Blockchain development service benefits not only enterprises or business, but the holistic use of technology. In the last few years, but the internet and technological advancements have also made money transaction more convenient than ever. But, the problem is that the financial assets being transferred move through conventional systems and thus, connect to correspondent houses, clearing houses, and centralized depository systems. Then, it becomes a time-consuming process as funds take many days to reach an account or a stock trade to settle.
It has become redundant to explain blockchain technology after the boom of cryptocurrency. However, let’s understand it with a simple explanation.
Blockchain is the underlying technology behind Bitcoin. It uses a P2P (peer-to-peer) network of computers to verify transactions.
In a nutshell, Blockchain is a data structure to create and share a distributed database of transactions of tangible and intangible assets among a network of computers.
As for now, blockchain technology predominantly being used in the finance and banking sectors.
US Federal Reserve: They are working on to develop a digital cash system using the blockchain in cooperation with IBM.
Deutsche Bank: Examining the use cases of blockchain in trade processing, currency settlement, derivate contracts, etc.
Barclays Bank: Forming dedicated labs in London for blockchain entrepreneurs, businesses, and coders.
Citigroup: Working on to implement a DLT (Distributed Ledger Technology) using blockchain and pilot test currency called ‘citicoin.’
Nasdaq: Using its financial framework, Nasdaq has opened its blockchain development services to above 100 of its market operator clients.
It was a general overview of what’s blockchain technology and how it is currently being used by giant corporations globally to enhance and simplify various processes.
Blockchain in Cryptocurrencies like Bitcoin is an oblivious reason. But, the potential of blockchain is unprecedented and finding it uses in other various applications and business transactions such as order tracking, banking & finance, healthcare, real estate, supply chain management, e-learning, online shopping, travel & tourism, renewable energy, contract validation and the like.
However, to enter the blockchain market, leverage blockchain development service benefits from a top blockchain development company, so that you can stay ahead of the competition.
Real Estate, Banking & Finance, Automobile & Transportation, Government, Healthcare, Online Shopping, E-learning, Insurance, Trading, Warehouse, etc.
If you’re operating in one of these industries, then no doubt, Blockchain development services can help you grow exponentially in this landscape.
When we build data structure using blockchain, it enables us to make and validate transactions without involving any third-party. Thus, reducing the risk of frauds and backdoor transactions and unauthentic transactions.
Also, modifying historical data is only perceivable when one has a big team working concurrently at various data centers. This way, it hugely reduces the chances of tempering data and forms a robust ecosystem.
Using the distributed ledger technology, users get the control of all their transactions and information as data in blockchain is known for being complete, accurate, tamper-proof, and consistent with all the members within the network.
Physical markets having digital documentation also take time for transaction execution. Interbank transactions also consume a lot of time for clearing and time settlement. Here, blockchain can make this a 24/7 process along with reducing transaction time to seconds. An instant remuneration could entirely reform an industry such as energy and transportation. Thus, saving a fortune by decreasing back-office work and automation.
If you also think that blockchain is the new internet, and want to use it for enhancing your business processes, you can reach us for blockchain development services. We have the best team of blockchain developers to look after development projects. We can make your journey smooth in the blockchain world through our deft expertise in this tech and more than three years of experience in serving clients globally.