Helping Business Grow Top with Blockchain

New technologies that surface every now and then bring in the variety and cause a volcanic surge in innovation; the immutable, decentralized, and secured distributed ledger is the solution you need to upgrade and take your business to the next level.

Here is How Blockchain Transforms Your Business

Decentralized Ledger

Decentralization ensures that there is no central authority holding the power to approve and disprove transactions. All the transactions are verified with the consensus protocol across the network of nodes to guarantee credibility.

Authentication of Data

The list of transactions generated by the nodes is accepted as a block only after the Proof of Work is verified and approved by more than half of the nodes connected to the network: a fool-proof authentication method.

Self-executing Smart Contracts

Smart contracts are the terms of the agreement between a buyer and a seller written in codes. Once the contract is signed, it is distributed among the nodes of the network and becomes irreversible. It permits a reliable transaction between the unknown parties without a central authority.

Management and Operations

Integrating Blockchain contracts into the business assists you to streamline process and management operations. It eliminates the mistrust between two parties or business and cuts the erred human interference improving the efficiency.

Accounting

One of the monumental advantages of Blockchain is its transparency. Now auditors don’t have to put their noses to the grindstone to validate the transactions. They can now work on other vital tasks and increase their efficiency.

Legal

Blockchain’s huge data repository could help law firms crunch the numbers to find contradictions in numbers and statements. Further, smart contracts reduce the work of judges and lawyers to a great extent.

Decentralized Ledger

Decentralization ensures that there is no central authority holding the power to approve and disprove transactions. All the transactions are verified with the consensus protocol across the network of nodes to guarantee credibility.

Authentication of Data

The list of transactions generated by the nodes is accepted as a block only after the Proof of Work is verified and approved by more than half of the nodes connected to the network: a fool-proof authentication method.

Self-executing Smart Contracts

Smart contracts are the terms of the agreement between a buyer and a seller written in codes. Once the contract is signed, it is distributed among the nodes of the network and becomes irreversible. It permits a reliable transaction between the unknown parties without a central authority.

Management and Operations

Integrating Blockchain contracts into the business assists you to streamline process and management operations. It eliminates the mistrust between two parties or business and cuts the erred human interference improving the efficiency.

Accounting

One of the monumental advantages of Blockchain is its transparency. Now auditors don’t have to put their noses to the grindstone to validate the transactions. They can now work on other vital tasks and increase their efficiency.

Legal

Blockchain’s huge data repository could help law firms crunch the numbers to find contradictions in numbers and statements. Further, smart contracts reduce the work of judges and lawyers to a great extent.

Blockchain Technologies

Bigchain DB

Big chain Database is a powerful low latency decentralized controllable database with features like Built-in asset support and immutable data storage. If you want to have your database on the blockchain, then Big chain is the database you need to go with. It supports multiple use cases and applications.

  •  Decentralized
  •  Query
  •  Immutability
  •  Supports Assets and Tokens

Ethereum Dapps and Solidity

Dapps are P2P applications that run with a Smart Contract on  P2P nodes of computers instead of on one single server controlled. ETH Dapps have smart contracts that are deployed In the Ethereum network. These smart contracts have the core business logic and have storage of consensus. Solidity is the programming language used for developing smart contracts to deploy on the Ethereum blockchain network. It is object oriented language which can be used to write smart contracts for various use cases like Supply chain, voting, crowdfunding, Auctions, etc. It is built on c++, python and JavaScript to work with the Ethereum Virtual Machine.

Stellar

Stellar is widely used by Financial institutions and payment related to blockchain development.

Advantages:

  •   Decentralized system – Works on P2P method with no centralized decision making entity
  •  ledger and Consensus – It uses its own Stellar Consensus for verification and storing all transactions on Ledger. It is a public ledger. Transactions are faster and it takes only up to 3 seconds.
  •  Anchors – Anchors in stellar Networks hold the deposit and issues credit when required.
  •  Multiple currency transactions – Cross border payments made easy with stellar blockchain with Direct and indirect conversions.

IPFS

IPFS is a P2P media transfer protocol. Store media efficiently on the blockchain with IPFS. Are you looking to Develop a Decentralized video platform like youtube? A Dtube clone? Then IPFS is your choice to go with.

How IPFS Works

  •  All files are stored in the IPFS network with a unique HASH.
  •  IPFS removes duplicates
  •  Each node stores the content
  •  When users search with the Hash, the network will search for the node holding the file.
  •  IPFS uses a decentralized naming system called IPNS.

Hyperledger

Hyperledger introduced by the Linux Foundation is used to develop distributed ledgers or Blockchain for permission enterprise level solutions.

Advantages

  • Permission
  •  Level of Trust
  •   Performance and scalability
  •   Smart contracts
  •   Connectable to database services like Couch DB

Fabric is popular for its pluggable components and customizable architecture for building Blockchain over an existing architecture.

Sawtooth is popular for Proof of Elapsed Time (PoET) consensus, parallel transactions, and dynamic consensus. Supports permission and permissionless Blockchain.

Iroha with YAC consensus algorithm featuring simple C++ design and emphasizes on mobile app development on blockchain.

Indy is widely used for decentralized identity management. It has features like privacy, Verifiable claims, identity attestations.

Bigchain DB

Big chain Database is a powerful low latency decentralized controllable database with features like Built-in asset support and immutable data storage. If you want to have your database on the blockchain, then Big chain is the database you need to go with. It supports multiple use cases and applications.

