Blockchain App Development, Page 12 Category

Technology has been rapidly progressing in recent years, with new revolutions coming to the fore. One such technology is blockchain technology. Blockchain is a term you might have likely seen thrown around in recent years. This has been chiefly due to the popularity of cryptocurrency and, now very recently, NFTs. Supporters of these applications have been very vocal about the benefits of blockchain technology. Some of the benefits you have likely heard are the presence of a decentralized structure, improved security and reduced costs.

Many people are well aware of all this and still cannot understand what blockchain exactly is. Don’t worry; you are certainly not alone when trying to understand this new technology. Therefore, we will be discussing blockchain applications besides the more common ones you already know about, like crypto. The purpose of this is so you can get a better idea of how this technology works. We will discuss everything there is to know about each of the applications that you should know about. Without further delay, let’s get into it.

Money transfer on an international level is standard and is typically done through banks. Banks usually take a certain fee, with government interference, when it comes to money transfer which means increased costs for all the parties involved. With blockchain technology, the middle man is removed with increasingly secure transfer activity. The most popular and easy-to-set-up crypto wallet. This can allow companies and banks to save significant amounts of money due to cheaper processes that they can automate.

Traditional money transfers required many transactions to be settled manually, making the process less efficient. An example of how this benefits businesses is a managed IT services San Diego company sending money to a branch in the UK. They may not have to incur as many fees during frequent transactions that will likely occur between them. This can go a long way in saving costs in the long term while their transactions are protected.

Blockchain technology has a lot of potentials when it comes to voting. It can make the process more accessible to people while improving security. Typically, hackers cannot break blockchain technology since each block of the ‘chain’ is across multiple nodes. Even if they somehow manage to access the terminal, they still cannot affect these other nodes. The system can assign each vote to one ID, allowing government officials to tally the ballots a lot faster and efficiently. It would also eliminate the chances of there being tampering, which many presidential candidates tend to claim at times.

Many people have a common issue when donating to charities and NGOs because they don’t know if their money is being used properly. After all, there are various incidents of charities cheating out donors and using the money for selfish purposes. Blockchain technology can help solve this problem. It allows greater transparency by showing donors that their money is being used the right way. As discussed before, blockchains typically have a decentralized structure meaning that the information is available to everyone. In this way, donors will be more likely to trust NGOs and charities, and those parties will also benefit from the increased donations sent their way.

Blockchain proves a new and innovative way for companies to organize supply chain data, manage it, and put it to use accordingly. This is due to the feature of blockchain technology which involves a ledger that no one can change. This ledger is suitable for real-time tracking of goods that will likely be moved around a lot when transported. This gives companies several ways of transporting their goods. The system can use entries to present all events in the supply chain, like when a parcel goes from point A to B.

Blockchain technology is a new technology that has come to light in recent years due to the popularity of cryptocurrency and NFTs. However, these are not the only applications you should know about when it comes to blockchain technology. We have discussed various practical applications that you should know about that can change many real-life industries. We hope this article has been insightful and has given you a better understanding of blockchain technology.

Would you also like to create your own Blockchain apps to gain a competitive edge? Contact Biz4Solutions, a prominent software firm offering Blockchain app development services. Our experienced and technically sound professionals would help you to design and maintain your Blockchain environment.

The application of Blockchain technology is no longer limited to cryptocurrency transactions. Blockchain technology has broadened its spectrum over time, and today it is a viable solution to secure various kinds of transactions across diverse industrial domains and offers certain strategic business benefits as well. Consequently, more and more businesses are incorporating Blockchain application development.

But several business enterprises, particularly small to mid-sized firms are finding it challenging to establish the necessary infrastructure required to architect, configure, and maintain Blockchain solutions owing to the following reasons:

The one-stop solution to successfully address this roadblock is opting for a third-party Blockchain hosting service commonly called Blockchain as a Service (BaaS). A BaaS provider develops, manages, and maintains a cloud-based network/infrastructure for businesses that architect and operate Blockchain apps/solutions. The demand for BaaS providers is on the rise! As per a report published in November 2021 by the global market research and consulting company, “kvb research”, ‘The global BaaS market is expected to grow at the rate of 54.2% CAGR, and the market size is predicted to reach 17.9 billion dollars by the year 2027.’

Let’s explore the BaaS platform further and dig into the key aspects and facts that every entrepreneur planning to adopt this service needs to know!

