Uncover different avenues of Blockchain implementation in your business!
What is Blockchain? Helping You Transform Your Business.
The blockchain is undeniably an ingenious invention, a decentralized database hosted by millions of computers simultaneously, and as its data is accessible to anyone on the internet there is no single version that exists for a hacker to corrupt. Blockchain development will undoubtedly be an important part of the future, as it has the possibility to completely change the way we treat our interactions online.
Features of Blockchain Technology
Block: Each individual ‘block’ in the blockchain is made up of computer code that contains data and can be programmed to represent anything, the most popular usage at the moment is cryptocurrency.
Chain: The ‘chain’ is the encryption that securely connects all of the blocks. This blockchain is then stored on a distributed ledger which is stored on thousands of computers throughout the world simultaneously.
Why Octter AI Solutions for Blockchain Development?
Decentralized Ledger: It is an open and decentralized ledger system which is transparent and can be verified. Here, an unchangeable record with a write once, read many types of database holds every transaction made.
Cryptographically Secure: Blockchain applies the concept of cryptography and digital signature resulting in a secured and more accountable transactions.
Shared: As blockchains are shared further, they gain more and more value. The level of security and streamlining of process improves with the number of organizations participating in it.
Distributed: The more the number of duplicate records the more secured the ledger becomes.
Permissioned: The members on the blockchain network have access privileges and the information can be shared with them as the need to know basis.
Incorruptible: Even system administrators cannot delete the transactions. The consent is required from the members on the network. In addition, the transactions are permanently recorded.
Cost Reduction: Blockchain can reduce operating cost by one-third in the banking payments and other financial infrastructure costs according to reports. As a result of the cost optimization, profits will enhance.
How Blockchain Helps Businesses?
Value Creation: Organizations must strive for improvements in new processes and opportunities in a value-driven global economy. Blockchain helps in creating optimized business models.
Cryptographically Secure: Blockchain applies the concept of cryptography and digital signature resulting in a secured and more accountable transactions.
Efficient Ecosystem: Blockchain Technology streamlines transactions and other business processes with suppliers, partners, contractors, and more importantly with the customers.
Risk Management: The risk of transactional manipulations is reduced due to its property of distributed, permissioned and incorruptible blockchain technology.