated to reflect this change. This means that each user maintains, calculates and updates new entries into the database. All nodes work together to ensure they are all coming to the same conclusions.
This feature makes blockchain immutable and provides in-built security.
The Decentralization Aspect
A distributed database is suitable for an organization where all the users trust each other and do not want to keep a duplicate record of the same data. Blockchain, however, comes into play when the entities cannot trust each other.
In blockchain transactions are verified by consensus from other nodes on the blockchain.
Each one has a record of all the transactions, even those that happened in the past. Furthermore, certain rules can be built into each transaction to create automatic responses to particular outcomes.
This makes blockchain more reliable and secure.
Databases and Confidentiality
In a database, an intermediary maintains a private database of records. However, blockchain technology makes all records public. Effectively killing the need for a middleman. Since a complete copy of the chain with every transaction is held by the entire network, everyone can access that information.
While this means that if someone attempts to cheat the system or steal, they can be easily identified, blockchain may not be suitable for those who prioritise confidentiality.
In a competitive marketplace, businesses will prefer the privacy of a centralized database, rather than reveal their activities to each other. Particularly, if a trusted central party already exists and can provide the neutral territory in which that database can reside. It all comes down to what the priorities for your business are.
The Cost Aspect
Blockchain removes a lot of the complexity of setting up your own distributed database. This, in turn, helps cut down costs drastically since you will not be the only one paying for electricity and compute, everyone that is connected to the network would be too. If you’re on a budget, then blockchain might be your preferred digital ledger.
Blockchain vs Database – Which One is Right For You?
The right choice out of the two would depend on your business’ use case and preferences. If you want to do something within your network with your data and with computers that you control then databases are more suitable. On the other hand, if you need a setup where the data is highly available but you are not the only one paying for it, would not need to modify past data, need it to be immutable, and publicly accessible then blockchain is a better choice. It will also provide more transparency and reliability.
Supply Chain is a phrase that you might have heard a lot. It can be defined as supervision of raw materials, data, and revenue as they follow the process from supplier to customer/consumer. In simple words, Supply Chain can be referred to as a collection of suppliers that requires bringing a specific product to the market. A chain is made up of nodes which includes a manufacturer building that product to consumer purchasing the product.Supply Chain Management involves integrating and coordinating these flows both within and among companies.
A Supply Chain Management is an essential part of how a business runs, but still, this whole process of the supply chain has too many mediators, and most of the system relies on paper. Apart from this, tracing the products and tracking them is also an exhausting task. This particular idea is vital as nodes are set up in a manner where every node is dependent on each other, which might create a problem if skipped. But that’s not the only concern there are few other problems that how would you verify the authenticity of that product. Who would prove that the product you are consuming is the product that is created by a supplier and not been duplicated by any third-party? The problems in a supply chain is a hard nut to crack but can be solved with the help of RecordsKeeper Blockchain.
Solutions for Supply Chain using RecordsKeeper Blockchain
Recording the quantity and transfer of assets.
There are too many go-betweens in the complete process of Supply Chain. Everybody in the chain ranging from suppliers, manufacturers, clients, etc. have to deal with a third-party rather than dealing with each other in the chain. Thus, a simple process of demand and supply gets divided into some steps and too many mediators.
RecordsKeeper Blockchain provides the solution to all these problems. From here onwards we would be analyzing the use of RecordsKeeper Blockchain in supply chain management. But, before heading further, let’s understand what Records Keeper is and what are the different features that make it significantly applicable to supply chain management. RecordsKeeper is Blockchain-based, structured document storage for record keeping of businesses & individuals. It is a Consensus-based distributed database (registry of documents) for Businesses as well as Individuals with high availability & security. It is built on Blockchain, the technology which powers Bitcoins & other cryptocurrencies. Businesses or Individuals struggle a lot in digitizing & managing their own or customers records by investing a lot of money, time & resources. Similar problems are arising in the Supply Chain Industry, and Records Keeper is a perfect solution for it. Records Keeper can record the number of assets that have been added to the chain or transferred from the chain. Maintaining a data for proper flow of assets in a pipeline is essential, If the information is safe and secure then there can be no loss in the industry of supply chain, the customer can quickly check the authenticity, and RecordsKeeper can quickly verify that the product is authentic.
Tracking purchase orders, change orders, receipts, shipment notifications, or other trade-related documents.
Tracking would be a child’s play once the data is pushed inside the Records Keeper Blockchain, it can be viewed by any individual using the address that will contain the data. Anyone can track the amount of raw material that has been purchased using the purchase order, the product that has been changed, receipts and can also follow where the shipment has been reached. RecordsKeeper is a solution which will minimize the loss or the error that might be created because of data loss.
LET’S TAKE AN EXAMPLE :
A worker mines gold from gold mines. Then the gold is collected, cleaned and then after the procedure is completed the shipment information is added to RecordsKeeper. The container awaits to transfer from the port, on the other hand, officials submit the information related to the shipment electronically. The RecordsKeeper Blockchain confirms the transactions and executes the shipment thus, releasing it. After this, the container is uploaded to the ship, and it takes off. Since the transactions or the information about the shipment is uploaded in the Blockchain and it is a distributed ledger which is visible to all the people in the network; everyone, right from the supplier to the contractor to the receiver can see when and how the shipment is moving. Thus, everything happens quickly and in a much more transparent way.
The same strategy is applied by the Emergent Technology Holdings to keep track of gold in the world.
We can say that it will transform the Supply Chain Industry. It’s not only about the logistics or Supply Chain companies, but Blockchain is also finding applications in almost all the business verticals. The idea behind using this technology is to streamline the process. In-depth transformation of supply chains will not happen overnight. It won’t be wrong to claim that Blockchain has opened the door for a smarter, faster and a more secure supply chain system