Blockchain Technology is the next big stride in the digital world. Blockchain in simple words is a system where you can keep records of various formats in a safe and secure database. Not even a single record can be intervened with for personal profits. Any user using an application with blockchain technology, will have the access to the records, can view the data and add new records but will not be allowed to delete or modify the data without appropriate consent by the remaining members. A single user will not be able to delete or modify the record.
In short, every single transaction which require a user to user connection can be revolutionized by adapting the Blockchain Technology. The innovative technology brings to the table a lot of advantages such as:
The Blockchain network is designed to automatically reconcile every transaction with itself in every 10 minute interval. This is a form of self-inspecting system of every digital value. Any mismatch in the reconciliation process is captured in a timely manner and can be investigated thus ensuring the security of effective transactions.
As Blockchain has no centralized server, it becomes impossible for hackers to the hack into the system or steal valuable information. Blockchain adapts high level encryption technology that facilitates enhanced security which is a crucial requirement of many industries.
Blockchain technology ensures that data within the network is public and it cannot be tampered with at any given point. Any changes that happen within the blockchain network is visible to all the involved parties and every single activity or transaction is disclosed to the network, enhancing the transparency.
The data in a blockchain is accurate and easily available whenever and wherever required. It is 100% reliable and help to secure sensitive information.
Decentralized network has the potential to speed up file transfer and streaming times. Consequently, transactions within the network are completed much faster. This enhancement proves to be very convenient and in today’s demanding world, it is a necessary upgrade to the web’s existing overloaded information distribution systems.
Low Transaction Fees:
The blockchain technology restricts the overhead prices by reducing the transaction fee that is applied when we wish to exchange assets.
There have been many successful applications of the Blockchain Technology in today’s World. However, there are numerous more possibilities where Blockchain can cater and transform the entire scope and functionality of the developed application.
Realising the great attributes of the Blockchain Technology, we at Softlabs believe that implementation of blockchain in the applications we develop will augment the digital solution to a whole new level. Hence, we are persistently enhancing our existing strength in Blockchain and Smart Contracts development. Our extensive experience in diverse industries give us an advantage in proficiently employing blockchain technology through different business sectors across the globe.
Listed below are significant business solutions our team is efficiently moulding to encompass the blockchain technology:
- Cryptocurrencies, ICO or Token Sale
- Secured Cold Storages Lockers for Bitcoins and other Crypto Currencies
- Universal Loyalty Program based on Blockchain
- Highly Secured Payment Wallet on Blockchain
- Token based Travel Portal
- Blockchain based Ride Sharing App
- Blockchain based Ticketing App