Blockchain technology is continuously contributing to the digital transformation of companies. With blockchain two parties can make an exchange without the supervision or intermediation of a third party, reducing or even eliminating the counterparty risk. 33% of companies are already using blockchain technology or are considering its use shortly and 78% of those who are already exploring it do so in response to the changes that are produced in their sector or to develop new business models. Blockchain is also benefiting IoT due to its transparency and security.
Banks have been the first to explore this technology with the intention of building the next financial industry standard. After banking, the retail, energy, and logistics sectors are the current markets where this technology is beginning to be used. Recently Appstudio has been classified as one of the best blockchain app developers in the region thanks to our team and skills.
Now that you know what technology is, you should know how it works. The process is not complicated, but it involves more people. It is no longer the bank in which you must certify the transactions, but a group of users.
It all starts when from A you want to make a transaction for B. In the network this transaction is represented as a block. This is transmitted to all parts of the network, that is, to the nodes that are connected, to approve their validity. Once this is done, the block can now be added to the chain, becoming a transparent and indelible record. Finally, money moves from A to B.
In this process, the nodes do confirm that in effect who wants to make the transfer has sufficient funds to do so. If so, all 'write down' the transaction and certify that it can become part of the transaction block. This block is going to get bigger to the point where it doesn't admit more transactions.
The capacity of the block will depend on the structure of the blockchain and the size of each transaction. Once it has reached its limit, it will be time to validate it, which is the process that is performed when users do mining. This work consists of carrying out a series of quite complex calculations that, in addition to time, require a lot of electricity.
Once this is done, the blocks will be permanently registered in the blockchain. This means that they cannot be modified without altering the other blocks that are linked to it, something practically impossible because in order to complete an operation like this it would be necessary for most of the nodes to validate it.
With this technology, transactions are more reliable for two reasons: they are transparent and also private. And it is that the movements, although they cannot be modified, are integrated into the network as a whole and are public, that is, they can be seen without problems by each of the parties. At the same time, the data from the transactions made between the parties are private. The flow of information does not exist because the design is based on a block of chained codes.
Another great advantage, which makes it even more reliable, is that once the transaction data has been recorded, these are impossible to falsify. They are immutable, that is, they cannot be modified or eliminated. This is possible because it works with different forms of data verification, therefore, the alteration of transactions by third parties is practically impossible. In addition, the database has a history with each of the operations since the creation of the technology.
With banks, you have to wait a while for a transaction to be completed. With Blockchain, as there are no intermediaries, the process is immediate. The computer system used for operations works 24 hours a day, every day. Since the information is transmitted and saved automatically, it is not necessary to wait.
Most Internet of things platforms are based on centralized models, that is, that only one company controls the connected devices. However, it is a poorly functioning system, as the popularity of this technology increases, it becomes more necessary for teams to exchange data with each other quickly and autonomously.
The solution is in the development of decentralized IoT platforms and Blockchain allows it. With the blockchain, the data exchange is carried out safely and reliably and in addition, an unalterable record of all the messages that the different connected smart devices have exchanged is created.
Some companies are already betting on this solution, such as IBM, which has created the ADEPT (Autonomous Decentralized Peer to Peer Telemetry) platform in collaboration with Samsung. Using Blockchain technology, this system is capable of generating a distributed device network.
This technology can not only be used to store financial transactions in a secure and immutable way. It can also be used to store any other type of information, thus generating an incorruptible distributed record, which also stands out for being safer than traditional databases.
This application can be used in several sectors. In clinics and hospitals, for example, it can be used to create a record with the medical history of patients. It can also be useful for the protection of intellectual property and creative digital products such as electronic books, music, photos, etc. It can also be used for vehicle or property registration.
Blockchains technology is here to stay. It comes with many benefits which are common to many industries. These Path-breaking benefits will redefine the way we work. Below are some of them.
Experts tell us that blockchain is a technology that is changing the game. Here at Appstudio, we are aware of the potential and benefits of this technology and hence always recommend it. Below are some of them.
The biggest advantage that blockchain technology offers to your company is the creation of a transparent business system. This will improve communication with both your employees and with your clients since traces of all transactions made are always secure and available. Any modification to public Blockchains can be seen publicly by each party, ensuring transparency. Each transaction is immutable; it cannot be deleted or modified.
Because of its digital signature and encryption, Blockchain is regarded as an extremely safe system. The arrangement is intended specifically to be safe, comfortable and forgery-proof.
Blockchain can overcome many issues, including safety and track maintaining. But how it can reduce expenses is something much more attractive to many. Forget about charges and commissions – there's no need to reward intermediaries as the mechanism is decentralized.
To become a digital intermediary, the blockchain validates each transaction in a fully automated way. In this way, eliminate any manual task that exists. Therefore, the result of eliminating intermediaries and automating tasks is an increase in efficiency and speed.
Blockchain is an excellent use case to track any product along a supply chain and ensure that the information is true. The blockchain offers greater transparency and traceability.
Audits can take place in many ways. They might be in the type of economic audits, compliance audits and legislative audits and blockchain technology can be introduced to them all. When blockchain technology is applied, the whole system becomes auditable.
Our experience allows us to assist our clients in Design, implementation, and administration of blockchain networks for cloud and on-premise environments, resistant to vulnerabilities, with high availability and performance. Appstudio offers reliable and cost-effective blockchain app development and solutions.
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