Tag: blockchain app development company

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THE REALITY OF BLOCKCHAIN

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There has been a lot of hype regarding the Blockchain. I have read about the blockchain removing the poverty and making the world corruption free with a lot of easy, but there is demography who has not heard about this revolutionary technology. Facebook, Flipkart, Instagram has millions of users but the general population does not know anything about the backend technology like database. Same is with the blockchain, everyone has heard of it, everyone has opinion about it but no one knows the backend process.

However, there is a very good question revolving now-a-days which is “What are the things which blockchain can do and other technology can’t?” Is it fair to compare this new technology to the past technologies?

Concept of Blockchain

 

The blockchain has a very fascinating concept of data immutability i.e. data is unchangeable. This is achieved by using digital signatures and hash functions. These hash and digital signatures were defined by the informational Technology Act of India in the year 2000. More often than not the blockchain are equated with the distributed database and software development frameworks. Blockchain are not just database, they are more than that. Blockchain is peer to peer systems of electronic cash in which network timestamps are used are done by hashing the current work. This record is immutable i.e. it cannot be changed without redoing the same work.

Blockchain vs. bitcoin technology

 

Recently big chain made the headlines for all the bad reason like money laundering, evasion of tax, financing of terrorism and organized crime. Its comparison is not good as the actual money; diamonds, gold were also used for doing wrong activities. So it is not good, as far as the blockchain is concerned.
The basic idea behind the blockchain is that it runs on a set of global computers. It requires huge computational power and resource to mine the bitcoin and yes! Anyone can mine the bitcoin in expense of the resources like processor speed and memory. However, it will take a huge amount of time to generate the bitcoin. That is why supercomputers are used to generate them due to their high speed and memory.

Everything about the private blockchain

 

In today’s times, there exists several blockchain in the world. However, anyone cannot be a part of the private blockchain. These private blockchain does not require computational resources like processor and memory. It requires permission to have access and control over it. Let us understand this concept using multi-chain which has 8 types of permissions explained below:

  • Connect: This permission is used to connect with the other nodes and helps to view the content
  • Send: This permission assists in sending the sign inputs of signature
  • Receive: This permission assists in receiving the outputs of transactions
  • Issue: This permission facilitates to issue the assets like transaction sign inputs which are used to create new native assets.
  • Create: This is used to create sign inputs which create streams
  • Mine: This is used to sign coinbase transaction metadata
  • Activate: This is used to change the connect, send, receive permissions
  • Admin: This is used to change permissions of issue, mine, activate and admin

There are many popular blockchain available in the market like Ethereum, BigChainDB, Chain, Hyperledger Iroha, Corda, Credits, Domus Tower Blockchain, Sawtooth Lake, Elements, Eris, Quorum, HydraChain, Hyperledger Fabric, Stellar, Hyperledger Multichain, Openchain, and Symbiont Assembly.

Use case of blockchain

There are various use cases of good blockchain. Some of the use cases are as follows

  • Insurance Sector: In the insurance sector, blockchain is used to verify KYC data, life insurance, national policy, agent information registry and claim records.
  • Banking Sector: There are various use cases of blockchain in the banking sector. For example it is used in asset tracking and registry, multiparty aggregation, financial systems, record keeping etc.
  • Government use case: Government has been involved in using this technology for maintaining copyright health records, regulation records, authentication of records, academic records verification, vehicle records, maintaining identity documents, police and court records etc.
  • Other use-cases: It is widely used in Corporate finance book-running,  Asset backed virtual currencies, Regulatory reporting, Clearing & settlement, Securities settlement, Depository receipts, Escrow, Secure documents, Supply Chain Management, Fund portfolio management, Voting, Payment gateway, Peer-to-peer trading, Securities servicing, Identity management, Securities trading, Auctions and Contract management.
 
 

Conclusion

Blockchain are very interesting hot-topic in the recent time. But it has been associated with many malpractices but we should skip the hype and this technology must be given a good chance as it can do wonders. This technology must be given chance because technologies before the blockchain were vulnerable to malpractices. It is not as if only after the launch of blockchain, frauds and other bad practices are there. I believe that this technology have enough power to rule the future and will provide a safer platform than before in the future.

So in case you are looking for blockchain app development company , you can right away contact us to create a next big blockchain based concept mobile app .

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HOW BLOCKCHAIN IS OPTIMIZING INVESTMENT BANKING COSTS

 

Blockchain technology in investing banking

 

Data storage is one of the most essential components of banks. Database plays a very key role in the proper functioning of the investing banks. Banks need database to store the valuable information of the customers which is needed by them to provide valuable services like transactions to the customers.

Banks database are huge and multiple due to which managing the database of the banks regarding people information is not an easy task. It can be really troublesome and hectic task. The database must be really secure and protective because it store very confidential and private information and any disclosure of customer’s information can create lot of troubles.

Blockchain technology is the answer to all the above problems. It ensures that the transactions are smooth and database are secured and protected. This highly secured access system help in better management of the bank activities and tasks. It provides one platform to access the required data.

According to a report, Blockchain has really cut down the banking cost making them more profitable and saving the cost by up to 30%. It has completely revolutionized the way investing banking is done. The Blockchain investments will increase from $75 million in 2015 to an overwhelming $400 million in 2020.Due to this revolution; different parts of bank databases are connected together which has made the whole banking process very convenient and cost-effective.

Reporting costs are much lower and transparency in data optimization is ensured

 

One of the best features of Blockchain in banks is that it provides a very level of transparency in the financial reports. As we all know that Blockchain is the only source of information, so same information is shared to the authorities, customers and clients at the same time. Due to this unique and one access, tremendous amount of transparency is there in the financial reports.

