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Blockchain development company, how We do it?

Blockchain is a buzzword on all the technical sites, even this topic is flooding the internet world. And I assure you after reading the article till the end you won’t be surprised that why is it ringing the bell of every intellectual mind. Many of you may not be aware of what exactly is the Blockchain. Lets start from the scratch and drive you all the way through the very basics of Block chain.

What is Blockchain?

Though the Blockchain not the panacea to all the problems that are venturing the digital world today but it can do a lot more than the other technologies. It is actually the decentralized anonymous online digital ledger which keeps the records of the transactions. It eliminates the need of any intermediates like banks i.e. users can securely and directly manipulate the ledger without the help of any third party. The blockchains are used as a ledger. It is known as permissioned ledger if everyone in the process is pre-selected else called unpermissioned if it is open to the whole world.

Technology it uses/ How it works?

It simply uses the distributed data and logic i.e. data structures to simplify the way the transaction is done. It is called as blockchain because it accepts the inputs and wraps them into a block which is further chained using a cryptographic signature to the next block. Thus it helps two unknown users to transact without the involvement of third party. Here the digital information is distributed instead of copying entries into a single sheet. History of the technology:

In 2008, the Blockchain was invented by Satoshi Nakamoto originally for use in the cryptocurrency bitcoin which created the platform for a spick-and-span type of internet. But now the experts are trying to find the new ways to apply this robust technology of distributed ledger for the other potential purposes which has the capability to revolutionise the digital world. Bitcoin has been an obvious topic of debate since its inception i.e. January 2009 when the very first Bitcoin transaction was carried out. Since the end of 2013, it has been attracting the people in the field of stock exchanges, financial institutions, Internet of Things (IOT) devices as it has the potentiality to reduce incidents of fraud and maintain the integrity to the data.

Merits of the blockchain technology

It is a very secure technology as it uses a very safe algorithm. There is also no intermediary involved so there is no dependence on any one to verify the transactions.As an addon the users are anonymous thus protecting the user’s identities. It can simplify the business operations for all parties as it is an open electronic ledger working on a distributed database system.Therefore it will be one of the most significant industry to bring in the change in this fast developing world.

If you have heard about cryptocurrency then definitely you might have heard about a cryptocurrency wallet which can be used to receive or spend the cryptocurrency by storing the public and private keys. You might wonder that from where huge amount of money comes to the new cryptocurrency ventures to start the cryptocurrency. It can be done through Initial Coin Offering(ICO) in which some units of a bran-new crypto-token is offered to the investors in exchange of funding the development of new cryptocurrencies.

It is no more a wonder that how these cryptocurrency are transacted, definitely it is done on the online platforms where the cryptocurrencies are exchanged like a stock exchange or a currency exchange. For these exchanges there is always a need of regulating through some rules and protocols like Ethereum Request for Comments(ERC ) which are required to interact with each other on the Ethereum network.

Banking industry can be revolutionised through Blockchain

Each day the banks process the large number of transactions. The blockchain processes the transaction based on a mathematical model. Blockchain is advantageous for basnking as it is less expensive and significantly faster than others. It can help the banks to avert the frauds as the one recently seen at Punjab National Bank. So it can provide an arena to develop the financial world.

Can this technology really impact education sector?

Definitely!!!!!! it can by eliminating the use of paper as it can secure the data and records . It can help one to keep track of what all ine has learnt in his lifetime. It will also help in issuing the reliable certificates thus it increases the reliability. Since everyone is responsible for their own data and have ownership, thus reduces burden of cost of management and legal cost of the institutions. One can himself validate or update the data in a secure way.

Now lets have a walkthough through what are Smart Contracts?

As the name itself suggest that Smart contracts that they are smart as they function autonomously by self-executing, self-verifying agreements. They help to avoid the middleman while exchanging in a conflict-free way bringing in transparency . It automatically imposes the penalty as said in the rules of the conttract

Medical use in Blockchain

Not only this the usefulness Blockchain could be outspread to medical fields also. Healthcare persons of Different medical organizations uses different databases to maintain the plethora of records of doctors, insurers, hospitals, labs etc. which need to be handled with care and should be accurate. The blockchain secures the sensitive medical records which can be controlled by the patients that who can access it and who cannot. Thus it proves the best for this field as it can even prevent hackers from trampling with the data.

Semidot Infotech can help you to take up the advantage of the BlockChain Technology!!

Up to a very large extent, one can fully rely on Blockchain as it is a very advanced and reliable technology. In the coming days, it may mar the existence of Banks as Blockchain can replace the banks as an intermediary. And in very near future one can imagine a world where there will be no erroneous transactions with the help of this big-boned technology. It assures you about the privacy of securities, and the Blockchain developers are working hard at Semidot Infotech to address any problem if it exists.Without any doubt, we at Semidot Infotech can effectively help you to implement the BlockChain Technology.

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