A blockchain is an arrangement of PCs in which information is stored and shared among all members of the network. It is a database containing a huge amount of information. The information is stored in different data servers that participate in the network representing the “decentralized” feature. Identities are kept completely private through cryptographical methods. Every record that gets noted down on the blockchain is secured by a unique cryptographic key representing the “immutable” feature.
In Blockchain, backups come handy in case of data loss. Participants store the entire copy of all their important data which gets updated regularly. So that if one particular copy gets corrupted it can be fetched out from the several available backup versions.
Every participant can form a block of data that gets added to the chain after the network authenticates its validity. The block cannot be changed, only the addition of updates can be made.
Blockchain has no central authority to control or operate it. All the members in the system directly communicate with each other, exchanging data under the involvement of third parties.
Decentralization - This key element of blockchain means that it does not rely on the central point of control, making the system more equitable and secure. No government authority or terrorist organization can use the central database for their personal profits because of the decentralized property of blockchain.
Immutability - This element defines the unchangeability feature of the ledger in the blockchain. It also makes sure that no other person can interfere in the system to misuse the information in the block. This element makes the system more efficient, cost-effective and trustworthy by redefining the overall data auditing process.
Fast and Cheaper Transaction Process - Blockchains are considered as one of the fastest ways to transfer value across the globe. All transactions on the blockchain are final and irreversible. This feature ensures to bypass the financial intruders, which make their money from charging unnecessary fees for transactions. This makes the process cost-effective and quick.
Enhanced Efficiencies - Businesses are adopting blockchain because of the one biggest reason that is it doesn't require mediators. This, however, reduces the costs and makes the process fast. Also, blockchain technology includes pre-set programming conditions that ease out the decision-making process of an individual.
Smart Contracts - Smart Contracts are a very secure way to ensure that all the criteria of a particular contract are met. Distributed ledgers enable the coding of smart contracts that runs only when specific conditions are met. These contracts are unbiased and neutral towards all the involved members. This ensures transparency in the business.
Identity Management - Distributed ledgers can hold all of your personal information including personalized documents, etc to ensure there is valid proof of your identity to proceed with the online transactions. It helps in the detection of identity frauds, voting, civil registry, police records, court cases, etc.
Blockchain is proved to be an ever-growing technology and below are some upcoming future models that can enhance the blockchain technology in business:
Non-Fungible Tokens (NFTs) - These are the tokens on Ethereum blockchain that includes distinctive metadata that separates it from other tokens in the system. These tokens are used to store the complex, individual-specific information, tickets and digital stocks in the system. In the retail business, end users can use blockchain to verify the authenticity of luxury goods. Government documents such as marriage certificates, land registries, and driver’s licenses can be tokenized using NFTs.
Security Tokens - These tokens are cryptographic, programmable securities that serve as a resource that can also perform functions. These contracts will allow the resources to directly pay at a particular time if only certain parameters are met. They can pay premiums, interests, or even finance in other tokens.
Jellyfish Technologies is one of the early adopters of Blockchain and over the years, has developed good competency in developing blockchain-based solutions. We provide cross-industry blockchain software development services to streamline your business operations with improved interoperability, increased security, and transparency. Our blockchain software development services accelerate peer-to-peer transactions. We are proficient in implementing private blockchains, smart contracts, API integration to Blockchain and other custom requirements. Our Services Include:
Private Blockchain Development
Etherium Application Development
Blockchain POC Development