Top Business Benefits of Blockchain Technology

Many people associate blockchain with cryptocurrency bitcoin. Yes, it is true that it was the success of bitcoin that gave the world insight into blockchain technology. But bitcoin is just one example of a blockchain app. Many other areas can benefit greatly from blockchain development companies. Businesses, in particular, can take advantage of this technology to reduce their costs and increase accountability.

In addition to global supply chains, financial services, healthcare, government and many other industries, innovators are finding ways to use blockchain to disrupt and transform traditional business models. Many industry leaders have already achieved significant business benefits, including greater transparency, increased security, better traceability, increased efficiency and speed of transactions, and lower costs. Blockchain development makes it versatile to be used in many industries today, thanks to features such as efficiency, encryption, and decentralized governance. Here are some industries that benefit most from blockchain app development.

Benefits of Blockchain Technology for Businesses

The basic benefits of blockchain technology are decentralization, irreversibility, security and transparency.

Blockchain technology allows verification without relying on third parties.
The data structure in a blockchain is appendix only. Therefore, the data cannot be changed or deleted.
It uses protected cryptography to secure data crypto. Also, the current account relies on its adjacent complete block to complete the cryptography process.
After the process of maximum trust verification, all transactions and data are linked to the block. All leader participants agree on what is to be recorded in the block.
Transactions are recorded in chronological order. Thus, all blocks of the blockchain are stamped in time.
Leaders are distributed to every node in the blockchain that is a participant. So, it is distributed.
The transactions stored in the blocks are contained in the millions of computers participating in the chain. Therefore it is decentralized. There is no possibility that the data cannot be recovered if it is lost.
Transactions that occur are transparent. Individuals who are granted authorization can view the transaction.
The origin of any book can be tracked along the series up to its point of origin.
Since various consensus protocols are required to validate the entry, it eliminates the risk of duplicate entry or fraud.
With smart contracts, businesses can pre-determine conditions on the blockchain. Automated transactions begin only when conditions are met.

Precautions to be taken while investing in Business

All businesses that are willing to invest in blockchain technology must first do a strategic assessment to see if it is actually possible for their business model. Many companies may not see a return on their investment in the initial years. Any unstructured implementation of blockchain technology can lead to strategic failure. Thus, it is advisable that companies conduct granular assessments at the use-case level to determine which applications can be driven with blockchain technology. The points at which it can be applied must be identified and its effect evaluated with specific use cases. A correct strategic approach is one that is required to reap the maximum benefits of blockchain technology.

Industries where blockchain development can be implemented:

Blockchain development can be applied in practically any industry. Agriculture, banking, healthcare, education, e-commerce, property, mining, retail, transportation and logistics, media and entertainment, automotive – the list goes on. A deeper understanding of its implementation will gain areas where it can be implemented and in what ways.

Blockchain Architecture for Business:

Blockchain architecture includes public and private options. Publicly, anyone can learn and understand. Publicly blockchain can only be secured by allowing authorized participants to write. In a private-based blockchain ownership model, only authorized participants can join and read and understand. Here too, the write option can again be assigned to only a few. The type of blockchain architecture will depend on the type of business and the area where it is to be implemented.

Advantages of Business Blockchain Technology

Winklix is an established Blockchain Development Company, providing blockchain development services worldwide. We have brought the latest technology and best blockchain app developers on one platform, from where they can help you build your decentralized blockchain application. Now that we know the benefits of blockchain technology, let’s take a look at how it can help businesses. Blockchain technology is mainly used to store records and transactions. Lasers may contain static or trade-able information.

1. Static Registry:

Here the laser contains records that are stored as reference purposes. For example, take the title of land. There are several issues regarding title ambiguity. With blockchain technology, records once stored cannot be changed. Any change is a time stamp. In the event of a dispute, the title can be tracked by way of origin. Other places where it can be used are in patents, research articles and food safety and basic leadership.

2. Identification:

This is similar to a static registry. But this creates a different case as identity-related information is stored. The sections that can be used are for identity fraud, voting, civil registry, police records and court cases.

