Blockchain is a revolution when it comes to developing software that is both secure and transparent. While it is still primarily associated with cryptocurrency in the minds of many, blockchain applications can offer many benefits for a wide array of purposes.
What is Blockchain Technology?
At its most basic, a blockchain is a decentralised, shared ledger that is used to store and secure peer-to-peer transactions in a network. The blocks contain information about individual transactions and the chain is the running ledger that those blocks form.
Blockchain programming enhances security because the ledger is distributed to every computer on the network and the record of transactions is accessible to every participant in the network. Each block is dependent upon the blocks previous to it, and if someone tries to change the data at one node in the network, it won’t be able to reconcile with the many other copies of the chain. For all intents and purposes, this makes it so a blockchain ledger can only be added to but never changed.
Blockchain Technology can be nuanced and specific. This is why you need a team of industry experts to be able to meet your expectations. We encourage you to review our portfolio. Our apps have also attracted thousands (and in some cases, millions!) of users. Your time and money are valuable. You can’t invest in Blockchain app development if you’re not completely certain that the finished product will meet your standards. Fortunately, that’s not something you need to worry about when you work with Glance.
Why Use Blockchain Application Development?
Blockchain implementation first took hold in fintech. For these purposes, the benefits of a secure, unchangeable ledger are obvious. It could facilitate peer-to-peer financial transactions without the need for a third party to verify every interaction. While these benefits might be obvious for financial transactions, there are other advantages and they can transfer over to other types of blockchain companies.
- Security: Security is one of the most attractive features of blockchain development. When you build a blockchain, you are building a record of transactions that is next to impossible to compromise.
- Transparency: Every member of the network has access to the same records instead of everyone having their own individual copy. Changes can only be made when every node in the network agrees that the change is valid and this builds in accuracy and consistency.
- Traceability: If you are talking about an object that moves through a complex chain before reaching its endpoint, blockchain programming can be used to make it easier to trace individual items. When every exchange of the item is recorded in the blockchain, you can track every step of the process without fail.
- Efficiency: Traditional processes for facilitating transactions usually require multiple steps and verifications. With blockchain development, you get secure, verifiable transactions that occur quickly and without delay.
- Lower Costs: By streamlining the process and cutting out many of the steps that go into verifying and approving transactions, blockchain technology can cut costs for an organisation. This can make blockchain particularly advantageous for startup app development.
Why Businesses are Using Blockchain Technology
Blockchain is becoming much more popular outside the financial world. Many of the world’s largest technology companies are even starting to offer blockchain as a service to meet the demands of the increased interest that businesses and other organisations have in using the technology. Your time and money are valuable. You can’t invest in Blockchain app development if you’re not completely certain that the finished product will meet your standards.Click To Tweet
While the most recognisable uses of blockchain are in the world of financial exchange, the technology can be used to create a secure, immutable record for almost any type of transaction. That means that any network that has people or businesses making exchanges or interacting in a way that is recordable can benefit from using a blockchain developer.
In the same way that it works with cryptocurrencies, blockchain can keep a secure record for any type of transaction that is going to happen in a network where other people are making transactions. That means businesses can use blockchain to create a record that is secure, verified and consistent. The nature of blockchain technology means that it can grow easily with the organisation. That makes it an ideal solution for developing a scaling mobile app.
Uses of Blockchain Technology
Blockchain use has pushed far beyond the world of cryptocurrency in the last few years. The following are some of the different ways blockchain is being used by businesses:
Smart contracts use blockchain to eliminate the need for third parties as it concerns the negotiation, execution and performance of contracts. A smart contract cuts out the need for a notary or lawyer by using blockchain technology to verify and validate the contract.
Supply Chain Management
Blockchain programming makes it easier to trace goods in a supply chain. If each transaction in the chain is signed off on using a blockchain app, items will be easier to trace through each step of the process.
Blockchain technologies can improve security and transparency for P2P lending networks. When you develop a blockchain lending network, every transaction is recorded, verified and secured automatically in a ledger that cannot be altered.
Blockchain can be used to create a more reliable record for quality control purposes. When every step of the production process is a part of the blockchain, it will be easier to trace where mistakes were made and that the correct processes are being followed at every step.
Build Your Blockchain App With Glance
The team here at Glance has the expertise and experience to deploy blockchain technology for businesses in a wide range of industries. We are excited to hear about how your business plans to use blockchain and we are ready to integrate it in with your app.