The victim-count of Coronavirus has increased to 28,276 while taking 565 lives already.
With the virus epidemic being on the verge of becoming pandemic, there is a cloud of concern hovering over not just the affected nations but also the rest of the entire world.
The grim picture of Coronavirus is not just of the virus making its way around the world, but also of the lack of crucial medical supplies. Red Cross China has also come under fire for failing to deliver urgent supplies to the front line hospitals. In its apology, Wuhan Red Cross mentioned that it has called for an overnight emergency meeting for discussing internal problems and have pledged to hold people who are in charge of relief distribution, accountable.
The fund shortage has led to a number of hospitals in Wuhan who are looking after coronavirus patients to seek charities on social media platforms. Many of them said that they are in dire need of basic protections against this contagious pathogen. While on the other side, people from all corners of the world who came together to donate money to the coronavirus patients and to aid treatment creation, expeditiously, are outraged at the unfair distribution of their funds.
To solve the challenge of unfair donation distribution in real-time, Hyperchain, together with Xiongan Group, Fuxing Group, and other well-known establishments, is taking Blockchain’s help.
Utilizing everything that Blockchain in Healthcare has to offer, Hyperchain is building a platform which would ensure that the entire Coronavirus donation process is traceable, immutable, and reliable. Announced in a press release on 4th February, the platform will act as a medical supply donations portal for supporting medical institutions operating in central China.
It is going to be a transparent portal that will also act as an information exchange enabling donors to see where their donations or funds are going. Through the platform, the donors will get proof of receipt and proof of need which would ensure that their funds have reached the intended party in real-time.
Hyperchain, Hangzhou Qulian Technology Co., Ltd , formed in 2016, is a tech company providing blockchain solutions. It excels in the development of underlying blockchain platforms, security platform and data sharing, supply chain finance SaaS platform, BaaS platform, and digital evidence services.
The lack of transparency and censorship are often two of most debated challenges that emerge during every epidemic outbreak. What happened with Red Cross China is simply a wake-up call for the dire need of the inclusion of a Blockchain development company in every world-affecting event and process.
There is a need for credible and transparent mechanism based society and Blockchain is the answer.
Over the past few years, we have become accustomed to the way large banks and other firms access and employ our personal information to deliver us an enhanced experience. We have over time given them a ‘green signal’ to the mechanisms that use our sensitive details to help us sustain in a certain way. But then entered the Blockchain technology and it totally changed everything.
The Blockchain technology brought various characteristics like transparency, immutability, decentralization, and distributed ledger into existence. It enabled users to act anonymously and perform transactions with high-end security.
[Before we look further, we strongly recommend taking the time to understand the basics of Blockchain.]
Blockchain, in simple terms, gave users control to their privacy and future back.
But, has Blockchain really succeeded in doing so?
In one word, the answer is NO.
Many blockchain networks use public databases. So, anyone having an internet connection can view the list of the network’s transaction history. They can see all the details associated with the transaction and your wallet details, but the name of the user will still be unknown to them. Instead, they will come across as a public key – the unique code representing the user on the blockchain network.
This way, the public key created via the cryptography technique safeguard your privacy to some extent. But, it is still possible for one to expose you via other techniques.
This put your anonymous cover blown; debunking the myth of Blockchain’s anonymity and privacy, and make you realize that –
Theuser’s sensitive information stored on a Blockchain network isonly confidential, not anonymous.
Likewise, there are various blockchain networks governed by consensus algorithms to deliver high-end privacy and stability, but decentralization is considered as a second priority in such cases. In many such cases, the two parties do not trust each other. [To read about these consensus models in detail, check out this blockchain consensus algorithm guide.]
This, as a whole, gives a clear indication that Blockchain is not that anonymous and decentralized as many of its enthusiasts believe it to be. And even gives birth to various questions, such as –
Do Blockchain networks really need to be anonymous? How can Blockchain offer more anonymity and better privacy protection to their users?
In the present Blockchain networks, the transactions are recorded in the public ledger and are transparent in nature. Because of this, various reputed brands and markets like Wall Street are hesitating to adopt this technology as the confidentiality of client and transaction is a must for them. This, as a whole, is questioning if at all Blockchain web 3.0 will be able to impact businesses.
Coming to the second question, there are various concepts and methods like Coin mixing, Ringct, and Coin Join that are making transactions anonymous in Blockchain, but the one that is highly appreciated is Zero-Knowledge Proof.
The one will cover in detail in this article.
So, let’s begin with a simple definition of zero-knowledge proof.
What is Zero Knowledge Proof?
Zero-knowledge Proof is an encryption scheme proposed by MIT researchers Silvio Micali, Shafi Goldwasser, and Charles Rackoff in the 1980s. In this method, one party (Prover) can prove that a specific statement is true to the other party (Verifier) without disclosing any additional information.
With definition being cleared, let’s take an example to understand how zero knowledge proof works.
Example: Kids and Candy Bars
Suppose, two children – Bob and Alice, have received some candy bars from a party. Bob wants to know if Alice has got the same number of candy bars or not. But, at the same time, none of them is ready to reveal the exact number.
So, what they do is that Bob brings four lockable boxes in a room, assuming that the number of candy bars received will be 10, 20, 30, and 40. He labels each box with a value corresponding to the number of candy bars.
Then, Bob keeps the key to the box that defines the number of candy bars he received in his pocket (let’s say he got 30 candy bars) and throws away the keys of all other boxes. And he leaves the room.
Now, Alice enters the room with 4 small pieces of paper and writes ‘+’ on one of them while ‘-’ on every other. Here, ‘+’ denotes the number of candy bars she got, while ‘-’ represents every other value.
She slips the paper piece with ‘+’ sign in one box (let’s say in the one representing 20 candy bars) and ‘-’ in the rest of the boxes. And she leaves.
Now, Bob enters the room again and opens the box whose key is in his pocket. Then, he checks if the box has a piece of paper with ‘+’ sign or ‘-’ sign. If it’s a ‘+’ sign, he realizes that Alice has an equal number of candy bars. While, in the other case, she doesn’t.
As we know that Alice has 20 candy bars and Bob has 30 candy bars, it is clear that Bob will find a ‘-’ sign in the lockable box whose key he has. This will make him clear that they both do not have the same number of candy bars.
At the same moment, Alice will re-enter the room and find a ‘-’ sign in Bob’s hand and she will also come to know that they have a different number of candy bars.
Note: By this method, Bob will learn that they do not have an equal number of candy bars. But, he will still have no clue if Alice has more or less candy bars than him, and vice versa.
Thus, the zero-knowledge proof maintains the privacy of users’ sensitive information, while making a transaction (in this case, the transaction is finding if they have the same number of candy bars or not).
Although this example would have helped you in understanding what exactly is Zero Knowledge Proofs (ZKPs), let’s refresh the concept with an image-
Now, as the concept of zero-knowledge proofs (ZKPs) is explained, it is the best time to look into what makes everyone prefer it over other available options.
Benefits of Zero Knowledge Proofs (ZKPs)
Simple – One of the prime advantages of zero-knowledge proof is that it does not involve any complex encryption method.
Secure – It does not require anyone to reveal any sort of information.
While these are the pros of Zero-knowledge proof, the concept has some disadvantages as well. A few of which are:-
Lengthy – In the zero-knowledge method, there around 2k computations, with each requiring a certain amount of time to process. This is the foremost con of going with zero-knowledge proof.
Imperfect – The messages delivered to verifier/prover might be destroyed or modified.
Limited – The zero-knowledge protocol demands the secret to be a numerical value. In other cases, a translation is required.
With this covered, let’s dig deeper into the technicalities before we evaluate when and how Zero-knowledge protocols can be introduced into the Blockchain ecosystem.
Starting with what are the core characteristics of a zero-knowledge proof.
Properties of Zero-Knowledge Proofs
1. Completeness
If the statement is true and both users follow the rules religiously, then the verifier would be convinced without any external help.
2. Soundness
If the statement is false, the verifier won’t be convinced in any scenario (even if the prover says that the statement is true for some small probability).
3. Zero-Knowledge
In both cases, verifier won’t be able to know any information beyond that the statement is true or false.
While the principles of Zero Knowledge Proof are covered, let’s talk about the different types of ZKPs a business enthusiast can invest in.
Types of Zero Knowledge Proofs
1. Interactive Zero-Knowledge Proof
In an interactive zero-knowledge proof, a prover performs a series of actions under the mechanism of mathematical probability to convince the verifier of a particular fact.
2. Non-Interactive Zero-Knowledge Proof (NIZKP)
As depicted from the name, Non-interactive zero-knowledge proof does not require an interactive process. Meaning, the prover can generate all the challenges at once and the verifier(s) can later respond. This restricts the possibility of collusion. However, it requires additional machines and software to find out the sequence of experiments.
Note: It is possible to make a transition from non-interactive to interactive ZKP.
Where to Implement Zero-Knowledge Proof in Blockchain System?
1. Messaging
In messaging, end-to-end encryption is imperative so that no one can read your private message besides the one you are communicating with. To ensure security, messaging platforms ask users to verify their identity to the server and vice-versa.
But, with the advent of ZKP, they will be able to build end-to-end trust in the messaging world without leaking any extra information. This is one of the prime applications of zero-knowledge proof in the blockchain world.
2. Authentication
Zero-knowledge proof can also facilitate transmitting sensitive information like authentication information with better security. It can build a secure channel for the users to employ their information without revealing it. And this way, avoid data leakage in the worst scenarios.
3. Storage Protection
Another possible use case of zero-knowledge proofs (ZKPs) is in the field of storage utility.