3. Smart Contract:

Here, a set of predefined conditions must be met if the transaction is to be validated. Upon meeting the conditions, the action is automatically triggered. For example, say in insurance-claim payments. The insurance provider may determine the conditions to be met for insurance claims. This amount is transferred only if the consumer’s claims meet the conditions set out in the contract. Other areas where this can be implemented are music releases, cash-equity trading, etc.

4. Dynamic Registry:

In this case, the ledger keeps updating as goods / services are exchanged on the digital platform. The best use case is a drug-supply chain. The supply of medicines from the manufacturer to the distributor and finally can be mapped to the drugstore. The updates provide information about the speed of the drugs and can be used to stop the supply of counterfeit drugs in the market.

5. Payment Registry:

It is a dynamic registry that updates over the network in the form of cash or cryptocurrency payments. It is beneficial for international payments in business.

Conclusion

There are already whispers in the business corridors of how blockchain technology has the potential to disrupt existing models. The blockchain is to be commissioned with the objective of driving operational efficiencies. If implemented properly, blockchain technology has broad implications, undoubtedly, positive. A team of blockchain developers, designers and marketers who specialize in this technology and employ prerequisite tools and languages to develop a decentralized ecosystem for your brand. Our highly skilled blockchain developers have excelled their skills to work with multiple platforms including ethereum and persistence, and thus provide you with a wealth of options and solutions when planning to step into this world.

April 6, 2021April 6, 2021

Legal Issues To Consider : Mobile App Development 2021

Everyone’s dream choice while having mobile app development is to have technical giant app which user feels attractive to use and hence will succeed . However have you wondered why it is equally important to consider legal aspects of the app even during initial stage of app development ?

It is because each of the mobile app development life cycle may attract legal issues for you and in order to get yourself secured , you must take care of legal part in your app development as well . In this article , we will guide you about critical legal issues which might deviate your mind if not properly handled with care.

NDA ( Non Disclosure Agreement )

NDA or non-disclosure agreement is legally valid document under which parties bind themselves to not to disclose / share confidential information with any other person . That is the reason why we always encourage our clients to sign NDA even before sharing any of their business idea with us .
We can say NDA is one among few steps available to protect your product concept . You may challenge the agreement in courts if any party breaches its terms and condition . But wait , NDA is not just simple documents , rather it must include points which make it more informative are some of them are :

Definition of Confidential Information : It is proven to be beneficial for parties to specify all confidential information which may or may not be limited to financial data , know-how , show-how , operating , marketing or trade data . In addition to it it should also include information concerning to products , its ideas , solution and other confidential information .
Obligation of other party: Obligation of other party needs to be defined in advance including confidentiality clause as well as obligations involved in accordance to with other party can disclose information to its staff .
Choice of laws : While signing of any NDA , always try to write jurisdiction under which you will feel comfortable to contract .
Penalties : You should also write about the penalties it involved in case of breach of contract . It may be in monetary terms or fix sum of money .
Term : As per general rules of law , any NDA is valid for the term of 2, 3 or 5 years . Hence it is your sole choice for the information you want to protect . As the case may be , you may get involved in contract .
Obligation to return : You must include obligation to return information in case you want to or willing to switch to any other party .

Independent Contract Agreement

Contract agreement is concerned about points which you should mention before starting of with software development company . This agreement should be draft in a way that if will help you in guiding the process of cooperation in its entire duration of contract and what if situation in case of doubt and conflicts. That is the reason it is proven beneficial to write step by step how collaboration will move . For instance say it is worth mentioning which methodology your app developer will follow , eg agile methodology . In brief it should include the following :

Methodology of cooperation : It should include how cooperation will work to come up with result which is favourable to both the parties . It will also mention tools which you will be used , preferred methods of communication as well as procedure for arranging meetings .
Force majeure : In case of unpredicted pandemic situation or force majeure which might occur due to unavoidable circumstances then you must define the outcomes and mutual binding of it .
Exit plan : It is another beneficial points as it defined the exits plans if plan does not go according to plan has been specified in agreement and bth parties want to withdraw before the planned duration . It is worth including information about who will be owner of existing code , what will be payment due dates and penalties and so on.

