The enhancing popularity of Cryptocurrency and decentralized technologies has increased interest in Blockchain technologies and their scope. Presently, most people use Blockchain as a generic term, and its generally gets associated with the Crypto-currency created on the distributed ledger technology. The potential and possibilities due to the application of decentralized ledger solutions are already trending across industries, making Blockchain technology applications so much broader. The independent use of Blockchain is possible, and it allows you to do modification very quickly. Anyone with the knowledge of fundamentals of programming is capable of developing his or her Blockchain platform.
What Are The Major Characteristics Of Blockchain?
Blockchain technology’s capability is not limited to the Crypto-currencies only, and it facilitates much more than people think about it. Blockchain technology comes with many great features, making it irresistible and gaining so much popularity among enterprises, start-ups, and businesses across industries. So, let’s explore the key elements of Blockchain’s futuristic technology.
- Need for Privacy: Blockchain platforms can be divided into two categories- first,Centralized, in which complete control over information is in the hands of a single authority, and Decentralized, that shares the data across the complete network. So, this is to be sure of how much transparency you want to allow in your network.
- Immutability: Blockchain’s primary value is the creation of immutable ledgers. Blockchain works with distributed ledgers which are hard to be hacked. On the other side, centralized ledgers are exposed to the threat of getting hacked and require third party guarantee to maintain ledgers’ security.
- Enhanced Capacity: The most remarkable aspect of the Blockchain technology is that it increases the whole network’s capacity. Many computers work together in the Blockchain platform, which facilitates a greater level of power than the power offered by the limited devices in a random centralized network.
- Better Security: The security system in Blockchain is far better with Blockchain because there exist not even for a single moment when the complete system is shut down. Blockchain network is secured by various nodes (computers), and every node is required to confirm the transaction initiated in this network.
- Faster Settlement: Traditional banking systems usually take a more extended time, which is in days, completing a transaction that increases the time consumed in the settlement. For this reason, only, banking and financial institutions are keen on upgrading their systems. Blockchain has the solution to this problem of banks and financial institutions. In the Blockchain network, the settlement or transfer of money takes very little time, and transactions are usually done at a considerably fast speed. This saves banking and financial institutions a slot of money and time, and it is convenient for customers.
- Decentralized System: Blockchain’s decentralized ledger technology allows you to store your assets such as contracts, documents, etc. in a network that further accessible with the help of internet only. Such a network enables the owner of the data to have complete control over the account, and the owner can transfer data or the assets to the participants he wants. Blockchain technology is working as a useful tool that decentralizes the web.
Of course, these are not all Blockchain technology features as Blockchain offers much more than this. Blockchain training has become a preferable virtue in the organizations and businesses because it provides many benefits like data security and digital identity and integration of the latest technology in the operations. That is why business owners are keen about building their business on the Blockchain platform. But, the question that arises here is- which Blockchain platform can accelerate your business’s growth. Let’s find out how one should choose the right Blockchain platform for his business.
Digital technologies’ rapid growth and innovations have created the need for quick adaptation of businesses’ technological processes. Innovations and developments in the IT industry, capable of dealing with the arising technical problems, have gained professionals and experts’ attention. The businesses are going online, and Blockchain is the base for the online processes of companies. Many Blockchain platforms are popular at present, and the concern is how to choose one best among all. This requires considering a few things with regards to the capability and functionality of the Blockchain platform.
- Potential and Scalability: If the data stored or information kept in the system is to be accessed or used by many people, it is crucial to immediately carry out online processing of scenarios of a Blockchain network in which millions of users are participating.
- Creating Smart Contracts with Custom Settings: In any business or industry, it is extremely important that the algorithm fulfill specific pre-defined conditions to solve legal issues. So, the possibility of creating customizable smart contracts is very important in the Blockchain platform you choose for your business.
- Economic Transfer of Value and Crypto Exchanges: Blockchain experts are actively working on the development of open-source code, which would allow and makes it possible to build transactions based on the exchange of crypto-currency between two or more Blockchains.
There are several Blockchain platforms available that can help you in online processing of your business operation. Some of the top Blockchain platforms are Ethereum, Hyperledger, EOS, R3 Corda and Quorum etc.
All the above-given factors are critical with the point of view of selecting the most appropriate Blockchain platform for your business. The availability of several platforms based on Blockchain technology drives a lot of confusion in business owners’ minds about which platform should be implemented or which platforms they should leave behind. While developing the right Blockchain platform for your business, any Blockchain development company like Blockchain Council and many others consider several contributing factors including availability of skills, community support, technical advancements, multi-functionality, security, transparency, etc. These Blockchain development companies and Blockchain experts can guide you and help you develop the most suitable platform for your business. So, if you are a business owner or entrepreneur, understand your business’s need, explore and pick the right platform to accelerate the growth of your business.