Blockchain as a Service (BaaS) refers to a fully functional and managed Blockchain platform offering cloud-based solutions as per the needs of consumers. Such solutions are utilized by the consumer companies for creating, using, and hosting their Blockchain app solutions, functions as well as smart contracts. BaaS works like a web host that runs the back-end operations for Blockchain-powered apps/platforms. The BaaS vendors provide the necessary infrastructure as well as Blockchain development tools that enable consumers to build Blockchain apps/software services on a distributed network.

BaaS makes transactions highly transparent and traceable. Businesses using BaaS can effortlessly create their own Blockchain apps, host them, run the apps as well as associated functions smoothly, while service provider supports the infrastructure by keeping it operational as well as agile and manage the network. This approach enables enterprises to reap the benefits of Blockchain technology – data security, enhanced transparency and accountability, and trust minimization – without the need for creating or maintaining their own Blockchain environment.

This way, companies using Blockchain apps and smart contracts can save time, avoid investing heavily on in-house computing resources, and eliminate the hassles, issues, or probable glitches involved in the creation, deployment, and management of in-house Blockchain solutions. And most importantly, BaaS users will be able to devote more time and resources to manage their core business functions instead of having to worry about performance woes or network statistics.

The functioning of Blockchain as a Service is quite similar to the functioning of the SaaS (Software as a Service) model. Under the BaaS business model, a third-party service provider installs, hosts, deploys and maintains a Blockchain network on behalf of their client companies. The BaaS providers set up their clients’ Blockchain infrastructure and deploy as well as maintain clients’ Blockchain nodes. The BaaS partner handles back-end services, particularly the complicated ones, take care of crucial Blockchain-related artifacts and keep them running as well. BaaS vendors are also responsible for executing support activities like resource allocation, hosting requirements, system health surveillance, security protocol monitoring like anti-hack layering for preventing cyber-attacks, and bandwidth management.

The business enterprises availing of BaaS need to pay service charges to their provider for the platform offered for Blockchain implementation. Blockchain networks are usually configured on platforms like Bitcoin, Ethereum, Hyperledger Fabric, BlockApps, Chain Core, R3 Corda, Quorum, etc. depending on customer needs.

To sum up, the BaaS partner manages the Blockchain infrastructure as well as its performance.

Your BaaS Provider must have ample domain experience as well as expertise in crafting and deploying Blockchain solutions on a similar eco-system and scale that you intend to adhere to. So, do not forget to check their credentials and ask for recommendations/reviews from previous clients they have worked with. You also need to check whether the provider has any prior experience in deploying cloud-based solutions to operate similar systems that are used by your company. Remember to ensure that the new Blockchain infrastructure deployed by the provider integrates seamlessly with your legacy systems.

Smart Contract integration is necessary as it makes your Blockchain solution all the more transformative and distinct. Smart Contracts mechanism is required to integrate business logic into a Blockchain solution. It enforces the terms and conditions between the parties involved, and imposes penalties whenever any rule is violated. However, due to the immutable nature of BaaS platforms, Blockchain app developers find it complicated and challenging to test and deploy smart contracts. Hence, ensure that your service provider takes care of the integration as well as deployment of Smart Contracts.

Some BaaS providers support only one type of enterprise Blockchain development. This model creates bottlenecks in case you wish to switch to another Blockchain platform during Blockchain application development using BaaS architecture. So pick a provider who supports a wide range of frameworks and runtimes. This approach will undoubtedly allow room for flexibility to your business needs.

The security of your Blockchain solution is of utmost importance. And, what can be a better way of ensuring the security of your Blockchain network than integrating an identity management platform. This way users will be permitted for accessing only a certain amount of information/layers. This concept works in a similar manner as the protocol for most firms – all employees are not given access to the internal sensitive information of an enterprise. For this reason, IAM or Identity Access Management platforms are deployed. An IAM platform empowers an enterprise to define access controls for digital identities. The process of identity management works in the following manner – either a single sign-in method or multiple authentication methodologies are employed for providing access to information. So, make sure that your BaaS provider offers the platform wherein an IAM framework can be integrated.

The Blockchain as a Service approach had undoubtedly simplified Blockchain adoption for companies and organizations that intend to harness the potential of Blockchain solutions. However, entrepreneurs need to choose the right BaaS provider, proficient Blockchain developers, and the correct approach for integrating the Blockchain environment into their businesses.