Numerous business use cases of various industries can be enhanced using DLTs (distributed ledger technology). Blockchain can transform processes where trust and transparency are of the utmost importance by business applications.
The underlying trust infrastructure of the blockchain can enable flawless processes within the business.
One of the many characteristics of blockchain technology introduced us to is smart contracts that mainly get coded in Ethereum.
With the Ethereum Blockchain platform, blockchain application developers can develop private cryptocurrencies and contract-based applications with the help of a Turing-complete language.
Using the DLT based technology like blockchain increases the chances of reduced costs and provides businesses with the opportunity to create and sustain an infrastructure that offers numerous advantages at lower expenses than traditional centralized models.
Blockchain can hugely expedite transaction processes as it bypasses the centralized infrastructure.
Although no system is secure from cyber attack, the distributed nature of blockchain lays the foundation for a unique level of trust.
The unalterable property of blockchain and its open access among its users, whether in a public or private ledger, brings transparency. Any user of the system can query transactions on a real-time basis.
Top benefits of using blockchain applications in enterprise operations as per IBM:
Blockchain technology is transforming almost every business landscape. Now verticals like Financial Services, Healthcare, and even the Government are adopting Blockchain as a strong and dependable technology. And, blockchain application developers are becoming a top priority.
What’s making blockchain a disruption in the enterprise ecosystem? This is primarily because the technology stands for those attributes, which the internet created as its own roadblocks.
“If you’re dealing with slow, complicated and paper-heavy processes, compromised security or exorbitant fees, blockchain is a solution worth exploring.”
Blockchain is a buzz and almost every enterprise considering it as a solution. It has transformed into a bandwagon for the business world.
But is Blockchain really effective for your enterprise?
Well, if the processes are hitting certain operational roadblocks and there seems to be no way out because of technical bottlenecks, blockchain surely would help them eradicate completely.
Effective Supply Chain Management is one of the most effective use cases of Blockchain technology. As several entities are involved in such systems, difficulties in managing the transactions and ensuring a streamlined workflow are possible only through a system like Blockchain.
Information is sensitive to any enterprise. Blockchain ensures data protection and security optimally. As cryptography is the basis of this technology, nothing can ensure better data protection than blockchain in the current landscape.
Frauds and Bot traffic are the biggest lacunas in the advertisement as well as in the internet ecosystem. Lack of transparency has become a characteristic of the Internet.
Blockchain is the best way to promote transparency in any business transaction as well as operation.
There are many blockchain application developers, even if it is never enough. Finding out the right blockchain service providers is not a daunting task if one can evaluate them based on the right set of parameters.
Aspects to take care while evaluating a blockchain development company
Posing expertise in tons of technology does not guarantee a strong development.
Blockchain is based on many underlying aspects. If the company has a large number of specialized developers in each separate vertical, multiple expertise is possible.
Evaluate, the solution offered by the company to address the specific issue of the business.
When it comes to blockchain application development, the objective narrows down to primarily three verticals: Hosting, Decentralized Application, and Private Blockchain.
Evaluate if the blockchain application development company has adequate experience in each specific service type.
The outsourcing model of service or product delivery should match with the operational process of the client enterprise.
Blockchain development and deployment have contrasting differences compared to deployment of web applications.
Enterprises should ascertain the most appropriate model matching their needs.
Oodles Blockchain aims for the key technologies adoption for flawless blockchain development. We follow a flexible model of business and service delivery for the best possible outcomes for our clients. Every project we handle undergoes stringent risk evaluation strategies in each stage of development to ensure an effective solution. From Dedicated to intense research and development, we better understand the vulnerabilities of Blockchain and the best techniques to eradicate them.