The business ecosystem is increasingly looking for ways to integrate blockchain into its infrastructures. Blockchain has moved beyond its budding stage, and it is now adding to the strategic value of businesses to operate efficiently.
It enables companies to manage their digital relationships, eliminate intermediaries, and secure transactions. From healthcare to media, gaming, food safety, and additive manufacturing, blockchain technology is leveraging to improve its core value.
Blockchain combines the two common words: blocks and chains. The word ‘blocks‘ refers to pieces of information in digital form, whereas ‘chain‘ is the public database that stores the information.
Blockchain is thus a series of immutable data blocks, and thus, no one can tamper with the data. It decentralizes information storage, as the data you feed into the system is not stored in a single location. The records are entirely public and easily verifiable. The underlying trends of blockchain are thus rapidly taking center stage beyond bitcoin.
India’s leading blockchain development companies provide customized solutions to develop and optimize blockchain protocols. They develop the architecture of blockchain systems for your company to create smart contracts and web apps with the help of blockchain technology. The right blockchain-driven solution can help companies optimize the digital stack, enable enhanced product traceability, improve inventory and quality visibility, forecasting, and cost management.
Major industries that are adopting blockchain technology :
- Banking and finance: Blockchain is emerging as a prominent fintech. It helps settle transactions faster with a more efficient verification process, decreases fraud with a distributed ledger, improves data quality with smart contracts, and reduces cost through the elimination of intermediaries.
- Supply chain management: Blockchain-enabled smart contracts to help automate the process and set up the terms for shipment authorization, service payment, and legal ownership. It helps reduce the transaction validation time and ensures enhanced alignment with the customers’ requirements.
- Healthcare: It provides a systematic way for companies to effectively manage large amounts of data that are generated from medical research, clinical records, billing information, patient history, and other sources. It prevents duplication of patient data and helps to keep it confidential.
Advantages of Blockchain Development:
- Ensure higher security: Apps created using Blockchain help strengthen data security, making the app more safe. Since it encodes the data and preserves it using a cryptographic hash, it makes it impossible for anyone to tamper with the data.
- Better traceability: Blockchain leverages the use of smart contracts to traceability of assets. Blockchain-based traceability helps track down counterfeits or fake transactions, trace product origin, and supply chain activities.
- Ensure easy transactions: You can easily and quickly set up a blockchain wallet and allow your customers to buy products with cryptocurrency.
- More reliable: Since blockchain has a solid and stable architecture, it significantly improves the mobile app’s stability. All active nodes maintain the full copies of the blockchain ledger. As it is decentralized and distributed, it does not have a single point of failure, thus making it much harder to corrupt.
- Speed: The blockchain helps significantly improve transaction speeds as it removes the unnecessary intermediaries of the equation. It automates and streamlines the business operations, enabling you to complete transactions quickly and safely.
How to Choose the right Blockchain Development Company
- Work Portfolio: Consider the work portfolio of the potential blockchain development company. It will enable you to get a thorough idea if the developers have created a quality solution in the past for companies operating in your industry. Work portfolio enables you to assess if they will provide you with a relevant solution.
- Testimonials and References: You can ask the previous clients of the prospective company to share their experience. It will enable you to effectively weigh the pros and cons and enable you to determine if you should choose their services.
- Knowledge and Expertise: The outsourced blockchain development team should be proficient in Python, Perl, Java, Javascript. It will enable them to create the desired blockchain products, including IoT, EVM, distributed ledgers, cryptography, data securities, P2P networks, and others. Ensure that they have relevant experience in creating a commercially viable blockchain.
- Communication: You need to determine that the company can establish a good working relationship with you. They must ensure proper and effective communication at each stage and maintain transparency. They provide you access to a dashboard to stay updated and remain in the loop. They must understand your preferences and requirements and include your suggestions during the process.
Security and customer support: While encryption of blockchain technology makes it indestructible, since the software will involve large transactions, the development company must guarantee you uninterrupted protection. Ensure that they integrate secure solutions such as two-factor authentication (2FA). The vendor must provide you with the necessary customer support to help you.