All of a sudden, blockchain is everywhere. The technology, which was invented in 2008 to power Bitcoin when it launched a year later, is being used for everything from copyright protection to sexual consent (yes, really).
Considering the daily churn of news around blockchain, not to mention the skyrocketing value of Bitcoin and other cryptocurrencies that rely on the technology, you may be wondering what the hell blockchain actually is. It’s actually a pretty simple concept, though things quickly get more complicated the harder you look.
How Does Blockchain Work?
To start, here’s the simplest explanation with no metaphors or hyperbole. In the language of cryptocurrency, a block is a record of new transactions (that could mean the location of cryptocurrency, or medical data, or even voting records). Once each block is completed it’s added to the chain, creating a chain of blocks: a blockchain.
Because cryptocurrencies are encrypted, processing any transactions means solving complicated math problems (and these problems become more difficult over time as the blockchain grows). People who solve these equations are rewarded with cryptocurrency in a process called “mining.”
If you own any cryptocurrency, what you really have is the private key (basically just a long password) to its address on the blockchain. With this key you can withdraw currency to spend, but if you lose the key there’s no way to get your money back. Each account also has a public key, which lets other people send cryptocurrency to your account.
Information on the blockchain is also publicly available. It’s decentralized, meaning it doesn’t rely on a single computer or server to function. So any transactions are instantly visible to everyone. That brings us to our first metaphor: the public ledger.
The Blockchain Technology is far beyond crypto currencies. Thanks this innovational technology, the companies have new potential to handle new business processes and developments.
We create your business innovational
Blockchain’s origin lies in the cryptocurrency market, enabling a secure way to track and verify transaction, ist potential extend to any market or industry where anything of value is exchanged, tracked and analyzed.
Operating in a secure, distributed and decentralized framework, Blockchain is lowering costs, speeding up processes, and building a new level of trust in business transaction by ensuring auditing and security along the way.
We help you and your company to take advantage of this innovative technology.Contact us
An initial coin offering (ICO) or initial currency offering a type of crowdfunding using cryptocurrencies.
The distribution of tokens through advance sales is a common instrument to finance blockchain projects. This can be imagined as the ownership of shares in a company to successfully speed up the development. In return, you get a new digital currency from this project.
An ICO can be a source of capital for startup companies. In an ICO, a quantity of the crowdfunded cryptocurrency is sold to investors in the form of "tokens", in exchange for legal tender or other cryptocurrencies such as bitcoin or ethereum. These tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project launches.
We offer comprehensive token services for companies at any stage of development. Our cryptocurrency development services ensure full-cycle technology support for your ICO.
We are here to help you reach your funding goals.Contact us
Bitcoin, Litecoin, Feathercoin, Primecoin, Megacoin, Ripple, Auroracoin, Dogecoin, Namecoin, Quarkcoin, Nxt
Digital Money is what going to capture the market and nowaday it’s known as the cryptocurrency.
Cryptocurrency is established to become a medium of exchange for making transactions secure online. Cryptocurrency can be developed on many platforms. Cryptocurrency development will allow you to create your own cryptocurrencyy that will enable you and your users to trade them as utility tokens or security tokens (STOs).
Utility tokens or coins are cryptocurrencies that allow users to purchase upcoming products or services. We are here to create your own cryptocurrency.Contact us
Ein Smart Contract Audit beinhaltet die Überprüfung des Codes, mit dem die Bedingungen des Smart Contract unterschrieben werden. Dieses Audit gibt Entwicklern die Möglichkeit, mögliche Fehler oder Schwachstellen zu identifizieren, bevor der Smart-Contract eingesetzt wird.
The smart contract is popularly known as a crypto contract, under specific conditions, the transfer of digital currencies or assets between parties is controlled by a computer program which is a smart contract. The role of the smart contract is not only defining the penalties and rules around the agreement just like the traditional contract but also automatically enforce those obligations.
Reduction in cost of transaction and higher security is what makes smart contracts beneficial for businesses across industries. We create reliable and secure smart contracts for our clients.
Also we review smart contracts for misbehavior, flaws and inefficiency. A full, smart contract audit can also help to consolidate or improve the code by removing efficiencies or unnecessary restrictions.Contact us
The blockchain revolution has resulted in development of new cryptocurrencies in the market. The blockchain wallet is the secure digital safe to store the cryptocurrencies. We build your own wallet to a high level of security.
