Interested in blockchain application development? You are in the right direction, cause the topic is trending in almost all online discussions! Blockchain applications are taking the world by a storm and you are going to be a part of it.
Blockchains, in very simple words, are a digital ledger which can be programmed to record valuable data. Data is stored in an absolutely decentralized manner hosted by millions of computer on the network. There would be no central server or database, deeming the data incorruptible and almost impossible to hack.
Well, you can argue about a case when the hacker breaks into all the computers in the network at the same time. That probability is almost close to zero.
The concept of blockchain was introduced in 1991 in a very vague manner by Stuart Haber and W. Scott Stornetta. Satoshi Nakamoto later, in 2008 reintroduced the concept like how we know it today.
This ingenious invention was first introduced for encountering the double spending issues of cryptocurrency without a central server. Now, everything from digital currency to loyalty programmes employs block chains.
The data is hosted by millions of computers simultaneously and is accessible to anyone on the internet. Hence, is fully public and easily verifiable.
Largely durable and robust, the blockchain is uncontrollable by a single person and is failure proof. If at all there is any failure, it has to be due to the mismanagement of the system from the part of humans.
The blockchain is transparent and cannot be corrupted. The blockchain is checked every ten minutes by itself and is in a state of self-accord. Every single transaction that happens in ten minutes is confirmed by the network, leaving no room for errors.
As pointed out earlier, the data is stored in a highly decentralised manner. The risks associated with centralisation of data is eliminated. There are absolutely no points of vulnerability that hackers can exploit.
The data is secured by encrypting, rather than the conventional method of username and password.
● A strong system of digital identity is established with blockchain technology.
● Blockchain development has largely helped supply chain management, intellectual property and anti-counterfeiting and fraud detection.
● Blockchain supplements inter organisational data management.
● The technology is helpful for financial institutions in audit trails.
● Smart Contracts are developed by Blockchain Technology.
● It helps clearing and settlements of a transaction.
● Blockchain has automated regulatory compliance.
● It is used for automated governance.
● Anyone can hold and pay without intermediaries using this technology.
● Blockchain has refurbished payment infrastructure. Now, people can send money anywhere in the world and the merchants can accept digital currency payments.
We can transfer funds directly and securely to anyone in the world almost instantly and at ultralow fees with the help of blockchain technology. There is no necessity for any processing fees since there is no third party involved.
Smart Contract is a self-executing virtual contract that is encoded in Blockchain where Parties involved are anonymous 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 fulfilment. The contact cannot be altered at any cost by either of the parties. The pre-agreed payment is done as per the contract once the terms are fulfilled.
Blockchain allows convenient and inexpensive notary services. Blockchain technology helps to establish a date, time and place of origin and does not allow tampering with the document at any point of time during its existence.
Blockchain assures affordable, fast and secure storage facility. 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, be it big or small. Blockchain helps in tracking and managing digital identities in a secure and efficient manner ensuring seamless sign-in options and no situation of fraudery.
Blockchain enables more security in gifts and loyalty programme at very nominal rates.Blockchain application development services are high in demand due to its advantages we discussed here. IOSS has a team of seasoned programmers who are very much experienced in developing blockchain applications as per your requirements.
There are a lot of platforms on which your Blockchain applications can be built, out of which a few popular ones are mentioned below.
It is an open source public platform, mainly used to develop smart contracts. Due to its flexibility and adaptability, it is the first choice of all major blockchain application developers.
Another open-source platform, Hyperledger is used to create more advanced blockchain applications. The platform boasts of trust, transparency and much more accountability.
Quorum is a blockchain and smart contract platform that is built on ethereum.
Eris is again, a free and open-source platform to help developers to build and run blockchain and smart contract-based applications for business, mainly financial institutions.
BigchainDB provides a platform for developers and enterprises to employ blockchain concepts and applications with a blockchain database.
While browsing through the blog, you must have started weaving an idea of blockchain application, haven’t you? Well, you are in the right place. Develop your own Blockchain application, built on the values of trust, transparency and accountability.
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