Zero-knowledge proof comes with a protocol that not only safeguards the storage unit, but also the information within it. Needless to say, the access channels are also protected to give a seamless and secure experience.
4. Sending Private Blockchain Transactions
When talking about sending private blockchain transactions, it is utterly important to keep it out of the reach of the third parties. Now, while the traditional methods are somewhat protective, they have some loopholes.
This is yet another area where ZKP comes into play. The concept, when integrated wisely, helps in making it nearly impossible to hack or intercept the private blockchain transactions.
5. Complex Documentation
Since zero-knowledge proof has the potential to encrypt data in chunks, it enables one to control certain blocks to provide access to a particular user, while restricting access for others. This way, the concept protects the complex documentation from those not authorized to see them.
6. File System Control
Another place where you can see an effective zero-knowledge proof implementation is the file system.
The concept adds different layers of security to the files, users, and even logins that makes it quite difficult for one to hack or manipulate the stored data.
7. Security for Sensitive Information
Last but not least, Zero-knowledge proof also refines the way blockchain technology is revamping transactions.
ZKP adds a high-end security level to every block containing sensitive banking information like your credit card details and history, such that banks need to manipulate only required blocks when a user requests for information. Other blocks remain untouched and thus, protected.
So, these were some of the use cases of zero-knowledge proof in the blockchain environment. To make your brand presence in the market by building one of these, hire a blockchain app development company.
And in case you are confused about its real-world implementation, check for the following existing projects operating with the convergence of two.
Real-Life Examples of Convergence of Zero Knowledge Proofs and Blockchain
1. ZCash
ZCash is an open-source and permissionless blockchain platform that offers the functionality to keep transactions ‘transparent’ and ‘shielded’ as per the requirement.
In the former case, the transactions are governed by a t-addr, just like bitcoin transactions. While in the latter case, a zero-knowledge proof called zk-SNARKs is used and the transactions are controlled by a z-addr.
2. ING
ING is a Netherlands based bank that has introduced its own zero-knowledge blockchain. However, they have modified their zero-knowledge system to make it a zero-knowledge knowledge range proof to lower down the need for computational power.
This way, they have prepared their zero-knowledge system to elevate the impact of blockchain in fintech.
3. ZCoin
The company uses Zerocoin protocol, which is based on zero-knowledge proof, to enhance security and anonymity in the transaction process. However, what makes it distinct from other projects working on this concept is that it offers scalability too.
Though various international actors have started showing an interest in implementing the concept of zero-knowledge proof into the blockchain, the adoption pace is too slow. And the prime reason behind is the following set of challenges associated with the addition of ZKP into the blockchain environment.
Challenges You Might Face While Integrating ZKP into Your Blockchain Project
1. Absence of Standards
Since blockchain technology itself is at its early adoption stage, there are no standards, system and homogeneous languages that enables app developers and business prospects to interact with the concept of ZKP and harness its potential in an efficient way.
2. Scalability
Another challenge that restricts the adoption of zero-knowledge proof in the blockchain environment is scalability, provided such algorithms require high computing capacity to operate on a high level.
Wrapping Up
Now that the concept of Zero Knowledge Proof and its scope in the Blockchain domain (along with real-life examples) is clear to you, we expect to find you investing in the broader application of the concept while stepping into the decentralized world. But, in case you still have any queries, connect with our Blockchain consultants.
Blockchain technology is progressively taking over the business world. The technology was once considered to be confined to bitcoins. But with time, it has proved that bitcoin is just the tip of the iceberg; the potential of the technology is beyond decentralized transactions and even our expectations. Blockchain technology revamped several industries, including Real Estate, Healthcare, Education, and Legal industry to name a few. It opened new doors of opportunities and profit for the entrepreneurs and established brands. However, the most surprising application of Blockchain is in the mobile app economy.
Wondering what is the need of Blockchain technology in the mobile industry? How can Blockchain revolutionize the world of mobile applications?
The mobile economy is undoubtedly growing rapidly and is expected to be of worth $6.3 trillion by 2021. The app stores are jammed with millions of apps and both the app developers and users are getting access to better facilities. However, despite this exponential growth and technological innovations, the mobile application development economy is still facing various issues which cannot be overlooked.
Major Mobile Economy Concerns and How Blockchain Technology Can Solve Them
Alike other centralized systems, the mobile economy also involves various intermediaries between the mobile app developers and users. These entities help in discovery, distribution, and financial transactions but at the same time, deters transparency. As a result, we face situations like security threats, inaccessible in-app purchases, data leaks, and malware-plagued downloads which not only have an adverse impact on the user experience but also affect the mobile app performance and ROI.
As we saw in our Entrepreneur’s Guide to Blockchain, the technology, with its decentralized, distributed and secure ledger feature, has the potential to revamp the way app economy functions and make the end user experience seamless and enticing. If applied correctly, blockchain can tackle the following major concerns related to mobile app economy:
App Approval
With Google and Apple’s app store being the duopoly, the current app approval process is completely handled by them. They decide which mobile app will be published on their app store and which not, based on various non-transparent quality assurance processes and distribution policies. This not only makes the process cumbersome and time-consuming but also increases the confusion among mobile app developers in case of app rejection. On the flip side, less transparency app approval process raises the risk of distribution of malware-plagued apps by the users, and thus, lesser security in the app market. With the introduction of Blockchain technology into the process, the app approvals can be made universal and transparent through a developer reputation system. The reputation system will be directly linked to the financial transactions on the public ledger and will be available for investigation all the time (as you can see in the image below). Besides, various means will be employed for identity verification and users will be empowered to create rankings for the mobile app developers and the apps they create. This will streamline the app approval process and help the smartphone users take the decision of downloading the app based on the ranking (see the image below), which will ultimately build trust, enhance security, boost downloads, and uplift app revenue.
Advertising
According to Statista, there are more than 2.8 million apps in Google Play Store and about 2.2 million apps in the Apple’s App Store. To reach the target audience and enjoy the limelight, the mobile app developers have to invest in CPI, i.e., Cost Per Installation campaigns. These campaigns are non-transparent and overpriced, which makes the situation shady and risky. Moreover, as you can see in the picture below, the profit gained by the mobile application developers from the advertising is divided and shared to middlemen because of which the developers get much lesser earnings than expected.
Blockchain technology can reinvent the advertising method by eliminating all the middlemen and establishing a new CPI campaign. Termed at CPA (Cost per attention), this campaign will let the mobile application developers directly reward the users for spending time on their mobile app (as you can see in the image below).
Blockchain technology, in the form of Smart contracts, will allow the developers to examine if the users spent required time on their app or not. Apart from this, the technology will let the users store their earnings in wallets and use to buy in-app items efficiently.
In-App Purchase
A recent report by We Are Social and Hootsuite revealed that nearly two-thirds of the world’s population uses a smartphone now. However, only 2 billion of the mobile users have access to the payment methods that are necessary for in-app purchases. Apart from this, according to the traditional app in-app process system, the user pays to the app store, deal with the bank transfer fees, credit card fraud cases, circumstances of chargebacks, and so on. Then, the mobile app developer receives the payment from app store going through the same hassle. The consequence is that neither the end users are able to enjoy the perks of in-app purchase nor app developers are able to get the best out of their app monetization strategy (check the image below). Blockchain technology will let the mobile app users use and spend their CPAt reward even in the absence of credit card and other such payment solutions. In addition to this, the Blockchain will empower mobile application developers to get 85% instead of 70% of transaction value by eliminating the middlemen (as shown in the image below).
Other Applications of Blockchain in the Mobile Industry
Apart from solving the aforementioned concerns, blockchain technology will also generate new ways to streamline the mobile application development process and cater user needs significantly, such as:
Infrastructure Protection
By gathering DNS entries on a decentralized secure platform, the blockchain technology empowers the app developers to keep the whole domain records under their control – no one can alter the entries without their consent.
End of Passwords
By investing in Blockchain app development, the app developers will be able to authenticate devices as well as users without asking for any password. Its network decentralization feature will help create consensus among the involved parties for the authentication of Blockchain based SSL certificates. This will ease the transaction process and again, boost trust among the two involved parties.
The Blockchain technology, though in its initial state now, will redefine the mobile app economy and offer the opportunities to the mobile app developers and users that they have been waiting years for. The technology will solve the three major concerns associated with the mobile economy, will build a trustable and transparent connection, and provide an open-standard platform where all could communicate and add value to the mobile world.
Blockchain – the concept/technology as powerful as the Internet itself has moved from the time when it was deemed to be overhyped to now when it has become an important part of a number of industries, banks, and government.
While the technology has made a prominent place in a number of processes on a very high-level and have found associations among a number of big brands like –
A general assumption has been formed that the disruptive technology is only practical for big names of the world and has, as a result, made itself very unapproachable for mass usage, unintentionally.
Our intent today is to remove the assumption and make Blockchain Startups a technology occurence that can be implemented on mass scales by businesses and industries of all size and across all categories. While, there have already been several use cases of Blockchain in Enterprise setup, it is the startups that need to reform with the power of Blockchain at the back of them.
Something we are going to attend to in this article.
This article is for you to get acquainted with the abilities of Blockchain for startups and how it can be used to not just make your business efficient but also mark it as a brand that is highly innovative. We will help you identify the ways Blockchain Startup can impact and make your processes a lot easier. And in case you wish to dive deep in the technology’s ABC, head on to our handbook on Entrepreneur’s Guide to Blockchain.
Now without further delay, let us get on to what can Blockchain do for YOU.
What can Blockchain do For Your Startups?