Privacy Policy & Protection Of Data

Wondering what legal requirements you have to meet in connection with your data protection at personalised level ?
Protecting of your’s user personal data is one of the primary thing to focus on which is Las common cause to attract legal obligations . This requirements various from country to country . For instance say if you are planning to launch your app in European markets , you must adhere to GDPR compliances , while in case of USA , you need to take care of Children’s online privacy protection act.
This requirements also depends on in which industry your app is focus on . For instance Healthcare sector app must have HIPPA compliant . Since it is complex task and may require lawyer interference to draft proper agreement in app development process . In case of any data leaks , it will be app owner who will be held responsible for the same , hence it should be taken care with utmost priority .
Tips to fulfil personal data obligation :

Collect only limited amount of user data which is meant for your app only
Don’t ever try to sell or use data for the purpose other than for which you have collected data for
Make sure that your data is being seen by your authorised person only who make necessary use of it
Always showcase users that their data is protected with them and is in safe hands
Try to maintain documents of data received or you have so that if asked can be provided by you immediately.

Terms & Condition

Terms and condition as in case of privacy policy varies from country to country . You must specify following points while writing terms and condition in contract :

It is beneficial to include basic information about your company in general terms and condition
Conditions of service provision : In terms and condition define in advance your app working , its registration conditions as well as when agreement is concludes and terminated between both parties . Apart from it also mention your use of app as well as tech slacks about languages used along with conditions in which users account will be blocked
End user license agreement : This is concerned with binding users with your terms and condition while using your mobile app
Complaint processing : In terms and condition , try to include the process to handle and hear complaints as well as ways in which customer can contact you in case of need .
Limitation of liability : Define your liability in advance and make it clear to users . It will help you building trust among your users .

App Store Requirements

What is the use of mobile app if it has not been published on App Store or Google play store ? No body is going to download the same and all your investment will go into veins . That is the reason why your app should comply with all guidelines from Google and Apple to publish your app on their stores . All these policies focus on personal data protection as well as intellectual property rights .

Conclusion

Any mobile app development is complex project and involves various process . It is always beneficial to considerer all aspects involved in development of app which includes legal factors at initial starting . This will aid you to carry on your app to reach larger marketplace without facing any hurdle which may become obstacle in your success journey if not taken care of .

April 2, 2021April 2, 2021

How To Create Buy And Sell Marketplace Like Letgo , Shpock , Carousell : Timeline & Cost

Letgo is online e-commerce marketplace which facilitates user with buying from , selling to and chatting with different vendors present in application . It was initially launched in 2015 by Enrique Linares with single aim , ie to become largest second hand marketplace in the world . Their hard work has helped them with raising & $ 975 million since the time they has established themselves in app and website marketplace . It can be seen as perfect example of how can a startup has got a chance to beat old players in marketplace .

In this article , we will review features as well as functions of Letgo and how you can actually build marketplace app like Letgo for buying and selling of almost everything and succeed .

Planning To Develop App Like Letgo ? About Letgo & Reason For Its Popularity

Letgo is one among the biggest name in e-commerce corporations as is Shpock or eBay . These apps has single aim : To facilitate people to connect with local people who way to either buy or sell stuff . User can firstly view / post the product and then can chat with the buyer/seller and then can buy / sell the product . Letgo is completely free application app to post / buy products .

Letgo Market

Almost 5,00,000 used items are posted daily on Letgo and more than 1,00,000 items are purchased . Letgo has financial flow of 5M USD on daily basis as per recent report by DMR statistics . Letgo is now expanding their branches globally . In present terms it has presence in more than 25 countries and majority of its users are in USA .

Working Criteria Of Letgo

The reason of its success is easy user interference and user experience of app . Let’s quickly discuss its main features :

Registration

One of the main features after downloading buy-and-sell marketplace mobile app is user registration . It can be either by email / phone or by social login like Facebook , Gmail , Twitter , Apple Sign in .

