What is blockchain?
The blockchain is a digital ledger that makes and records every transaction of your business that you undertake with others. It includes not only financial transactions but covers agreements and contracts prevalent in the business world. Widely known as the platform for Bitcoin transactions, blockchain provides for validating the transactions across a distributed network. One of the key benefits of blockchain development in recent years is the security it offers for your online transactions. Since it uses the peer-to-peer network for creating and distributing data structure related to the transactions, all the transactions over the blockchain platform are safe and incorruptible. The transactions are validated by multiple users over the network nullifying the scope for tampering and the involvement of any central authority.
Why is blockchain development important from the business perspective?
As one of the fast emerging disruptive technologies, blockchain development is not limited to Bitcoin alone; it finds its use in several other industries where transparency, trust and complexity of the transactions matter the most for the successful execution of the transaction. For businesses with blockchain development company, it makes absolute sense for the following reasons
- Blockchain negates the risk involved when an authority/ entity centrally holds data
- Users can transact directly without the need for an intermediary/ entity/ authority
- With distributed ledgers, simple contracts can be coded which execute automatically when the specific conditions are met
- Blockchain development holds great potential for clearing and settlements where transparency is the key element
- It is a self-auditing platform where every data and transaction is transparent
- Absolutely no room for any kind of tampering with the data or any unit of information in the blockchain; thus, making the entire network highly safe
- Brings in the highest level of accountability among the participating entities of the transactions
- No scope for missed or erred transactions either by humans or machines
- Every transaction is validated by recording in the distributed ledgers
Uses of blockchain development
Blockchain development has found its way into various other industry sectors apart from financial and banking where it has found its extensive implementation in the recent past.
Eliminating intermediaries in sharing economy
Blockchain development will enable direct peer-to-peer payments eliminating the need for intermediaries
Creative works are protected online
Smart contracts will protect the copyright holders by automating the sale of the original work and eliminating the risk of its unauthorized copying and redistribution online.
Decentralized data storage
The distribution of data over the network protects the data from hacking, tampering or its loss.
Internet of Things (IoT)
Smart contracts makes it possible to automate remote systems leading to an increase in efficiency and cost improvement
Blockchain use in share settlements will help in instantaneous settlements between peer-to-peer eliminating the need for intermediaries such as clearing house, auditors etc.
Why choose Maxtra for blockchain development?
Our niche skills in emerging technologies backed by our experience in executing complex projects make us a frontrunner in providing blockchain consulting services.
- We have a dedicated team of skilled blockchain software developers whose expertise is based on executing projects successfully across industry sectors
- We understand your business requirements well to match our capabilities and design custom blockchain development for the desired results
- Our strict adherence to project timelines will help you reap cost benefits in blockchain app development
- Our extensive support service will ensure hassle-free maintenance and continued performance of the solutions