Can make you early adopters
Just like the starting days of the Internet, the Blockchain world is underdeveloped to a huge extent. There are a number of critical elements that will have to be addressed before Blockchain becomes a mass phenomenon.
For startups that are willing to act as fast movers and follow the plant the flag strategy, there is a golden opportunity to conceive and grow a community before space becomes too overly crowded with Blockchain business applications.
By investing time and resources to develop a business model with Blockchain at the center of the processes or even a major part of the working mechanism, will automatically give startups an edge over others working in the same domain – something that all startups need in a time where there are thousands of businesses working in the same category, fighting for the same piece of market.
Can Replace Antiquated Processes With Digital Systems
A number of startups operate on some or the other form of the legacy software or outdated infrastructure, which not just increases the cost of conducting business but also make them inefficient and inconsistent to a great extent. Plus, a great number of vital processes are manual in nature, meaning they are subject to the risk of human error to a massive extent.
With Blockchain for small businesses, startups will be able to solve a great amount of these issues. The technology is known to decentralize the pool of data segregated among a great number of different processes – something that solves the startups’ needs to rely on manual labor to collect and process data.
Can Secure Their Data
Cybersecurity is a point of concern for companies of all sizes across industries. The global spending on cybersecurity based services and products like automation and IoT is estimated to increase by $1 Trillion by the coming five years.
Noting the incredible security proof that Blockchain systems come with, they are poised to soon become the de-facto mode of gathering and organizing the enterprise data – and a primary answer behind the question on why do companies use Blockchain.
All the data gathered in the ledger gets automatically encrypted with the newest and greatest of the cryptographic methods, the warehouses are only accessible through a key-value mechanism which validates and authorizes the identification before granting access.
Moreover, the decentralized mechanism of Blockchain for small business reduces the security risk to a great extent. As the distributed system cannot get manipulated by any single entity, it is impossible for hackers to change the data without notifying everyone in the network – something that protects against corruption and give the control back to the actual users.
Now that you have seen how Blockchain can make your startup more efficient, let us look at the ways you can employ the technology in your startup to make your business more efficient, transparent, and decentralized. The answer which is same as one to Why do Companies use Blockchain.
Ways Blockchain for Startups Business can be Employed for Better Processes
Here are some of the top-most applications for Blockchain in your business –
1. Payment and money transfer
One of the most common applications of Blockchain in a startup is seen in use of technology in the payment and money transfer domain.
The present day story is that Blockchain is ready to transform transactions and startups are known to deal with a number of vendors across the world, for availing low-cost, high quality services. Blockchain with its cryptocurrency element comes in handy for making cross-border payments easier and a lot more cost effective than the traditional mode of payments, which are crippled by high transfer charges.
2. Contracts Creation and Abiding
As you are just starting, there are a number of contracts that you will have to get binded into – with your interior designers, your food and beverage vendor, your offshore software development company and a number of other third-party stakeholders.
With so many contracts to be made and ensured to be followed, use of Blockchain in business can come in very handy, through the Smart Contract route. Since we have already talked about the concept in our Smart Contract guide before, we won’t get too much into the depth into the mechanism here, but what we can tell you with respect to Contracts and Blockchain is that it is impossible for any of the involved party to break the Smart Contract.
3. Distributed cloud storage
A distributed cloud-storage comprises solutions around peer-to-peer decentralized cloud storage. By using the combination of cryptography and Blockchain to protect the files on both – transmission and in nodes – decentralized cloud storage makes your files unhackable and Blockchain a useful element of your startup.
In layman terms, distributed cloud storage system comes into existence when every element of the cloud storage, like processing, transport, and storage of data is put into the blockchain ecosystem. Once that happens, every data – how it moved, who accessed it, and how it was governed can be seen by everyone who has the access to the Blockchain. A system of this type help in offering full accountability, traceability, and transparency for cloud, and entities which are either using or managing the cloud.
4. Protection of Digital Identity
Another crucial application of Blockchain in businesses is Identity Management.
Identity management is something that the world suffers from. No matter what business or team size you belong to, you are never truly safe from your identity being leaked on the internet and in worst case scenario, in the hands of the hackers.
In the case of startups, what happens is that they – in an ode to seek growth and efficient performance – sign up and subscribe to a number of websites that in some cases can be malicious.
Blockchain, in this case, can be used as a platform to protect identities from fraudulent activities. The technology can help businesses handle the problems of reconciliation and authentication faced by a number of industries. Moreover, it allows businesses the freedom to develop encrypted digital identities that replace usernames and pin codes with comprehensive security elements that are capable of saving the institutions and their customers’ valuable resources and time.
5. Supply Chain Management
There are a number of different ways Blockchain can be used in business when it comes to the Supply Chain Management process, to make it more real-time, accessible, transparent, and efficient. Here are the different applications of Blockchain in SCM –
Provenance Tracking
In the blockchain-powered supply chain management process, provenance tracking and record keeping become very easy for the product information can be easily accessed through RFID tags and embedded sensors. Everything about the product, straight from origination to its present status can be tracked via Blockchain. Along with this, the provenance tracking can also be used for detection of frauds in any part of supply chain.
Cost Reduction
When Blockchain is used in supply chain for speeding up the administrative processes, the additional costs occurring in the system gets automatically reduced with the transactions’ security guaranteed. Secondly, elimination of intermediaries and middlemen in the supply chain lowers the chances of product duplicacy, frauds, while saving them a lot of money. The payments made can even be processed by the suppliers and customers in supply chain with cryptocurrencies rather than them relying on the EDI.
Establishing Trust
Having trust in complex supply chains with many participants is necessary for smooth operations. For example, when a manufacturer shares his products with suppliers, he/she should be able to depend on them for following factory safety standards. Also, when it comes to regulatory compliances such as custom enforcers, trust plays a vital role. The immutable nature of blockchain in the supply chain is well-designed to prevent tampering and establishing trust, marking trust as the primal application of Blockchain in business.
6. Quality Customer Support
There are two ways through which Blockchain is used in Business for increasing the quality of customer support.
Data Cleansing Whether it’s due to inept data import tools or human negligence, CRM users all over the world have to deal with inaccurate or duplicate data at some level. With blockchain in place, a customer can have their very own personal block that presents companies with a unified and accurate picture of their personal information, past transactions, subscriptions, etc. Hence, blockchain helps these companies circumvent the issue of inaccurate, obsolete and duplicate data records altogether. This consequently yields better insights into customers and helps businesses engage them more effectively.
Loyalty Programs Loyalty programs aim to drive profits by adding value to the customer experience. However, due to their variable mileage, volatile value and associated privacy concerns, they prove to be cumbersome for customers and yield a low ROI. However, in a manner very similar to cryptocurrencies, brands can make use of blockchain to reimagine and reinvigorate their loyalty programs. With blockchain, consumers would have a single decentralized wallet that is compatible with all brands. They would not be bound by the rules and limitations of individual brands and point redemption would be greatly simplified. The consumer will have far greater control over the whole experience and brands will complete for their wallet by offering them better deals.
7. Advertisement and Promotion
The need for promotion while necessary for businesses of all size is something that is unignorable for startups who are just starting up and are in need of awareness in the market. Even after being one of the most important elements of a business, advertisement industry is filled with a number of loopholes that makes it unnecessarily expensive and opaque for the startups.
When Blockchain is introduced to the mix, there are a number of things that get sorted and streamlined on the promotion front.
Let us look at the benefits of using Blockchain in your business in terms of decentralized advertising.
Better Audience Targeting
Earlier, as marketers, we used to rely on more than one sources to get information on users’ buying habits. But now with blockchain, advertisers will get the freedom of creating buyers’ demographics by getting the necessary information straight from the buyer themselves. The technology will gather all the information that the users wish to share their buying pattern and get them to the advertisers.
Reliable Ad Buys
The problem with online advertising is the lack of knowledge related to the fact that it is absolutely difficult to know whether the people who clicked on the ads were genuine buyers or paid clickers. However, since blockchain is transparent, advertisers can easily make out if the clicks that they are getting, even coming from the population they are targeting or not. This way, the ad buys would prove itself to be of value to money.
Ad Verification
Many times, it so happens that you see a banner advertisement on Facebook listing price of the product as N, but when you visit the site, the number is shown as X. The identification and rectification of issues such as these are the tasks done by the Ad verifiers, whom the networks pay heavily to. However, blockchain helps ensure that the actual information is exactly same as what shown in an advertisement. It reduces the heavy cost that is associated with the ad auditing process.
Management of Advertisement Inventory
Ad inventory, as we all know is the space that advertisers have for ad selling. It can be calculated on the monthly basis. The information that goes into the whole ad inventory management cycle – number of space, length of the advertisement, maintaining records of which day is assigned to which brand, the amount that has to be charged space placement wise etc. – are way too much to handle manually. By using smart contracts and blockchain, brands can not just manage the inventory better but also get payments from advertisers on time.
8. To Generate Funds
One of the biggest sign of success for any startup and also the one which helps them grow to their maximum ability is the amount of investments that they receive. The moment your startup gets backed by investors, you don’t just become an establishment to look out for but also get sufficient funds to support your growth and expansion needs.
Now, when we talk about generating funds or raising investments, there are quite a few options available to the startups and entrepreneurs – Crowdfunding, Angel Investments, Venture Capitalist, Bank Loans, Small Business Administration Loans, etc. While out of all of these modes of generating funds, Venture Capitalist has established itself as the most preferred form of raising fund as entrepreneurs get not just funds but also the experience of VC investors, ICO (a Blockchain powered mode of raising fund) is soon replacing the VC model.