  •  Decentralized
  •  Query
  •  Immutability
  •  Supports Assets and Tokens

Ethereum Dapps and Solidity

Dapps are P2P applications that run with a Smart Contract on  P2P nodes of computers instead of on one single server controlled. ETH Dapps have smart contracts that are deployed In the Ethereum network. These smart contracts have the core business logic and have storage of consensus. Solidity is the programming language used for developing smart contracts to deploy on the Ethereum blockchain network. It is object oriented language which can be used to write smart contracts for various use cases like Supply chain, voting, crowdfunding, Auctions, etc. It is built on c++, python and JavaScript to work with the Ethereum Virtual Machine.

Stellar

Stellar is widely used by Financial institutions and payment related to blockchain development.

Advantages:

  •   Decentralized system – Works on P2P method with no centralized decision making entity
  •  ledger and Consensus – It uses its own Stellar Consensus for verification and storing all transactions on Ledger. It is a public ledger. Transactions are faster and it takes only up to 3 seconds.
  •  Anchors – Anchors in stellar Networks hold the deposit and issues credit when required.
  •  Multiple currency transactions – Cross border payments made easy with stellar blockchain with Direct and indirect conversions.

IPFS

IPFS is a P2P media transfer protocol. Store media efficiently on the blockchain with IPFS. Are you looking to Develop a Decentralized video platform like youtube? A Dtube clone? Then IPFS is your choice to go with.

How IPFS Works

  •  All files are stored in the IPFS network with a unique HASH.
  •  IPFS removes duplicates
  •  Each node stores the content
  •  When users search with the Hash, the network will search for the node holding the file.
  •  IPFS uses a decentralized naming system called IPNS.

Hyperledger

Hyperledger introduced by the Linux Foundation is used to develop distributed ledgers or Blockchain for permission enterprise level solutions.

Advantages

  • Permission
  •  Level of Trust
  •   Performance and scalability
  •   Smart contracts
  •   Connectable to database services like Couch DB

Fabric is popular for its pluggable components and customizable architecture for building Blockchain over an existing architecture.

Sawtooth is popular for Proof of Elapsed Time (PoET) consensus, parallel transactions, and dynamic consensus. Supports permission and permissionless Blockchain.

Iroha with YAC consensus algorithm featuring simple C++ design and emphasizes on mobile app development on blockchain.

Indy is widely used for decentralized identity management. It has features like privacy, Verifiable claims, identity attestations.

Industries

Healthcare

Healthcare industry has been haunted by a lack of information on the patients and their previous treatments, and often it becomes too late to start the right treatment. A Hyperledger keeps track of the diagnosis and treatments while allowing private access to the information.

Finance and Banking

Highly dependent on the manual workforce, the department is prone to errors and fraudulent schemes. Embracing Blockchain will multiply the potency of banking by unlocks high-speed transactions and transparency, and greatly reduces the chance for mistakes

Enterprise Blockchain

The best execution of Blockchain Development comes as the traceability of funds transacted from the days of origin. Immutability also eliminates fraud and corrupts as the transparency gives them away.

Automobile

While manufacturing, accountability, finance, and smart contracts are well-known advantages of Blockchain integration in the automobile industry, security is not often pondered over. With the rise of autonomous and self-driving cars, Blockchain fills the security void protecting the data from anomalies.

Retail

Blockchain development summates a new brand of trust in the industry. Authenticity and safety of the goods can never be infringed, and the supply chain participants can never collude and abstain from delivering ethically traded goods.

IOT

While most of the devices are already connected and actively share information, the one place where IOT lags is the security and the alteration of the information by the third parties. Aren’t those the very place where Blockchain shines?

Healthcare

Healthcare industry has been haunted by a lack of information on the patients and their previous treatments, and often it becomes too late to start the right treatment. A Hyperledger keeps track of the diagnosis and treatments while allowing private access to the information.

Finance and Banking

Highly dependent on the manual workforce, the department is prone to errors and fraudulent schemes. Embracing Blockchain will multiply the potency of banking by unlocks high-speed transactions and transparency, and greatly reduces the chance for mistakes

Enterprise Blockchain

The best execution of Blockchain Development comes as the traceability of funds transacted from the days of origin. Immutability also eliminates fraud and corrupts as the transparency gives them away.

Automobile

While manufacturing, accountability, finance, and smart contracts are well-known advantages of Blockchain integration in the automobile industry, security is not often pondered over. With the rise of autonomous and self-driving cars, Blockchain fills the security void protecting the data from anomalies.

IOT

While most of the devices are already connected and actively share information, the one place where IOT lags is the security and the alteration of the information by the third parties. Aren’t those the very place where Blockchain shines?

Retail

Blockchain development summates a new brand of trust in the industry. Authenticity and safety of the goods can never be infringed, and the supply chain participants can never collude and abstain from delivering ethically traded goods.

Frequently Asked Questions

What are the benefits of blockchain based ledgers?

Blockchain-based ledgers are distributed, decentralized, and consensually shared in the network of devices. Once a block has been generated, it is immutable which gives super security and high transparency eliminating the chances for corrupt and immoral to gain the upper hand.

What is Blockchain-as-a-service (BAAS)?

Blockchain-as-a-service makes use of cloud-based solutions to build and host blockchain applications and contracts while the service provider takes care of the infrastructure. It works much similar to Software-as-a-service (SAAS).

What is smart contract development?

Smart contracts are digital contracts where the underlying codes ensure the negotiation and enforcement of what is agreed upon. Also, they cannot be altered once signed.

Why should I choose Sparkout Tech for Blockchain development?

We know the innovative capabilities of the underlying technology like the back of our hands. And our diligent team has the right tech stack necessary to build and deliver projects at supersonic speeds. Blockchain solutions we build are meticulously crafted and will empower your business venture to unlock lucrative revenue.

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