Blockchain technology, originally created as a way to transfer digital currency, has the potential to open the world to a completely new type of internet. Blockchain technology has the power to transform business as we know it. Its distributed ledger means we will start to see a global, open, system of record for every transaction we make. Revolutionizing current business models.
What is Blockchain?
There are three key elements that make up blockchain technology:
Is a database that is shared and synchronized across multiple sites. All networks participating have access to the distributed ledger. Within this shared ledger transaction are recorded only once making cyber attacks more difficult.
Records are Immutable
No participant can change a transaction once its been recorded into the shared ledger.
Smart Contracts – Smart contracts are a set of rules stored on the block chain that are executed automatically.
There are 5 main benefits to adding blockchain technology to your business:
Speed – Blockchain technology allow you to automate time consuming processes maximizing efficiency. The digital ledger makes this possible by providing a single place to store transactions.
Reduce Cost – With no need for a centralized player, there is also no need for extra 3rd party vendor costs.,
Security – Information is recorded and stored across a network of computers that are connected through a secure validation mechanism, making it virtually impossible for hackers to compromise data.
Transparency –Every participant in the system has access to every document but needs permission to share or update them. Improving the transparency of the system.
Tractability – Every party can trace goods and ensure that they are not being replaced or misused during the supply chain process.
Languages we use for Blockchain development:
Businesses across all industries are taking advantage of blockchain technology.
Banking – The company BanQu’s tracks farmers’ products through their supply chain and provides digital payments to farmers via their mobile phones.
Transportation Rental – A bicycle rental company can unlock a smart lock after both parties agree on the terms of the contract
Project Management – Proactively provide your stakeholders with a digitally permanent, auditable record of the progress of each step in the production chain.
Payment – Compensate your works without the need for outrageous transaction fees associate with traditional banking systems.
Marketing – keep track of client information and consumer behavior without the fear of cyber attacks.
Excel SoftSources is ready to make your software dreams a reality. Our team is ready to hit the ground running. Contact us today!