There are a number of reasons that have not just brought the demand for VC and ICO at an equal stage but have also increased the fund investment count for ICO fund model. But, the ones that make ICO ideal for you are:
Easier:
Compared to the VC fund model that asks for entrepreneurs to come prepared with validating market and financial response that proves how your startup or idea is a success, ICOs have a lot fewer benchmarks to follow, making it easier for entrepreneurs to raise funds through the ICO route.
Global:
While VC funding operates within a set geographical boundary, ICO can be raised from investors in the UAE while you are in Australia.
Speedy:
As opposed to the VC funding timeline to raise funds, ICO lasts for around 30 days, only. Making it a lot speedy for entrepreneurs to raise money.
So, here were the several benefits that come tagged with the integration of Blockchain in a startup. But, these benefits like all the genuine, validated benefits, don’t come without their set of challenges.
Specially when the technology is as disruptive and less explored as Blockchain, the instances of businesses facing a challenge in its implementation is very obvious.
Let us look at what challenges Startups face and the probable solutions there can be to overcome and adopt the technology in the business process.
Challenges Startups have to overcome
Complexity in Regulations
The biggest obstacle facing enterprise blockchain adoption is the lack of regulations safeguarding entrepreneurs if something goes wrong. While, there are a number of regulations coming up aimed at bettering the Blockchain adoption rate, the time when you will have a legal regulation in place is still far away.
Presence of Legacy Systems
Startups that wish to actually benefit from Blockchain will have to have a DLT based infrastructure, something that requires technical know-how and capital. The solution to this is investing in skilled Blockchain developers who know how to integrate the technology in the existing system and then integrate on a small scale rather than going all in.
High Hack Incidents
For something anointed to be highly secure, Blockchain doesn’t come sans hack and security breach instances. The internet is filled with Blockchain hack events causing people a loss of millions and millions of money, making safety the biggest factor keeping Blockchain receive full Enterprise adoption.
The solution to this challenge is employing Private or Permissioned Blockchain ecosystem instead of Permissionless or Open Blockchain. By making Blockchain permissioned, you add another security level to the mechanism, making it completely unhackable. Also, since the number of stakeholders, in this case, lowers, the throughput time increases by manifold, making it easier to handle multiple transactions at one time.
Now that we have seen how Blockchain can make Startups more efficient and the probable challenges along with the ways you can conquer them, it is time to look into the Blockchain platforms that you will have to work around to employ the technology in your startup.
Enterprise Blockchain System Platforms
Here are the platforms that we have been trusting for the development of enterprise grade Blockchain system for your Startups –
Hyperledger Fabric
Quorum
VechainThor
R3 Corda
Hedera Hashgraph
As you could see, the enterprise blockchain systems usually have a lot more throughput, lesser latency, and a lot less complex consensus protocols compared to the standard public blockchains such as Ethereum or Bitcoin.
With this, you not just know why to invest in Blockchain for bettering your startup efficiency and the various applications of Blockchain in your business but also how to establish yourself as an innovative company but also what platforms to use to make it possible. What is left now is to get in touch with our Blockchain app developers and get started with the bettering of your startup.
Unless you are living under the rocks, it is likely that you would be familiar with what is Blockchain and what is its potential when it comes to reforming the tech world. The technology, that have been the driving force of Cryptocurrencies, has taken the front seat and come up with a myriad of options to mitigate the traditional challenges that a myriad of industries face, helping them grab better opportunities. It has proven to hold the potential to revamp the whole economy – be it healthcare, travel, education, or legal domain.A ripple impact of which is that today, both startups and Fortune 500 companies like IBM, and Accenture are putting efforts towards making their presence known in the Blockchain arena.
Because of this, rather sudden, mass adoption, the number of Blockchain jobs are increasing in the market exponentially. A clear indication of which is that a 517% rise is predicted in the number of Blockchain jobs in 2019, compared to 2018.
And, behind the curtains, the type of blockchain development platforms and programming languages are also evolving. While many traditional ones are proving to be undisputed leaders, many new entrants are bringing radical changes in the development environment.
This, as a whole, is making it necessary for all Blockchain enthusiasts to be familiar with the best Blockchain programming languages to headstart with. Something we will cover in this article.
But, before that, you will be able to earn brownie points if to go through a blockchain development guide to have a clarity of concepts, and to get familiar with the challenges developers come across while starting their journey in this innovative technology.
Challenges You Might Face While Entering the Blockchain Development World
A. Resource Management
In the Blockchain arena, it is imperative for developers to ensure that they are familiar with real-time network demands and that they are well-versed with opportunities to handle remote and local queries. This, in turn, can be challenging for them to manage their resources efficiently and effectively.
B. Isolation
Another issue faced by Blockchain developers is that all the hash functions operate in a deterministic manner. Meaning, they do not act in two different ways depending on the circumstances.
In such a scenario, the development team has to opt Isolation mechanism to bring non-deterministic nature into their blockchain solution.
C. Lower Performance
Last but not least, Lower performance is also one of the challenges of Blockchain programming that developers often have to deal with. Especially when choosing the right Blockchain development language.
This is because some of the Blockchain operations are parallelizable, while others are not. Meaning, it becomes important for them to bring a language on table that is versatile in nature.
Now that you know what Blockchain programming problems you might encounter while heading your journey to Blockchain development, let’s jump to the core part of this article, i.e, unveiling of the top Blockchain programming languages.
15 Programming Languages to Consider for Developing Blockchain Applications
1. Solidity
Influenced from JavaScript, Powershell, and C++, Solidity is the first blockchain programming language that one must learn. Especially when they have to develop dApps or are looking to get into the ICO development game.
The Solidity programming language was developed by Vitalik Buterin, the mastermind behind Ethereum, and serves blockchain development firm with a myriad of benefits, such as:-
Developer-friendliness,
Accessibility to JavaScript infrastructures, debuggers, and other tools,
Statically typed programming,
Possibility of inheritance properties in smart contracts,
Precise accuracy, etc.
2. Java
Java, the official language of Android mobile app development and a preferred option for backend development, is also considered a great programming language used for Blockchain development.
The language is derived from C-syntax and is widely chosen for building sophisticated Smart contracts and dApps because of its following properties:-
Robust support for OOP (Object-Oriented Programming) methodology,
Ease of memory cleaning,
Availability of ample of libraries.
Some of the best examples of Blockchain solutions developed using Java are NEM, IOTA, NEO, and Hyperledger Fabric.
3. Python
Python has not only ruled the world of app development, IoT app development, and network servers’ development, but is also proving to be an asset in Blockchain-as-a-service arena.
The language, created in 1991, is widely used for dApps and Smart Contracts development because of ample of features it avails. Some of those features and functionalities are:-
Easy to learn,
Access to dynamic architecture,
Perfect for both base and scripting approaches,
Open-source support,
Efficient for Prototyping, etc.
Steem, Hyperledger Fabric, and NEO are a few popular Python based Blockchain projects that are prevailing the industry.
4. JavaScript
Considered for a wide range of app and game development needs, JavaScript is also one of the best Blockchain programming languages to keep an eye on.
The language, in the form of frameworks like Node.js framework, offers developers ample of benefits like:-
Easier and earlier entry to market,
Enhanced Scalability,
Availability of multiple JavaScript frameworks,
No hassle of integration of respective resources, and more.
5. PHP
Released in 1995, PHP (Hypertext Preprocessor) is another programming language that every reputed mobile app development company recommend for creating Blockchain solutions.
The language, though considered as a backend development tech stack in the form of best PHP frameworks, is often used to develop blockchain solutions of different complexity range. Something that is a ripple effect of its huge open-source community and object-oriented features.
6. C++
C++, introduced back in 1985 by Bjarne Stroustrup, is the best programming language for cryptocurrency development.
The language follows OOPs methodology and is highly used for developing cryptocurrencies and Blockchain Projects like Bitcoin, Litecoin, Ripple, Stellar, and EOS. Something that is a direct result of the following set of features and functionalities it offers:-
Efficient CPU management and memory control,
Ease of running parallel/non-parallel threads,
Option to move semantics for copying data effectively,
Compile-time polymorphism for enhanced performance,
Code isolation for different data structures, and more.
7. C#
Created by Microsoft as a substitute of Java, the OOP language offer a huge number of features for enterprise-powered apps, cloud, and cross-platform development. The language comes loaded with features of C, SQL, and .NET frameworks, and is highly favored for Blockchain development because:-
It is open source.
Its syntax is easy to understand and learn – thanks to its identicality with C++ and Java.
It empowers developers to write portable code across devices.
It is cost-effective to use because of BizSpark program.
The programming language is majorly considered for building dApps, Smart Contracts, and infrastructure in Blockchain environment.
8. Go
Go programming language also lands in the list of top Blockchain coding languages with a blistering success.
The language is not just easy to comprehend, but also comes with the best features of JavaScript and Python such as user-friendliness, scalability, flexibility, and speed. Something that makes it the right option to deliver bespoke Blockchain solutions.
Two of the best Go-based Blockchain solutions prevalent in the market are Go-Ethereum and Hyperledger Fabric.
9. Simplicity
Created by Russell O’ Connor, Simplicity is a high-level Blockchain coding language that hit the market in November 2017.
The Simplicity programming language is based on Ivy and work with a Haskell-like syntax which makes coding easier and effective. Besides, it is highly mathematical in nature and makes the codeline human-readable. Because of which, it is highly used for developing Smart Contracts and blockchain solutions that works with both Bitcoin and Ethereum Virtual Machine (EVM).
10. Ruby
Ruby is yet another top Blockchain development language to headstart your career with.
Developed by Yukihiro “Matz” in the mid-1990s, this high-level and general purpose programming language empowers developers to prototype their vision effectively and effortlessly through open-source third party APIs and plugins. The language also gives developers an opportunity to mix its features with that of other languages to build an enhanced platform.
