The main distinguishing features of blockchain
- Decentralization: Blockchain has no main servers. Data fragments are stored in Blockchain in a distributed manner and each node owns a copy of the current state of the database. Therefore, no node in the network has data sovereignty.
- Non-manipulable: thanks to data distribution, manipulations in Blockchain become conspicuous. Not only data distribution, but also other features of blockchain like way of chaining blocks, hashing function etc. make it almost impossible to manipulate.
- Transparent: the transactions in (Public) Blockchain can be seen by everyone. For example, in Bitcoin blockchain, anyone can view and track Bitcoin transfers. However, there are ways to restrict read and write permissions, which is mainly done in a Private Blockchain. Private Blockchains are used in the enterprise context, among others.
- Blockchain also has other advantages such as high data security, independence and much more.
Blockchain is a technology applicable in many cases. It is possible to create both the desktop software and mobile apps using this functionality.
Among other things, smart contracts are used in blockchain technology. These are programmed “if-then rules” that are executed when predefined conditions are met. Their scope is so broad that any human interaction can be programmed and automated using them, including finance, logistics, media, education, analytics, etc.
Examples of suitable application areas for blockchain technology are as follows:
- If there is a lack of trust or transparency among the parties involved (e.g. in a voting process) or if the data should be disclosed.
- When you need solid evidence or want to avoid falsification. Examples include “bill of lading” in ocean freight, tamper-proof proofs of origin for luxury products (e.g. diamonds), automotive spare parts or even for food.
- If you avoid the use of centralized systems and no one is allowed to have data sovereignty.
- If the technology can bring you a USP at little cost and improve your market position accordingly.
If you do not know whether blockchain technology would be suitable for your individual use case or whether it can generate added value for you, we are happy to be at your disposal and advise you without obligation and free of charge. Use the contact form and make an appointment with us!
Business Areas of Usage the Blockchain Technology
Cryptocurrencies gave birth to this technology, and they remain in the focus. But blockchain is used more in other spheres now.
Finance and credit. The pros of this technology are:
- Better safety;
- Cheaper prices;
- Faster performance due to the absence of any mediation;
- The possibility to integrate the payment procedure supported by blockchain with the production processes or logistics.
Internet of Things. Blockchain technology provides the following advantages:
- The possibility to remove the “human interface” from the exchange process and allow direct communication between the machines;
- Much more conceivable business models;
- Higher productivity and profitability.
Medicine. Blockchain is very popular in this sphere due to the following possibilities it creates:
- Transparent databases which allow tracking all medical supplies origin;
- Security guaranties for the medical records;
- Assuring that all new entries or amendments to the medical data are transparent, and all specialists will have the most up-to-date and correct information.
Property law. In this aspect the technology is both applicable to the physical property and intellectual property:
- It saves records of the transfer of rights between the parties, these data can’t be forged or changed;
- The possibility to check the data authenticity by all participants;
- Smart-contracts can determine all cases of usage of the property;
Real estate. Blockchain technology will help with the following aspects:
- Automatizing the rent contracts – there is an opportunity to simplify all processes associated with personal agreements and meetings;
- Optimization of the search processes;
- Managing the cash flows of the real estate agencies.
Logistics. The processes include transportation, keeping, and the delivery of the material things, altogether making this sphere one of the most complex in the world. Blockchain can resolve the following tasks:
- Tracking each item in the process of delivery;
- Tracking the origin of any item;
- Managing all necessary transactions that take place for the supply chains.
Government. More than 100 states of the world research the possibility of using the blockchain technologies for the large governmental project, including the following:
- Land registries;
- Identification of citizens and non-citizens with their rights and privileges;
- Electronic voting.
How we create blockchain products on request
Either you can request the blockchain-based project, or we can embody your idea with the help of this technology if it suits the goal best of all.
- We run separate research on the task to identify the best suitable methods;
- We consult you on pros and cons of the technology as applied to your demand;
- Our team includes experts on both smart contracts and additional services which are needed to manage smart contracts;
- There are separate teams to work on the backend databases and the UI;
- We test the product compatibility with other technologies and target platforms;
- We provide full documentation for future reference.