With the rising number of ICOs and cryptocurrencies, the need for security of digital currencies has also increased. The solution? Blockchain based wallets. Wallets are digitally secured systems that allow sending, receiving and management of cryptocurrencies and make the process easier and secure.
– Transactions based on cryptocurrencies are faster and they do not involve third party fee
– Decentralized system enables people to hold the power in their hands rather than the government
– Value of cryptocurrencies hold a limit to their value amount so they are protected from inflation
– Cryptocurrency users can invest in equipment and mine their own cryptocurrencyContact us
We bring the best solutions in Hyperledger technology and it’s frameworks. Hyperledger is ideal for Financial, Retail, Health Care, Manufacturing and many other private blockchains on Hyperledger.
Hyperledger FABRIC - Using Fabric we can create Permissioned networks for enterprises. Development using fabric requires Identification of Peers, User Interfaces, Smart contract between the peers, Data visibility for different peers. We will deploy the application on AWS or IBM or ON your premise.
Hyperledger SAWTOOTH — We will define the user personas, components, off-chain and on-chain data, microservices, Transaction families for your use case. We will do a POC on use case and deliver a working prototype on test environment.
Hyperledger IROHA — We implement Hyperledger Iroha a business blockchain framework, to design easy infrastructural projects which require distributed ledger technology.
Hyperledger EXPLORER — We incorporate Hyperledger Burrow with a permissioned smart contract interpreter partially developed to the specification of the Ethereum Virtual Machine (EVM).
Hyperledger INDY — We implement Hyperledger Indy for creating independent digital identities rooted on blockchains or other distributed ledgers for interoperability.
We work with following Hyperledger Technology Tools:
- Hyperledger Caliper
- Hyperledger CELLO
- Hyperledger QUILT
- Hyperledger EXPLORER
- Hyperledger ComposerContact us
Blockchain Is Like a Public Ledger
If you send Bitcoin (or some other cryptocurrency) to a friend, or sell it, that information is publicly available on the blockchain. Other people may not know your identity, but they know exactly how much value has been transferred from one person to another.
Many people see blockchain as an alternative to traditional banking. Instead of needing a bank or some other institution to verify the transfer of money, you can use blockchain and eliminate the middle man.
The Internet of Value
Building off the idea of a public ledger, another popular way to describe blockchain is as the internet of value. The idea is pretty simple: the internet made it possible to freely distribute data online, blockchain does the same thing for money.
Instead of relying on newspapers, television and radio (which are mainly controlled by big corporations), the internet gives everyone a voice—for better or worse. Blockchain and cryptocurrency make it just as easy to transfer money across the world by bypassing traditional middlemen like banks and even governments.
Blockchain Is Like Google Docs
Here’s a clever metaphor for blockchain from William Mougayar, the author of The Business Blockchain: blockchain is like Google Docs.
Before Google Docs, if you wanted to collaborate on a piece of writing with someone online you had to create a Microsoft Word document, send it to them, and then ask them to edit it. Then you had to wait until they made those changes, saved the document, and sent it back to you.
Google Docs fixed that by making it possible for multiple people to view and edit a document at the same time. However, most databases today still work like Microsoft Word: only one person can make changes at a time, locking everyone else out until their done. Blockchain fixes that by instantly updating any changes for everyone to see.
For banking, that means that any money transfers are simultaneously verified on both ends. Blockchain could also be used in the legal business or architecture planning— really any business where people need to collaborate on documents.
Blockchain Is Like a Row of Safes
Here’s another useful explanation from online forum Bitcoin Talk. This one does a really good job of explaining how public and private keys work:
Imagine there are a bunch of safes lined up in a giant room somewhere. Each safe has a number on it identifying it, and each safe has a slot that allows people to drop money into it. The safes are all made of bulletproof glass, so anybody can see how much is in any given safe, and anybody can put money in any safe. When you open a bitcoin account, you are given an empty safe and the key to that safe. You take note of which number is on your safe, and when somebody wants to send you money, you tell them which safe is yours, and they can go drop money in the slot.
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