It is highly considered by Asian developers for building Blockchain-based software and platforms.
11. Rust
Though newbie in the Blockchain ecosystem, Rust is also being widely considered for building innovative, immutable, and secure solutions.
The language enables open-source developers to create quick and effective Blockchain frameworks. It also serves them with highly-capable mechanism of managing mutable states, amazing code optimization, better memory options, and concurrency-based opportunities.
12. SQL
SQL (Structured Query Language) is also one of the top blockchain programming languages to consider in 2020.
The language was designed by IBM to make communication with databases like MySQL, SQL Server, PostgreSQl, and Oracle easier and efficient. It has more than 7M developers in the industry and is used for building secure and effective enterprise solutions in Blockchain domain. A clear evidence of which is Aergo.
13. Erlang
Erlang is another top Blockchain coding language you must consider for a brighter future ahead.
The language, though less popular than reputed names like Java, JavaScript, and Python, serves Blockchain development companies with options like:-
Unparalleled backend facility,
Higher scalability,
Immutability
Inherent fault tolerance, and more.
Something that makes it the right choice for building peer-to-peer networks in a Blockchain environment.
14. Rholang
Rholang is yet another impressive addition in the list of Blockchain programming languages. The language, unlike C++ or Python, operates with functional approach over Object-oriented. It also assess the whole app as a series of functions which are then solved in a sequential manner.
Because of this, it is a favorite of developers when they wish to build a high-level project like Smart Contracts.
15. CX
CX has also entered the list of top Blockchain programming languages.
The language has the potential to work as a contractual digital intermediary, and comes loaded with features like simple error control process, and opportunity to use propelled cuts, pointers, and arrays. It also assembles over Go and give users an escape from executing discretionary codes, which has been a critical issue for present day businesses.
What’s more, the language integrates with OpenGL (Open Graphics Library) efficiently and helps developers reap better benefits in terms of GPU’s capacity.
So, these were some of the programming languages that can be considered for entering the Blockchain world and make the best of the flourishing opportunity. These languages, as already covered in this article, holds different potential and thus, can be used for building different forms of Blockchain and cryptocurrency-based solutions. It implies that you must know which language is best for what type of Blockchain development and eventually, polish your skills in the same.
Now, while learning through online tutorials and training programs is a good effort to be well-versed with its theoretical concepts, if you wish to do some practical stuff under the shade of a reputed Blockchain development company, connect our recruitment team for an internship opportunity today.
KYC processes are the backbones of a financial institution’s anti-money laundering efforts. Find out how businesses are revolutionising the long, tiresome process.
Know Your Customer or KYC processes are the backbones of a financial institution’s anti-money laundering efforts. According to current estimates, the amount of KYC spending rose to up to $1.2 Billion in 2020 on a global level.
With a whopping amount as this being spent on making KYC processes better, it is easy to assume that the process would be unhackable and issues-free. But inspite of the importance of the process, KYC continues to operate inefficiently. Clenched by labor-intensive and time-consuming tasks, the high scope of effort duplication, and the risk of error, it is estimated that 80% of KYC efforts go on gathering information and processing while only 20% of efforts are assessing and monitoring focused.
While the current KYC process is failing to serve its purpose on the financial institution front, the tiresome, long, and repetitive process is creating an annoying experience for customers.
A hopeful respite to the situation comes from the fact that several financial institutions and service providers are trying to solve the issues by the way of incorporating new-gen technologies like cognitive technologies and AI.
In this article, we are going to delve into a technology that we believe carries the key to eliminating efficiencies and duplication in KYC processes – Blockchain.
In order to truly understand the changes that Blockchain can bring to the counterproductive KYC process, it is important to understand the problem areas of the present system. The problems will help us understand how blockchain technology for KYC is becoming a necessity.
The Lags in Centralized KYC Systems
Every bank or financial service provider comes with its individual set of specifications with no standardization. This often results in users performing the KYC process with every bank and provider they use. Moreover, a tight siloed system like this limits FIs from tracking consumers’ expenses on other platforms – leading to every institution having their specific set of incomplete data.
This centralization of data in silos combines to cause an inefficient KYC process. One that creates issues like:
Misidentification of fraudulent data
The inability of tracking customers
Customers entering fake data
Delayed processing time
The result of these challenges is spending numbers that we mentioned earlier and a constant rise in money laundering instances.
As a way of changing the situation, the KYC process is gradually being shifted to Blockchain. Let’s deep dive into the process of using Blockchain for KYC verification and the benefits that the movement offers to the fintech sector.
The Blockchain KYC Process
The process of using Blockchain for KYC happens through multiple stages in a Distributed Ledger Technology.
Let us give you a high-level understanding of the steps of how can Blockchain help KYC.
Step 1: The user builds a profile on the KYC DLT system
Financial Institution (FI) deploys a Blockchain-based KYC platform which the user completes as a one-time setup using their identity documents. Once uploaded, the data become accessible to the FI1 for verification purpose.
There are multiple options when it comes to storing the users’ data:
A centralized, encrypted server
On F1s private server
DLT platform.
Step 2: User performs transactions with FI1
When the user performs a transaction with FI1, they give them the right to access the users’ profile. The FI1 then verifies the KYC data and saves a copy of the data on their server. Next, they upload a ‘Hash function’ on the DLT platform.
Finally, FI1 transfers KYC digital copies to the user’s profile embedded with a Hash Function which matches the Hash Function uploaded on the DLT platform.
Now, if the KYC data is altered, the Hash Function of the KYC data won’t match the one posted on the DLT platform alerting the other financial institutions on the blockchain of such change.
Step 3: User performs a transaction with FI2
When FI2 asks the user to perform KYC, the user grants access to their user profile to FI2. FI1 then reviews the KYC data (and its Hash Function) with the Hash function uploaded by FI1. If the two matches, FI2 would know that the KYC is the same as the one received by FI1.
In case the Hash Functions don’t match, FI2 would have to manually validate KYC documents.
But what happens when the user obtains a new passport or driver’s license and their original document in DLT user profile changes?
In such cases, financial institutes leverage smart contracts for automatically updating their systems when the user provides new documents. Here too, the user submits the new document to F1 who then broadcasts the change across the blockchain (through the new Hash Function) which then becomes accessible to other FI participants.
The benefit of a Blockchain solution for KYC can be seen in:
Data Quality: all data alterations are tracked and monitored in real-time
Lowered turnaround time: through KYC Blockchain software solutions, FIs get direct access to the data which saves data gathering & processing time
Reduced manual labor: KYC on Blockchain eliminates paperwork from the process.
The benefits of KYC Blockchain implementation cannot be limited to these points. There are a number of sector benefits that the process of KYC using Blockchain offers.
Benefits of Blockchain in KYC/AML Process
The use cases of the decentralized technology in KYC technology is not just a Blockchain in Fintech offering. There are a number of sectors that are partnering with a Blockchain development company to explore the application.
Distributed data collection
The introduction of blockchain in KYC brings data on a decentralized network which can be accessed by parties after permission has been given to them. Moreover, the system offers efficient data security since the data can only be accessed after permission has been given by the users, thus eliminating instances of unauthorized access.
Better operational efficiency
The abilities like an unhackable digital process and sharing user information on a permissioned network can massively lower the effort and time needed in the early stages of KYC. This, in turn, expedites the customer onboarding time and lowers the regulatory and compliance expenses.
Validation of information accuracy
KYC Blockchain systems enable transparency and immutability that, in turn, allows financial institutions to validate the trustworthiness of data present in the DLT platform. The decentralized KYC process acts as a streamlined way for gaining secure and swift access to up-to-date user data. This lowers the labor-intensive efforts that an institution puts behind gathering information.
Real-time updated user data
Every time a KYC transaction is performed at a financial institution, the information is shared within a distributed ledger. This Blockchain technology KYC systems enable other participating institutions to access real-time updated information with a guarantee that every time there’s a new addition in the documents or there are any modifications, they’ll be notified.
Is Blockchain Development Solutions the Answer to KYC Issues?
Gathering information and processing it takes up a great amount of cost, time, and effort in the KYC process leaving very few resources available for monitoring and assessing user behavior for anomalies. By offering speedy access to up-to-date data, blockchain KYC solutions can lower the time needed for the laborious tasks, which, in turn, can be employed to find solutions to more complex KYC challenges.
However, blockchain cannot solve all the issues faced by KYC. After the data is acquired, financial institutions still have to validate the information. For this, AI and cognitive processing-like technologies have to be employed for greater efficiencies.
In its present state, blockchain when used in combination with other technologies can showcase high potential to help institutions lower the cost and time linked with the KYC process.
If you want to explore this side of Blockchain development services or are seeking to validate your decentralized KYC-based idea, get in touch with us – one of the leading blockchain development companies in USA.
Blockchain has come a long way since it was described by Stuat Haber and W Scott Stornetta back in 1991. The technology has become one of the biggest innovations of the century and has given rise to various new possibilities in different sectors and industries. Say it fintech, retail, healthcare, enterprises, real estate, or supply chain.
A clear evidence of which is that today, almost every entrepreneur, digital marketer, and even blockchain development firm is showing an interest in learning the basics of blockchain technology and looking ahead to entering the space. And eventually, getting a slice of the market which is anticipated to be valued USD 39.7 Bn by the year 2025.
They have also begun looking into the latest blockchain trends and the best business models top players are working with.
However, most of them are missing one main point.
