“A blockchain is a digital ledger that is decentralised and can be used to store anything of value. It is employed in a wide range of industries like legal sector, finance, banking, health care, logistics, notary etc.“
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The concept of blockchain came into being in 2008 and the world was blown off by it. It was a uniquely ingenious invention that was originally devised for digital currency by Satoshi Nakamoto but later on taking over everything from a loyalty programme to notary.Blockchain application development is one of the greatest.
In simple words, a block chain is a digital ledger that can programmed to record anything of value. Data is stored in a blockchain as a shared and continuously reconciled database.Since there is no decentralised database, it would be difficult to hack and corrupt the data.The data is hosted by millions of computers simultaneously and is accessible to anyone on the internet.Hence, is fully public and easily verifiable.
Now, having said that, there are certain blockchain networks that are not entirely public and the access to new members is restricted. These are called Permissioned Blockchains.
An additional layer of access control was built over the blockchain chain nodes and the participants in the network has the ability to restrict the addition of new members , thereby keeping a check on the consensus mechanism of the blockchain network. Permissioned blockchain allows the network to entrust a particular group of members in the network with the express authority to validate the transaction blocks.
Why is the blockchain so popular?
The blockchain is durable and robust. The blockchain cannot be controlled by a single entity and therefore has no point of failure. Whatever failure has occurred is due to mismanagement from the part of humans.
The blockchain is highly transparent and incorruptible. The blockchain lives in a state of self accord and automatically checks itself every ten minutes. The network conforms every transaction that occurs in the ten minute interval.
The data in a blockchain network is not centrally held and hence, the risks associated with centralisation of data is eliminated. There are absolutely no points of vulnerability that hackers can exploit.
Instead of using the conventional username and password system to protect the identity of the user, the blockchain technology uses encryption to secure the data.
Areas of blockchain application
- It can establish a strong system of digital identity.
- Supply chain management, intellectual property and anti counterfeiting and fraud detection are greatly benefitted from digital tokens.
- Blockchain helps in inter organisational data management.
- The technology is helpful for financial institutions in audit trails.
Blockchain can be used as a system of record
- Blockchain helps in developing Smart contracts.
- It streamlines clearing and settlements of transaction.
- Blockchain helps in automating regulatory compliance.
- It is useful for automated governance.
- With blockchain technology, anyone can hold and pay without intermediaries.
- Blockchain has revamped payment infrastructure. Now, people can send money around the world and the merchants can accept digital currency payments.
Blockchain technology as a platform
Where is blockchain employed?
If you have not been living under a rock, you would have probably heard something about cryptocurrency. You can create digital tokens or cryptocoins with blockchains and be your own bank! Moreover, there are chances that trading coins will earn some great money, just like how early investors of bitcoin are basking in the glory of billions in their account today.
Payments and money transfers
We can transfer funds directly and securely to anyone in the world almost instantly and at ultralow fees with the help of blockchain technology. Since there are no intermediaries, no processing fees requires to be paid.
A smart Contract is a virtual contract that is encoded in Blockchain. Parties involved are anonymous in this system and the contract between them is written as code into blockchain. The smart contract keeps track of each and every term of the agreement and enables every step towards its fulfillment. The contact cannot be altered at any cost by either of the parties. Once the terms are fulfilled, then the pre-agreed payment is done as per the contract.
Blockchain provided convenient and inexpensive notary services.Blockchain technology helps to establish date, time and place of origin and prevents tampering with the document at any point of time during its existence.
Distributed Cloud Storage
Blockchain assures affordable, fast and secure storage. Due to the highly decentralised peer to peer network and storage, it is impossible to commit fraudery and tamper with the data.
Security is a top concern for all businesses, irrespective of the size. Blockchain helps in tracking and managing digital identities in a secure and efficient manner ensuring seamless sign-in options and no fraud.
Gifts and loyalty programmes
Blockchain enables more security in gifts and loyalty programme at very cheap rates. Blockchain application development is of great need in today’s day and age,considering how much value it can add to the digital world. Crypto softwares is the foremost platform in providing blockchain development of utmost quality at most competitive prices in the market.
Permissioned Blockchain Development
Concerned about privacy of public chains? Keep it aside and build for yourself a permissioned blockchain with an additional layer of access control where the participants in the network has the ability to restrict the addition of new members into the network.
Crypto Exchange Development
Want to be more than a cryptocurrency trader? Get your entrepreneurial streak going and develop a cryptocurrency exchange platform and make space for buyers and sellers to meet. You can earn a handsome commission too!
Smart Contract Development
Need to eliminate third parties from executing a contract between two people? Code the terms and conditions for the execution of the contract into the blockchain and the contract will execute itself! That is Smart Contract for you.
Decentralised Application Development
Develop fool proof decentralised blockchain applications which has the utmost privacy and high security, for we guarantee the most secure and optimised solutions.
Wallet Development Solution
We offer wallet development services so that you can store your crypto token, safely under a secure cover.