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Blockchain Development

A blockchain is a ledger-based peer-to-peer network where each peer has a ledger copy. This drives the decentralized idea into the minds of the people. Blockchain offers these following key features that are important to a business.

Why Blockchain?

Immutability
Immutability
Data once stored in a block cannot be altered or modified. This opens a lot of opportunities for platforms that need immutable traits to make their system more functional in a highly competitive market.
Transparency
Transparency
Public blockchain provides transparency due to its nature. Companies can utilize it to ensure that the end-user interacts with the processes with full or partial transparency.
Efficiency
Efficiency
Enables businesses to carry out operations efficiently. The cause is better security, intermediary removal, and overall better processes. Transactions also take seconds rather than a week to complete, especially international transactions.
Traceability
Traceability
This prevents fraudulent activities. Take the supply chain, for example. Traceability enables companies to backtrack their packages from their harvest to packaging, to routes taken by the delivery to arrive at the store you bought it from.
Security
Security
Network participants have their private keys. Blockchain utilizes high-level cryptography algorithms and methods to add a layer of security to the data stored on the network. It can prevent your data and assets from theft or confiscation.
Automate tasks
Automate tasks
Smart contracts automate tasks in your business and save you money by not needing intermediaries. A smart work platform allows your company to streamline your operations and improve efficiency.

Build transparency into your supply chain

Transparency appeals to people's sense of fair play. People always wonder just how ethical the company is when interacting with them. Blockchain offers your company or industry an opportunity to be 100% transparent with your clients or customers.

Build transparency into your supply chain

Make anything tradeable with non-fungible tokens (NFT)

A NFT is a digital asset that may represent ownership of real-world objects, and the tokens can be stored on and move across multiple blockchains. NFTs are being heavily considered by companies as an alternative way to sell tickets and merchandise at concerts and sporting events, both online or offline.

Make anything tradeable with non-fungible tokens (NFT)

Use blockchain cybersecurity to keep hackers at bay

You can deliberately slice up your transactions into smaller pieces and sort them onto various nodes within a chain as opposed to keeping all these records stored on one server. This approach might reduce the chance that any single hacker could infiltrate the system and access personal data on millions of people.

Use blockchain cybersecurity to keep hackers at bay

Automate tasks with smart contracts

Smart contracts are agreements written in code that enable transactions between two parties to be executed when a set of conditions are met. Smart contracts automate tasks in your business and save you money by not needing intermediaries. A smart work platform allows your company to streamline your operations and improve efficiency.

Automate tasks with smart contracts

Blockchain FAQs

Blockchain is considered a disruptive technology because of its ability to safeguard personal information, reduce intermediaries, unlock digital assets, and potentially open up the global economy to millions more participants. Sometimes called the Trust Machine, blockchain technology is bringing transparency and security to digital networks across countless industries. In many ways, the blockchain revolution can be considered a revolution in trust.

Blockchain applications are comparable to conventional software applications, except they implement a decentralized architecture and crypto economic systems to increase security, foster trust, tokenize assets, and design new network incentives.

The “block” in a blockchain refers to a block of transactions that has been broadcast to the network. The “chain” refers to a string of these blocks. When a new block of transactions is validated by the network, it is attached to the end of an existing chain. This chain of blocks is an ever-growing ledger of transactions that the network has validated. We call this single, agreed-upon history of transactions a blockchain. Only one block can exist at a given chain height. There are several ways to add new blocks to an existing chain. These are often termed “proofs,” i.e. Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA). All involve cryptographic algorithms with varying degrees of complexity.

Historically, databases have incorporated a centralized client-server architecture, in which a sole authority controls the central server. This design means that data security, alteration, and deletion rests with a single point of failure. The decentralized architecture of blockchain databases emerged as a solution for many of the weaknesses of centralized database architecture. A blockchain network consists of a large number of distributed nodes––voluntary participants who must reach consensus and maintain a single transactional record together.

Distributed ledger technology is a broad category that encompasses blockchain technology. A distributed ledger is just what its name implies. Instead of accounting for data through one centralized computer, distributed ledger technology uses many participants in a network to maintain a digital record. Blockchain technology supplements a distributed ledger with cryptographic functions and a consensus algorithm to enable greater incentive design, security, accountability, cooperation, and trust.

Decentralized finance—often called DeFi or open finance—refers to the economic paradigm shift enabled by decentralized technologies, particularly blockchain networks. DeFi signals the shift from a historically centralized and closed financial system toward a universally accessible economy that is based on open protocols that are interoperable, programmable, and composable. From streamlined and secure payment networks to automated loans to USD-pegged stablecoins, decentralized finance has emerged as one of the most active sectors in the blockchain space. Some of the defining factors of a DeFi application include permissionless architecture (anyone can participate), transparent and auditable code, and interoperability with other DeFi products. DeFi Score offers a single, consistently comparable value for measuring DeFi platform risk.

A blockchain wallet contains the public key for others to transfer cryptocurrency to your address and the private key so you can securely access your own digital assets. A blockchain wallet usually accompanies node hosting and stores cryptocurrencies on your computer. The safest place for storing digital assets is offline, what is often called “cold storage".

Blockchains began as open source, public efforts. Private blockchains were developed as corporations and other administrative bodies began to realize the benefits of distributed ledger technology, particularly within systems of a private enterprise and when managing sensitive transaction data.

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