With the growing popularity of the technology, different ways to embrace it for business transformation are coming into the limelight and so, the kinds of blockchain projects; making everyone intrigued to know which of these types is destined to aid them in leading the digital environments in 2020. Something that you will come to know by the time you reach the end of this article.
So, shall we begin?
[Just in case you want to take a recap of the role of blockchain on the industries, check our blog on ‘the impact of blockchain on the economy’.]
Explained: The 5 Categories of Blockchain Projects
1. ‘Fear of Missing Out’ Blockchain Solutions
The first kind of blockchain solutions that are getting developed these days is FOMO (Fear of Missing Out).
As depicted from the name, this type of projects are brought into life just to ensure that companies do not remain behind in the market. They have not held any meeting and discussed its role into their traditional business model and the possible outcomes they would derive from it in a particular time span. Or even looked into whether investing in blockchain app development is beneficial for them.
Rather, they have just taken this step just to show that they are innovative and work with the latest technology trends impacting the business world.
These kinds of projects, as you might have guessed so far, do not create much value for the business and remain a marketing act for the company. It just increases the chances of your target audience giving a second look to your business products/services or competitors fear of missing out and take the same step.
What’s more, the poorly planned blockchain projects might overburden the existing business ecosystem and demand additional costs. This can make leaders conclude that they ‘tried and failed’ blockchain or doubt on its future. Whereas, the only problem is that they kept on focusing and investing on the wrong use case of the technology.
2. Opportunistic Solutions
The second category in which blockchain projects fall is Opportunistic solutions.
These types of blockchain solutions are devised to solve any known problem, especially related to record-keeping. They add value to the business, even when not being operational for a longer period of time.
The only problem associated with this project type is that one might lose control over data and contracts later.
When looking into the real-life examples of Opportunistic blockchain projects, the blockchain solution developed by the Depository Trust and Clearing Corporation (DTCC) to regulate records from credit-default swaps is the right one to consider.
3. Trojan Horse Projects
Trojan horse projects also landed into the list of type of blockchain business ideas gaining momentum this year.
These projects, just like trojan horses, are attractive, backed by respected brands and address the usual and wide-reaching problem in a particular industry. But, they demand users to share their sensitive information and transfer some control in such a way that results in market consolidation for the prime blockchain owner. So, it is required to invite different groups of people/ecosystems to participate in its processing.
A potential example of a trojan horse blockchain project is a food-tracking blockchain system. This system run by blockchain, unlike the traditional centralized ones, take comparatively less time and effort to determine the point at which the food items were adulterated/replaced, the people responsible for the same, and prevent it further. It enables users to access the records in real-time and prevent dozens of people from falling sick or suffer in other ways. But only when the participants are ready to share their personal information on the network.
These kinds of projects are quite effective. However, there’s a risk involved with considering these projects. They become reliant on the owner’s technology and locked in to the contract terms. But, with the passing time, they gain more control over the market because of having heaps of user data.
Also, the business currencies involved in the ecosystem where Trojan horse blockchain projects exist usually trade at a much higher risk level for the participating users.
4. Evolutionary Blockchain Projects
Another type that business leaders focus upon is the evolutionary blockchain project.
As the name suggests, these projects evolve with time. They are designed to improve over time so as to employ tokens with decentralized governance.
One example of such kind of blockchain software/applications comes from UEFA – the central committee for European football. UEFA works with two Swiss technology companies, TIXnGO and SecuTix, to create an evolutionary blockchain platform that drives a more equitable and safer market for the sales of football tickets.
The blockchain-powered platform encourages ticket buyers to download the SecuTix and TIXnGO applications. Here, the tickets are tokenized so as to keep a real-time record of the ticket purchase and connect it to the ownership details.
In case someone wishes to give away their ticket to a friend or colleague, they can do it through the application, which then stores the record of the transfer in the blockchain ecosystem. And if they wish to send it to anyone in the open market, the SecuTix platform can help them by defining that markup resellers are empowered to charge. This, as a whole, ensures that no unreasonable pricing is being asked or illegal brokers come into play.
Besides, the secondary market for tokenized tickets could mature into a decentralized sales network with time, such that it brings all the second ticket sellers at the same place.
When compared to trojan horse blockchain projects, the business currencies in this type can trade at a comparatively low risk level for the participants.
5. Blockchain-Native Solutions
Last but not least, blockchain native solutions are also among the type of projects business leaders consider in 2020.
Designed by startups or extended teams of existing organizations, these projects are meant to bring forth a new market of opportunities or disrupt an existing ecosystem. They might begin with different perspectives and facilities, but are supposed to move in the direction of tokenization or decentralized governance with time.
When talking about blockchain-native project types, the two industries that come to the limelight are Education and Sports.
In the Education sector, these projects emerged as a non-profit digital education society where students and teachers from different parts of the world could come together and relish the perks of higher education without worrying about learning exchanges or payments. The best example of which is Woolf University, the one founded by a group of scholars from Cambridge and Oxford and known as the ‘decentralized Airbnb for degree courses’.
Likewise in the gaming sector, these projects enable users to create their own tokens to support their favorite games and players. A perfect example of which is Enjinn.
The Blockchain native solutions introduces new business approaches into the market but comes with major currency risks. Because of this, they are preferred only by those who wish to manage their own data and experiment with the concept of decentralization independently.
Now while the definition and approaches of the different kinds of blockchain projects might have helped you with understanding which one is the right pick for your business, you can reach our blockchain consultants to know further. Our team has years of experience in helping startups as well as established brands from different industries to determine the right way of integrating blockchain into their traditional system and reap higher benefits. And that too, without worrying about the hidden business and tech-based challenges.
The real-world applications of blockchain are expanding by the minute. But the resources and skill sets needed for developing blockchain applications and hosting them are neither cost effective nor popularly available. Is blockchain as a service for business the answer of how to make blockchain technology accessible to an audience?
In this article, we are going to look into the BaaS solution for business works, the benefits of blockchain as a service, and how to choose the best BaaS providers operative in the market today.
Table of Content
What is Blockchain as a Service?
How Does Blockchain as a Service Business Model Works?
How Blockchain as a Service is Shaping Businesses?
The Region Wise Adoption of Blockchain as a Service?
The Top Blockchain as a Service Providers
A Look Into Self-hosting Blockchain Applications
What is Blockchain as a Service?
For offering the benefits of blockchain based services to a wider audience, the technology has started being offered in the cloud as a service business model. On the operational front, it is more or less similar to the SaaS, PaaS, and IaaS models which enables using cloud-based apps and storage.
It allows businesses of all types and sizes to access blockchain based technologies without investing in the in-house development. The BaaS model enables companies to access the blockchain provider’s service wherein they can develop blockchain applications at minimal cost. This benefit is what has made it a key part of the blockchain technology trends.
The only limitation of the BaaS solution for business is that it asks for a certain level of centralization since the transactions have to be funneled through the host’s blockchain services. And because the answer to how blockchain is used in business lies at the center of decentralization, companies tend to be wary of its adoption.
Key takeaways:
Blockchain-as-a-Service is third party cloud infrastructure and management that businesses use for developing and managing blockchain applications.
It operates as a web host which runs an app’s backend.
BaaS acts as a catalyst which leads to widespread adoption of blockchain technology.
How Does Blockchain as a Service Business Model Works?
Blockchain as a service business model describes the process through which third parties install, host, and maintain a blockchain network on the behalf of organizations. The service provider offers setting up of blockchain infrastructure and technology in return for fees.
In many ways, the role of blockchain as a service for business is similar to that of a web hosting provider. It enables customers to make use of the cloud based solutions for developing and hosting blockchain applications and smart contracts in the ecosystem managed by the provider.
Here is a visual showcasing the working of Hyperledger Cello Blockchain-as-a-Service, which is a BaaS-like blockchain module utility system and toolkit under the Hyperledger project.
The BaaS integration in traditional business provides support around allocation of resources, bandwidth management, data security features, and hosting requirements. The biggest impact of BaaS on business is that the enterprises can concentrate on their main business without thinking of the complexities around blockchain operation.
How Blockchain as a Service is Shaping Businesses
Businesses and consumers are willing to adapt blockchain technology. But the operational overhead cost related to development, configuration, operation, and maintenance of infrastructure along with the technical issues act as a barrier. The advantages of blockchain for SMEs, no matter how massive, are very resource intensive and energy consuming – thus preventing the technology’s mass adoption.
Renting a blockchain infrastructure in BaaS allows businesses to acquire the skillset needed for operating the blockchain infrastructure. Additionally, the investment needed for entering the technology segment is also lowered, since the service agreement can be easily scaled up or even terminated within short notice.
It offers a way for businesses to stay at the edge of technology without any unnecessary risks.
BaaS for startups
The opportunities of BaaS for businesses, especially small businesses, is deemed ideal for organizations which outsource the technological aspects, and are not very hands-down involved with the blockchain’s working mechanism. It enables these firms to get the understanding of the technology without having to develop their proprietary blockchain.
The integration of BaaS solutions is being used by a number of industries for things like identity management, supply chain management, and payments. Blockchain development services are emerging as the ideal solution for a number of SME challenges like elimination of middlemen, lack of transparency, etc.
Use cases of Blockchain as a Service for business
Document tracking – Blockchain technology offers a distributed, immutable document tracking system. By keeping the documents on blockchain, all the participants are given equal access to the information. Additionally, blockchain technology is immutable, thus ensuring that the documents are secured.
Data storage – With the data stored in the decentralised blockchain, the amount of data loss risk is reduced by manifold. The regulated industries like healthcare, real estate, etc benefit a lot from this immutable, secure facility of data storage on blockchain.