This is the reason why the verification of the data is much convenient and simple with the help of Blockchain. That is exactly how the banks are able to generate huge amount of reports without much investing on the collection and gathering of the customer’s data.

Reduced Processing cost and enhanced operations efficiency

 

It is important to note that the Blockchain provides a centralized way of storing the information. Information related to the customer and connection with the client is available from a single source. Multiple branches of the bank can use the single source to obtain the information. This reduces lot of operational cost which improves the efficiency level of bank.

As the database is centralized, processing costs are reduced as very less effort is required to access the information. Due to this Blockchain, the digital identity of an individual can be managed efficiently. This is how Blockchain is having a tremendous impact on the banking cost.

Compliance costs are highly reduced

 

In the older days, it was quite cumbersome for the banks to communicate the information of the customers to the counterparties. It was a very difficult task and huge amount of revenue needs to be spent on it. To make it possible, banks have to audit the information again and again to ensure the compliancy.

But with the coming of the Blockchain in the banking investing system, it has makes this task a lot easier. A centralized database is sufficient to audit the transactions. You don’t have to do audit again and again so lot of time is saved. It has brought transparency in the system which has resulted in the building of trust among people and due to this transparency; the whole process is visible to all the authorities. This has reduced the compliance cost by 50%.

The other benefits of how Blockchain affecting investment banking costs

 

Banking system requires a lot of functions to be performed like investigations, clearance, trade support, settlement, clearance etc. To get these functions performed, it is required that the right information is available at the right time because the banks have to analyse, gather and confirm the data before taking any decisions. That is the how why Blockchain database system has made the functioning of the bank so smooth and convenient. In the future, this Blockchain technology is going to rule the banking world as it has made transactions secure and augmented the efficiency. Blockchain has truly optimised the investment banking costs.

In case you are looking for Blockchain app development company , you can contact us to develop your next big thing . Winklix.com is leader in providing software solution worldwide .

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Strategies For dApp Development Companies

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Am I the only one who have seen first glimpse of cryptocurrency revolution , by which we all are being exposed to blockchain – The network of Nodes . As a dApp development company , the concept of Blockchain has made itching in our hands to create decentralised application or dApps – A open source software totally based on Blockchain technology .

The market of decentralised blockchain is growing at fast pace , so is the blockchain based mobile application .
Given below are myriad of reasons of how dApps can be smartly used .

Ecommerce / Decentralised Marketplace

The Idea : In order to create a new financial system wherein  transaction can be done from peer to peer , and centralised banking has no power can only happen if Blockchain concept exist together with cryptocurrency. It is fact that decentralised market need to be necessarily exist , if we want dApp market to be achieve sustainability .

Benefits : The decentralised marketplace is fully secured marketplace which works on peer to peer network which simply means no single point of failure exist in this network . This concept can aid us in trading with cryptocurrency for goods and services , thereby not using  any third party like PayPal , and customer can make the payment directly . Accounts are tied to cryptocurrency and hence you will get rid of your hold/transfer of money on your respective mercy of account holders .

Crypto-Collectible Games

The Idea : Blockchain open the new door for gaming industry as well . The blockchain ability to create social spaces and worlds are expanded to infinite level . Games like EVE Online has taken birth due to blockchain .Integrating concept of blockchain into a pre existing system can lower barrier of entry , thus increasing active player base . The dApps concept can give rise to gaming , gambling and much more which are yet to be explored .
Benefits :  Games like Magic : The Gathering  are build for trading with friends , but free time and team togetherness can act as a barrier for this concept to always work. So if you are planning to build your business on Blockchain concept , games like this are most profitable dApp , and plenty of improvement are yet to come , as the real big app to touch the sky is yet to come .

Messaging / Social

The Idea : We always had our majority of communication through use of messaging apps , in social media is playing a pillar role in communication . dApps are offering blockchain based messaging services .
The introduction of EtherTweets which is know to be decentralised version of Twitter with help you publish 160 character of message , but once the message has got published no body can remove or take it down expect the publisher . Accounts can also receive donation on Ether donation , which can influence user to stick with the platform .
Similarly Status.Im ( currently in beta version ) is a open source platform which act as a marketplace where anyone can list their dApp and a user can download the same .
The Benefit : Giving means to easily share and exchange coins together with freedom of sharing thoughts through social media , wherein no one can delete the post except the owner itself  will surely be the future of social media .

Crypto Wallet

The Idea : In Ethereum the value of the Ether fluctuates at fast scale , so you will necessarily need a place to keep the record of your coins . There are various ways of counting , but wallets will be requiring private keys to access your currency . The best wallet works across all the platforms and will facilitate you with inbuilt backup and restore facility .
For instance , CoinBase a digital platform on which we you buy and sell Bitcoin , Ethereum & Litecoin .
Benefits : Crypto wallet will gain its popularity , as cryptocurrency has already left its foot imprints in the market . There is no universal dApp per currency in the market and hence plenty of opportunity  has yet to come in the market.

The Potential of dApp Development

The true potential of dApp is yet to be seen , the best time to educate yourself about the concept of blockchain is now . So explore the world of Blockchain , and varieties of currencies which are available in the market . While dApp development companies won’t be able to replace any traditional app , but it’s easy to develop something new which will be know to be the future of app development , as none of the app have gained the huge popularity worldwide yet .
Winklix.com is also leading blockchain app development company based in India . Contact us now for your next big Blockchain based application .