Analyzing the critical role of a blockchain development company today
Blockchain technology refers to a chain where data is stored in the form of blocks. It acts as the backbone of cryptocurrencies such as Bitcoin. It keeps a record of all the transactions executed on the platform in the form of an open and distributed ledger that is tamper-proof.
Blockchain can be used for a plethora of activities such as identity management, processing of transactions and maintenance of records.
The various applications of Blockchain technology across different sectors :
- Real Estate - It eliminates the role of middlemen while transferring property from one party to another. This reduces the legal and title-related costs enabling faster settlement. The transaction is quickly executed on the distributed ledger ensuring high transparency and better security. It helps in dealing with the massive amounts of data and reducing the paperwork involved in the various processes.
Healthcare - Blockchain software development is making a huge impact in the medical industry by helping in faster diagnosis, quick transfer of information, and better management of patient records by using private keys.
Supply chain management - The goods will reach the respective customer faster with the help of blockchain technology. It will also assist in preventing frauds right from order procurement to delivery, ensuring the safety of the product during shipments, and management of adequate inventory. It helps in streamlining the entire process as components are exchanged from multiple entities simultaneously.
Finance - It helps in preventing incidents of misappropriation of funds in banks and stock exchanges through a strong identity verification mechanism. The basic financial services can be decentralized enabling more control by the end-user. Transactions can be processed speedily improving efficiency and preventing delays. It can also assist in settlement and clearing processes in stock trading. It helps in preventing a single point of failure like centralized systems which are prone to hacking attacks. It can be used in remittances, record sharing, loan syndication, and regulatory reporting. With more Fintech companies emerging, blockchain technology has a pivotal role to play ensuring more transparency and decentralization.
Government services - It helps in streamlining a lot of government processes by cutting down time and costs enabling satisfaction for the citizen. The governments of Dubai and Thailand have taken the lead to implement blockchain technology in all their government departments. It can help in voting, land demarcation, and maintenance of other records.
Steps to follow to develop a Blockchain App for your enterprise :
Decide the nature of the platform - Figure out whether you wish to have permissioned or permission less blockchain solutions. Most of the blockchain solutions are cryptocurrency-based that includes wallets and token management applications using smart contracts. Choose the aptest type of blockchain solution to make the app development process easier and faster.
To have or to not have smart contracts - Pay attention whether you need a smart contract or not. A smart contract refers to a self-executing program which processes tasks according to set terms and conditions stored securely on the blockchain system.
Fix the Consensus protocol - There are different consensus protocols for each blockchain platform such as Proof of Concept, Proof of Stake, Proof of Elapsed Time, and Proof of Burn. Identify the right consensus to ensure a favourable situation in the competitive market.
Public or a Private network - Public network is a platform where anyone is free to make any change at any time. A private network refers to a platform where only authorized users can participate. Choose either a public or a private network depending on your business requirements for developing your blockchain application.
How you can utilize blockchain technology in your business
For processing transactions - It helps in the fast and safe transfer of funds. It eliminates the role of middlemen such as banks and brokers in the process. It can also be used to handle the payroll records of employees.
For storing data and records - Cloud storage facilities can be provided to your customers that are automatically encrypted, convenient and secure.
Implementation of smart contracts - It helps in bypassing stringent regulations and cuts down costs involved in the execution of various tasks. These contracts are tamper-proof and unbreakable. It brings auditability and transparency based on agreed terms and conditions.
For notary purpose - It helps in easy notary creation for authentication. Content in the form of images, videos, and audios can be shared by users via the blockchain network for timestamping.
Helps in digital identification - Secure digital identities can be created as well as verified using the help of blockchain technology. This will ensure lesser chances of fraud and creates a seamless sign-in experience. Digital signatures can be used to solve the problems of insecure systems using public-key cryptography.
Can be used in rewards and loyalty programs - Customers can be better engaged in the form of attractive gift cards, rewards, and loyalty programs by retailers. The rewards can be provided through digital cards that can be securely traded on a public ledger.
Hire a reputed blockchain app development company in India that renders high-quality and customized solutions for generating desired results for your business. It is a revolutionary technology as it ensures transparency, reduces fraud and maintains the integrity of your operations.