Contract execution – Under the smart contracts service of blockchain, a platform is provided for the contract execution which promises high transparency levels. Its distributed nature implies that all the parties should be equally informed.
The benefits of Blockchain as a Service lies in the unraveling of the several use cases that are yet to be emerged. It offers enterprises an opportunity to work on those use cases without making any large term commitments. All they would have to do is partner with a blockchain service company and then fully embrace Blockchain’s capabilities.
Now that we have looked into how is blockchain as a service valuable for SMEs and enterprises, let us look into its regional adoption.
The Region Wise Adoption of Blockchain as a Service?
The impact of BaaS on business has led to a huge demand for the service – a sign of which can be seen in the fact how the BaaS market growth is poised to be USD 24.94 Bn by 2027.
The worldwide market of BaaS is big around the US, Mexico and Canada. One prime reason behind this is the presence of SMEs and large businesses operating in the US location along with a willingness to combine the technology with the public utilities services.
Europe has also been seen as the leading BaaS market. One of the major drivers of blockchain and BaaS adoption has been the government support from different countries.
The Asia Pacific (APAC) region is the third-most biggest market for the BaaS integration. Driven by the BaaS integration in traditional businesses and growing investment in Japan, China, and South Korea, the technology is poised to grow in the region.
To take the adoption of blockchain as a service for business further, a number of tech companies have emerged as BaaS providers. Here are a few of them:
The Top Blockchain as a Service Providers
A Look Into the Alternative – Self-hosted Blockchain
Up until this point, we have looked in the BaaS ecosystem and how Blockchain as a Service is influencing the small business, in addition to the list of top providers. While it all suggests that it is a good option to go with this approach, businesses can in fact lose out on the essence of decentralization – the foundation of blockchain fundamentals.
So what is the alternative? The answer is Self-Hosted Blockchain.
When we talk about the Self-Hosted Blockchain app cost, the ownership amount tends to be a lot higher because of the startup costs, retirement costs, and operational costs. Moreover, the amount of developing and deploying a smart contract under this model can amount to up to hundred thousand dollars or more.
In contrast, a blockchain app hosted on cloud as a BaaS offering can be around $0.29 per allocated CPU hour. This means, businesses would only have to pay as they go and only for the service units used.
The costs of the BaaS model vary on factors such as number of concurrent transactions, transaction rate, and the payload size on transactions, etc.
Who doesn’t know about Blockchain? Blockchain technology which was earlier seen as the driving force behind cryptocurrencies has now entered into every business vertical and process. The technology has transformed the complete economy and made it imperative for everyone to look ahead to a decentralized future. It has come up as a major disruptive emerging constituent of the contemporary internet-enabled era of technology.
But, what’s more interesting is that this technology has proven to hold the potential to be the catalyst for other technologies. Aka, help other technologies bring out the best of their possibilities.
Now while, we have looked into how it helps Artificial intelligence in our blog, titled: Blockchain and AI – What happens when the technologies merge, let’s talk about the alliance of blockchain and IoT, aka, Blockchain of Things here.
To start with, let’s take a quick recap of what the terms ‘Blockchain’ and ‘Internet of things’ mean.
In a hurry? Jump directly to –
A Brief Introduction to What is IoT and Blockchain
IoT challenges that blockchain resolves
Use cases of Blockchain in IoT
10 Blockchain of Things Projects Transforming the World
Challenges Associated with Merging Blockchain and Internet of Things
A Brief Introduction to What is IoT and Blockchain
When talking about the Internet of things (IoT), it is basically an ecosystem that connects digital devices and objects to each other for interacting and transferring information in real-time, and that too without any human intervention. The technology is gaining huge momentum in the market, a result of which is that it has been predicted that there will be around 75.44 Bn IoT-connected devices worldwide by 2025.
Likewise, Blockchain is termed as a shared digital ledger that records all transactions in public/private peer-to-peer networks, such that every member of the network can access the records but can’t change them anonymously.
Now as the definition of the two trending technologies is cleared to you, let’s look at what challenges the IoT ecosystem is facing and what are the benefits of merging Blockchain with IoT.
IoT Challenges that Blockchain Resolves
Despite the growing advancements in this ecosystem and businesses & investors showing an interest in learning about IoT trends, the market is still suffering from various issues. A few of which are as follows –
1. Poor security
IoT enables multiple devices to access, exchange, and share data within the ecosystem. However, in the absence of human supervision and any authentication standards, it becomes much easier for hackers to hack any of the devices and use them as an entry point in the network and steal private and confidential information. In other words, the following types of security concerns are possible to exist-
Software attacks – The connected device is infected via some kind of malware such as viruses.
Physical devices attack – This involves unauthorized device control.
Network attacks – Here, wireless vulnerability and denial of service attacks are considered for ruining the IoT ecosystem.
Encryption attacks – Activities related to password cracking are brought into practice in this scenario.
Blockchain, in this scenario, helps with keeping a real-time track of the history of all the connected devices and sensor data, checking for content duplicacy from harmful data sources, and providing consensus algorithms into the process to ensure identity verification and security advantages.
What’s more, blockchain acts as a decentralized database, making it difficult for anyone to gain access to sensitive information by hacking a particular centrally controlled system.
2. No liquidity
Though IoT has come up with innovative ways to make communication possible between industrial and domestic appliances, devices, and machines, the technology is still naive in terms of empowering machines to order their own replacement supplies and parts. This is yet another area where the potential of cryptographic blockchain for IoT can be applied.
3. Lack of trust
Another challenge prevailing in the IoT marketplace is lack of trustability.
Since every digital device can connect in the IoT network and gain access to information independently, there is a higher risk of collusion and distrust. The top IoT development companies fill this gap and add trust to the ecosystem with the involvement of blockchain in the IoT ecosystem. Aka, the technology having the characteristics of transparency, immutability, and decentralization.
4. Lower scalability
Since IoT systems operate via centralized architecture, it is becoming increasingly tougher for one to connect billions of devices into the same network. An impact of which is rise in network issues and hacker attacks.
Blockchain technology, here, introduces smart contracts in the networks that enable devices to function anonymously and securely by creating agreements that executes only when a specific task is completed.
5. Higher processing overhead cost
Currently, various third-parties are being asked to check and authenticate each micro-transaction to ensure security in the IoT network. This is not solely a time consuming process, but also an expensive affair.
Blockchain-based smart contracts mitigate these challenges by introducing the power of automation and eradicating the third-parties dependency.
Now while we have studied what Blockchain means to IoT, let’s take a look at some of the Blockchain of Things applications across industries.
Use Cases of Blockchain in IoT
1. Supply chain and logistics
As you might have been already aware of, a global supply chain entails many stakeholders like brokers and raw material providers, and multitude of payments and invoices. This makes the process complicated, time consuming, and with less-to-no transparency. Besides, the risk of delivery delays is also common.
Here, the adoption of blockchain in the supply chain management process introduces transparency, ease of payments, and saves time & cost by removing intermediaries and decentralizing the ecosystem. The technology empowers the businesses to enjoy a secure data exchange and a tamper-proof repository for cargo documents and shipping events, eventually resulting in less delays and frauds.
Whereas, IoT enhances traceability throughout the shipment process by empowering machines to share details in real-time across the network.
This way, the combination of Blockchain and IoT (aka Blockchain of Things) helps companies cope up with the challenges related to supply chain and logistics.
2. Smart Homes
Various smart home organizations are embracing Blockchain technology to make the data gathered and shared by smart devices immutable and prevent the risk of hacking.
They are also turning towards the idea of collaborating blockchain and IoT technology to provide users with an opportunity to share specific areas and devices with others safely and securely with giving them access to everything. For example, Comcast employs a permission-based ledger that enables smart home product users to grant access permissions remotely to others from their devices, such that these permissions can be revoked at any point of time. This could be particularly useful in situations like giving a virtual key of your house to a friend.
3. Healthcare and Pharmacy
Another industry that is revolutionizing with the adoption of Blockchain and IoT is Healthcare and pharmacy. The two technologies are helping the industry mitigate their traditional challenges like lack of data security, longer waited time, data inconsistency, and higher attached cost.
While the former technology eases the clinical research and drug development, supply chain management, and patient medical verification impact by introducing the power of decentralized distributed ledger and immutability of data, the latter ensures end-to-end connectivity and data sharing in real-time.
Likewise, Blockchain speeds up the processes by replacing third-party intermediaries with smart contracts. Whereas, IoT makes it possible for healthcare practitioners and pharmacists to get familiar with any uncertain medical signs and prepare for new chronic diseases quickly and efficiently.
4. Automotive
Automotive is also one of the business verticals experiencing the impact of blockchain on IoT. The industry depends on the two disrupting technologies to leverage a wide range of benefits such as –
The two technologies are easing the process of finding a vacant space for parking and is automating the payments via crypto wallet; making it termed as smart parking.
Using RFID tags, car manufacturers are finding it easier to ensure proof of provenance for the spare auto parts and track the exact location of any particular car in the IoT-connected world. Whilst, blockchain is helping with storing and sharing this information globally in the form of a public distributed ledger.
Blockchain of Things (BIoT) is also making it possible for customers to claim for insurance immediately and effortlessly using the power of smart contracts.
Learn more about the use of blockchain and IoT in the automotive industry via this video –
5. Fintech
Again, Fintech is also experiencing a significant change in its working environment with the advent of Blockchain and Internet of Things.
When talking about the role of Blockchain in Fintech, the technology is helping with reducing paperwork, making data immutable and publicly accessible, performing transactions in the form of cryptocurrencies, identifying money laundering issues, and much more.
