BENEFITS OF BLOCKCHAIN SOLUTIONS
While the numbers given above are amazing, and the benefits to investing in blockchain development and software many, there is the matter of defining the term and this technology in a simple fashion. The term is being used repeatedly on the web but users understand little about exactly what the technology is about.
WHAT IS BLOCKCHAIN?
Blockchain is fundamentally a shared database, a distributed long ledger, that people connected to the network have access to, and can edit, based on their level of authority. Since it can be considered a long chain of records (often called blocks), blockchain allows for developers to access the blocks they own by using specialised private keys that work like password keys.
The developers accessing their blocks can edit them and rearrange the data used within them. The changes they make will automatically sync with blocks and files other users of the block have. This means there is considerable risk in altering blockchain code and it is something that should be done by an expert – somebody who knows exactly what they are doing.
There are endless business benefits of blockchain technology some of which are discussed below to inspire you further:
- Saving TimeTime is the most valuable resource and that is something blockchain development is saving in ample amounts. Transactions with multiple users that in the past required days to deliver are now successfully completed within minutes, since blockchain transactions do not require third-party approvals.
- Cutting CostsSince no third-parties are required in the system, you can cut costs in anything remotely associated with agencies, approvals, and intermediaries. This is so because you do not need guarantees about whether the other party involved is trustworthy; you can make your decision after reviewing the data available on your blocks.
- Improved SecurityAll your data is secure by means of blockchain’s reliance on cryptography and permission certificates to only give authorised users access to blocks of data. This means no unauthorised users will be able to tamper with your data or transactions; only those given access with mutual consensus of all concerned parties will be able to visit or edit transactions in a block.
- Increased AutomationWith the conventional system of paper-based compliance, trade becomes a time-consuming cycle with multiple steps. With the automation blockchain development and systems are based on, a lot of the time involved in transactions has been significantly cut down along with the possibility of errors.
- Better Data ReliabilitySince there will be fewer errors in the system, the data stored in the blocks becomes much more reliable. Another factor that adds to this reliability is the almost real-time synchronisation of transaction data. Even if you made an error, another user with access can correct your mistake by entering a new transaction in the block.
- Optimized PrivacyThe same cryptographic technology used for security of data ensures your privacy on blockchain systems. It goes so far as to enable users to have their transactions recorded with a mask over their identity as well as the transaction itself so only authorised users can view the data, let alone try and edit it.
- Enhanced AccountabilitySince all concerned parties have access to the same synchronised data blocks, they can verify transactions and data. As soon as a transaction is made, it is recorded with a timestamp. There is also the element of data blocks being indelible, which means no transaction recorded can be deleted. Even if you want to edit one or correct an error, the system will record a new transaction with the corrected data without deleting the previous one.
- Tuned-up PerformanceWhen it comes to performance of a trading system, blockchain surely trumps all other systems in place. Digital assets allow faster ownership transfers. Furthermore, since you can add smart contracts into the system, your business network can organically evolve with changing practices and processes.
DO WE SERVE BUSINESSES IN YOUR INDUSTRY?
We are quite sure we can and we probably already do. Blockchain is already disrupting a lot of business sectors and practices with the potential to grow on a scale that can revolutionise the way trading riddled with transactions is done currently. Blockchain development has so much promise that stock exchanges and central banks that have to deal with all the public and private banks of their respective state are pressed to think about adopting the system.
As far as Captain Sheep is concerned, it is true that a big percentage of our blockchain consulting services clientele are businesses related to cryptocurrency development and trading. However, we are serving a number of clients in many other industries as well. In fact, the following industries comprise most of our clients (but not all) not
With the decentralisation of records that blockchain development allows, supply chains are becoming faster without compromising on quality. We are helping our supply chain clients improve their efficiency and contribute more to their clients’ bottom lines.t.
Banks were the first major business sector other than cryptocurrency that saw the potential of blockchain development and started to adopt it. A majority of banks around the world are now blockchain clients and we are helping our build their blockchains smartly.
Blockchain also brought a completely new model of trust management, which is something crucial in the running of insurance businesses. Our clients in the industry are taking our help to verify data in contracts and use oracles to sync smart contracts with real-world data.
Hospitals and the services they offer employ sizeable amounts of data. With blockchain systems in place, they are able to store and share customer and services data without worrying about security or hacking. We are providing amped up security to our healthcare clients with blockchains.
Private transportation is another business sector that has hugely benefited from blockchain development. We are helping startups with ride-sharing models to be able to use e-wallets automation and conveniently pay for parking, utility top-ups, road tolls, etc.
WHAT WE CAN DO FOR YOU
As you can see, depending on your industry, there is a lot to be gained from a blockchain system driving your operations. With our high-tech blockchain development services, you can build the ideal business where your customers never have to worry about data security, slow transactions, or accountability. As long as your business belongs to an industry that runs on high amounts of data, information, or transactions, regardless of their type, you are right to be thinking about adapting to a blockchain system.
Call us today for a consultation on +85 258089100