Blockchain technology was created as a way to transfer digital currency, but it can go beyond cryptocurrency and NFTs with the potential to open the world to a completely new type of internet. Blockchain technology has the potential to transform business as we know it.

Discover more about how nearshore blockchain development can radically disrupt and transform current business models.

What Is Blockchain?

Blockchain is a technology that makes it possible for anyone to make and track instant transactions on a digital network. It gives you the ability to transfer, distribute, and decentralize digital information in an automated and safe way. By decentralizing data and utilizing blockchain technology, companies can increase digital security and enhance their financial traceability.

Three key elements make up blockchain technology:

Distributed Ledger

Blockchains use a database that is shared and synchronized across multiple sites. All networks participating have access to the distributed ledger. Within this shared ledger, transactions are recorded only once, making altering the ledger through cyberattacks more difficult.

Records are Immutable

Once any information is added to the ledger, it is impossible to remove or change it. No one, not even the blockchain administrator or founder, can change a transaction once it’s been recorded into the shared ledger.

Smart Contracts

Built into the blockchain are automated programs that execute as soon as their conditions are met. These automated functions help ensure the security of the blockchain and protect sensitive information.

Benefits of Blockchain Technology

Here are five of the main benefits of adding blockchain technology to your business:

Blockchain technology allows you to decentralize and automate time-consuming processes. You can quickly access the digital ledger around the world and access or store information wherever you are.

Blockchain technology can help cut costs in processing transactions and reduce the amount of manual labor normally required to aggregate and amend data. It can even cut out third-party middlemen who perform the same processing the blockchain can provide.

Information in a blockchain is recorded and stored across a network of computers connected through a secure validation mechanism. This makes it virtually impossible for hackers to compromise data.

Every participant in the blockchain has access to every document but needs permission to share or update them. Nothing within the blockchain is a secret, and that drastically improves transparency.

Blockchain gives a company unprecedented control over its data. You can decide what you want to share, with whom, and for how long, with limits enforced by smart contracts within the blockchain.

Who Uses Blockchain Technology? 

Businesses across all industries are taking advantage of blockchain technology.

Banking – Track products through the supply chain and provide instant digital payments to clients via their mobile phones.

Transportation Rental – Unlock a smart lock using blockchain technology after both parties agree on the terms of the contract.

Project Management – Proactively provide your stakeholders with a digitally permanent record of the progress of each step in the production chain.

Payment – Compensate your workers without the need for outrageous transaction fees.

Marketing – Keep track of client information and consumer behavior without the fear of cyberattacks.

Choose Excel SoftSources

Excel SoftSources provides nearshore blockchain development and can help you by developing a unique blockchain for your organization.

Languages we use for Blockchain development:

  • Javascript

  • C#

  • C++

  • Python

  • Golang

  • Solidity

  • Java

  • Rust

  • Ruby

  • Rholang

Excel SoftSources is poised to make your software dreams a reality. Our team is ready to hit the ground running. Contact us today!

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