At the same time, IoT is changing the fintech scenario by offering a myriad of benefits such as immediate support and personalization services, introducing smart banks and ATMs, enhancing spending visibility, and assessing risk related to insurance and loan. An example of this happening is Hyundai, who showcased its ad in IIFA, is developing a platform where Blockchain supports the payments that happen between the devices, making the web of devices immune to hacking and malware attacks.
6. Sharing economy
Another industry that is gaining a huge momentum on integrating IoT with blockchain is the sharing economy.
The technologies are enabling companies to consider each property and device, be it house, car, washing machine, or bed as an IoT-connected device and share or sell on lease to others in the network without involving any third party intermediaries. Something that you will be able to understand better by looking into the working of Slock.it, a real-life use case of blockchain and IoT in the sharing economy.
With such potential, the Blockchain of Things (BIoT) market is growing exponentially. It was recorded to be valued USD 113.1 Mn in 2019 and is anticipated to be worth USD 3,021 Mn by 2024, growing with a CAGR of 92.92% during the forecast period.
Seeing this, if you are eager to harness the power of the convergence of blockchain and IoT in your business, it is likely that you wish to come across some existing projects so as to be fully sure about the investment.
Taking the same into consideration, let’s take a look at the existing projects working with the alliance of blockchain and internet of things.
10 Blockchain of Things Projects Transforming the World
IOTA
Waltonchain
IoTeX
Ambrosus
IoT Chain
Moeco
Power Ledger
Atanomi
FOAM
Chain of Things
Now as you know the types of BIoT projects ruling the marketplace and the type of competition you are going to face, it is obvious that you would be eager to connect with a reputed blockchain app development company and enter this space.
However, it is not easy as it seems. When talking about merging the two most disruptive technologies into the traditional business model, developers face various challenges that often delays the process or demands higher fundings.
So, with a motive to make you aware of those challenges and support your development team in the right way, let’s wrap up this article focusing on the same.
Challenges Associated with Merging Blockchain and Internet of Things
1. Scalability
The foremost challenge being faced in Blockchain and IoT convergence is the ability to scale the requirements of services over a dynamic network of devices. The consensus mechanisms followed by the blockchain technology saves us a lot of time and offers services like information neutrality, authentication, and fault tolerance. However, it also leads to issues like unsustainability of processing a wider network of nodes for every transaction, limited bandwidth, cloud-based architecture, and traditional data storage structures.
2. Varied Processing Time
In an IoT ecosystem, a wide range of devices with varied computing capabilities operate. These devices have different potential and thus, run the encryption algorithms at differing speeds. This makes it difficult to maintain a particular processing power consumption and time.
3. Wider Storage Requirements
Blockchain technology reduces the need for a central server to store transactions and device IDs. However, it demands storing data on the nodes, which increases the size of the ledger. This makes it difficult for smart devices to manage the data.
4. Legal Issues
Since the convergence of blockchain and IoT is still a new territory to explore, IoT manufacturers and service providers have to follow certain legal compliances. This is yet another challenge that scares off various businesses from introducing blockchain into their IoT-powered system.
5. Interoperability
Another challenge faced during the blend of blockchain and IoT is interoperability. This is so because the integration of private and public blockchains, maintenance of common standards for compliance, and integration of multiple open source platforms is still not possible.
6. Security
Blockchain-based architecture serves the world with a promise of data security. However, it is still challenging to meet other blockchain for IoT security parameters like privacy, authentic identity and prevention of data theft, unless a new design consideration is considered.
Blockchain has become the definition of Security in the present digital world. With a number of industries and even governments applying the technology to add a whole new level of security and decentralization to their processes, the technology has penetrated itself into the world beyond IT and Finance.
With forecasts as these, Blockchain has become a technology that is worth looking out for.
The trend of making technology a part of the business cycle have now moved into the world of mobile applications as well. While still ruled by a handful of Blockchain based apps, the technology is an open playground for brands to experiment and emerge as a champion in. A move that is also bringing in a demand for the presently very limited group of excelled Blockchain App Development Companies.
Let us look at how you can implement Blockchain in your next mobile app for an added security level.
The start of your aspiration is knowing everything about the technology. In this article, we will look at what the disruptive technology is about, the elements that will come together to give numerous advantages to your mobile app. In the end, we will also look at ways to implement the technology in your app, to make yours the category’s most secure application.
So let us start by looking at how Blockchain works.
Blockchains are sets of interlinked transactions. Every party involved in the chain, sign their transactions with the help of strong keys, which ensure that every transaction has been authenticated.
Next, two hash are being introduced in the block, one that gives tamper protection to the block and the other that safeguards the data transaction that went before the one added. These hash help in recording the data of all the events that happened in a block, making it impossible for any of the involved party to tamper with the block without alerting the other parties.
A deeper dive in the Blockchain technology will open doors of new unheard concepts and algorithms that the world of Blockchain live in. The world which is too deep and complex for brands to get a grasp on, keeping them away from utilizing the technology to its utmost potential. So, without going too deep, I’ll now highlight the significant elements of Blockchain that are the technology’s foundation.
As a brand owner who is new to the complex world of blocks and chains, read these elements as the features that your application would be based on, to be called the next big new age, disruptive mobile application
1. Mining
Mining in Blockchain stands for extracting data from the various transactions and creating a block of them. With each new addition to the transaction, the miner keeps extracting the data and adding them to the block, thus making a chain of the transaction.
2. Hash
By now you must have gathered how Blockchain has been introduced in the technology world as the torchbearer of Digital Security. When we talk about securing a system or an application, the implying notion is to secure the data, file, document, or the contract that is or will be saved in the mobile app.
In Blockchain, when a document or file is stored, a hash is created. Hash is that feature of Blockchain that converts the data in a unique output of fixed length for every transaction. Specific to Hash, every block contains the previous block hash, which has the reference to the hash the next one will be built upon. The block also has the hash of current transaction which will then be connected to the next hash, when the new block gets added.
The authenticity of the block can be identified by verifying its hash.
3. Decentralized System
Every digital asset ranging from a contract and property related papers to even the chain of related events documents was earlier a part of mesh which had to be broken down into several pieces and middlemen to get access. But, with Blockchain, every information is now available online, in a decentralized system.
Now every activity whether it’s record-keeping or keeping it up to date is handled by the users themselves. Irrespective of whether you wish to change the address in your official document or you have to extract the property tax paper related to the first property you purchased ages ago, you will no more have to go through intermediaries.
4. Distributed Ledger
The Blockchain is an open ledger that contains all information related to digital transactions they are meant to handle. By keeping the information in the sequential format as blocks, the ledger allows real-time tracking as soon as a new block of information is added.
By involving a group of users in the ledger who all have access to view and add real-time information of every transaction, Blockchain enables transparent and tamper-proof management of the ledger. For securing the internal communication within your mobile app, Blockchain uses metadata for communication, which is scattered in the distributed ledger and is impossible to collect at any one central point, thus making it impossible to hack.
5. Keyless Security Infrastructure
To store all the data hash and run a hashtag verification algorithm for their verification, Blockchain makes use of the Keyless Security Infrastructure. This enables spotting of any data manipulation in real time as the original hash is always available on other blocks linked in the system/chain.
So, here were the five elements that lay down the basis of Blockchain Technology. While still on the technical side, it’s time that we look into things from your perspective – a perspective that we have detailed in our Entrepreneur’s Guide to Blockchain.
Let’s look at how Blockchain will take your Mobile App Security to the next level by using the features that the world swears upon.
Benefits of Adding Blockchain Technology in Your Next Mobile Application.
1. Protection of Data
By using cryptography to assign private keys to the users, your users will be able to store, view, and manage all the transaction specific data and information in one place.
2. Data Transparency and Validation
Taking data identity to the next level, Blockchain allows users to make their data available in a decentralized system which every one of the involved parties has real-time access to. Blockchain makes it impossible for any single party to tamper with the information in the block and go unwatched, thus maintaining the integrity of the data and making it transparent for all, thus eliminating the need of middlemen.
3. Protection of Infrastructure
By storing the DNS entry on the Blockchain, the mobile app owners can shift the risk of hack to Blockchain’s secured platform. The distributed, transparent DNS that the technology offers, make it impossible for even the government to get into without the permission of the involved parties.
4. The End of Passwords
Blockchain allows the authentication of users, their devices, and the transaction that they do, without the need of entering a password. Its network decentralization feature helps create consensus among the involved parties for the authentication of Blockchain-based SSL certificates.
Blockchain, while still a new entrant in the mobile app market will soon become mainstream at the back of these and various other advantages that the technology has been introduced to the IT world with.
For you, who have decided to cut ahead of the competition and introduce the feature that will soon become a part of a major number of mobile apps, here are some tips on how to successfully implement the revolutionary technology in your next mobile application.
Tips on How to Implement Blockchain Technology in Mobile App
The first step to successful Blockchain implementation in your mobile application is to identify the app features that would need players to act on it. Only by having players and an incentive plan to keep them to contribute is how you can ensure the authenticity of how fail-safe your Blockchain app is.
The next tip to successful Blockchain implementation is to know the exact transactions that Blockchain will be authenticating. Majorly, Blockchain mobile applications focus on one of the two activities: mediating the ownership of a shared resource value or record facets of multiparty events, such as quotes/bids or bills and payment specific.
When thinking of Blockchain as a service model, plan a strategy around the notion of community. You will be able to get the most of the technology’s value and security feature when you include a community of members who would be a part of your Blockchain based app.
Now that you know what Blockchain is and how you can design your app’s security plan around the disruptive technology, the next step is the groundwork. Contact our team of Blockchain Application Developers today, to get a walkthrough on not just the technology but also its various applications beyond assuring security.