Selling

After successful registration , it will bring you to screen wherein you can simply click photo , enter their price and post the product to sell . Letgo has very intelligent built in artificial intelligence system by which they recognise the category of the product in automated manner with use of AI . After posting of pic , all you need to do is write the price of the product or you may even post it for free cost .
That’s all you have to do if you are willing to sell your product . After posting of your product , you will start receiving messages and offers from buyers . You can also edit / update your pricing and description . Apart from it you can also see how many people has viewed your product by just simply clicking item for sales in profile and viewing the product info from eye symbol .
Buying As soon as you signup , app will automatically showcase items which are on sale in your area . A filter option is also present which will showcase you option to filter products as per location , category or posting date . In case you want to get description of the product , you can simply click on the image to get details .You will also find option to send message to seller for further sale cycle .

Payment Integration

Unfortunately there is no payment gateway integration , hence we can say there is a room for feeling of unprotected . That is the reason they suggest to give cash in person for sale .
ChatIn this marketplace buyers needs to be connected with seller on real time and at the same time admin needs to take care of. their privacy and frustration . Hence in order to do their best chat features is what it all needs which can be effective mode of communication to connect with each other .
Rating & ReviewsWe all know financial transaction comes with risk . Adding rating and reviews of the seller and buyers willextra layer of trust while dealing with respective people in buying and selling marketplace
Push Notification
In oder to engage user with regular updates free of cost , then push Notificaiton is the only way to achieve that . By this way you can engage your app users as well as they can get any new post as well as chat Notificaiton .

Advance Of Letgo As Compared With Other Marketplace

Mobile first approach and simple to use interface
Geolocation tagging that facilitates listing of product according to location
artificial intelligence and image recognition helps in saving of time as well as selling fast
Facebook account verification process make it simple
It is active on overseas market as well like Turkey and Norway
app is completely free

Now as we all have looked on the features and benefits of Letgo app , the question might be arising in your mind that if app is free then how this app is actually making money ?

How Does Letgo Make Money ?

If you are wondering how actually Letgo is making money , then let me tell you the fact . At this stage app doesn’t make any money from its services , but have strong plan to monetise platform by adding sets of paid features as in gumtree or so . Hence is Winklix suggestions for making money out of such apps :

integrating payment gateway and start taking our commission for every successful sale
facilitating user to promote their products post to sell
charge some more bugs for additional description
limit number of items they can post in a month or in total

Which Technology Stack Letgo Is Using

Thanks to our team which helps us in Antonio’s monitoring for the Jost post vacancies posted by Letgo on regular basis on their LinkedIn profiles .

As seen above , development team is searching for PHP along with Express.js , React.js and MySQL developers to build web applications .

The mobile app for Android is developed in Java and for iOS they have used Swift both in native platform . Let us guide you the advantages of using this language :

Server Side : Express.js

Express is well know framework for Node.js and is also top rated technology in leading websites and app . In making comparison with other languages , Express.js has faster load and boot time . Additionally it has biggest community while comparing with other frameworks of Node.js . In short we can say this technology is best choice for mobile apps as it delivers faster performance on server side and your app will be more dynamic .
Client Side : React.jsReact.js is we can say library of Javascript which is used for developing user side view . Biggest advantage of using this technology is one way data binding thereby making it easier to control as well as change data .
Mobile App Letgo is using native technologies in their mobile app . Java in android and Swift in iOS , thereby using different developers for building different apps . In case you are looking for cost effective solution you may choose hybrid app which may reduce development time and cost .

How To Build Your Own Mobile App Like Letgo

After COVID-19 outbreak basic brick and mortar shops are finding a way to get online to order to reach mass audience over their for buying and selling . Everyone has understand in post covid situation that online presence is must for business as majority of the population worldwide is spending their time and money online .
In order to start of , it is always suggested to start with minimum viable product and basic server and you may grow these with time .

How Much Does It Cost To Develop App Like Letgo ?

The cost of any app development depends on combination of scope of work , technology stack and location of hourly rates of software development company . Cross platform app is cheaper but lacks in performance whereas native apps gives quality app . Hence we always suggest our clients to go with MVP at initial phase to enter the market quickly and grab some app users .
At per our experience and knowledge , the time range may vary between 449 hours to 1020 hours and the price will vary accordingly

Conclusion

Building an app like Shpock or Letgo is not big task from technical side . The important task is to properly plan and select the features you want in your mobile app . If you have properly planned everything in advance , you are halfway to your success . Feel free to contact our technical consultant even after it you have questions .