BSI, 15th October 2020
BENEFITS OF BLOCKCHAIN TECHNOLOGY
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“Virtual Database Banking for Next Generation augments the GDP growth of the economy up to $1.7 trillion”.
A digital public ledger for financial and business transactions of different applications especially known for its security, transparency, and speed is going to explore a huge amount of impact on the global economy up to trillion dollars in the upcoming decade. So it’s the time to amend this technology from a future perspective.
What is this blockchain?
The name itself shows that the records in blocks are digitally connected together as chains that are immutable, decentralized, distributed, and easily accessible across the world. It maintains the distributed ledger across the entire network of the computer system through this blockchain. It is working on the interoperability platform between the network organizations.
What is it actually doing?
It is simply acting as a single shared distributed ledger that connects multiple databases through this blockchain technology which is much secured and almost impossible for ‘Hacking’… The transaction takes place in 4stages. I.e initiative, verification, storage, and hash value representation. This everything happens for every individual transaction and so because of this hash value, No duplication will. occur.
Why blockchain technology is a comprehensive solution?
In this digitalized era, threats like, demonetization occurrences, inflation, or time-consuming paper transactions definitely need a breakthrough. In this new normal period, individuals and organizations become completely internet-dependent on the remote working environment, virtual meetings, etc. Therefore moderate acceleration requires in the field of professional services, health care, manufacturing, retail, and other industries.
So we are actually in need of a virtual setup for digital transactions. Here come the blockchain technology and development with secured connections to connect us in cyberspace. Blockchain technology is typically known for cryptocurrencies. But it can also be used in medical transcriptions, Real-time IoT Operating system, voting system, original content creation, organization or logistics monitoring, personal identity, government, banks, public or private sectors, retail, manufacturing, industries, and some more applications too.
Benefits of Blockchain development
The shared ledger is validated through consensus that everyone must agree on it
The data shared here is more secured, accurate & transparent
Auditing work is quite easy
No intermediaries So the reduced cost
No duplication, as it records only once which is immutable
Makes it harder to tamper with
Business Software India can help you with that. We develop Exchange Software in such a way so that the Private Blockchain Integration with Hyperledger Technology builds Permissioned Blockchain to monitor completely by the Exchange owner.
Other than these, this exchange uses Multiple DLT Technologies, Complete Re-write in Go language and C++, and can exchange live data. With our white-label exchange software, you can create your brand and business to its full success. Our blockchain dev team will provide you 24×7 tech assistance. This is the perfect solution for your 360-degree scope that you may require.
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