What is a Blockchain?
Blockchain is a distributed database system that acts as an “open ledger” to store and manage transactions. Each record in the database is called a block and contains details such as the transaction timestamp as well as a link to the previous block.
This makes it impossible for anyone to alter information about the records retrospectively.
Also, due to the fact that the same transaction is recorded over multiple, distributed database systems, the technology is secure by design.
With the above in mind, Blockchain is immutable – information remains in the same state for as long as the network exists.
Blockchain in today’s world :
The capability to enhance and automate the end user experience across all the numerous businesses we know is what Blockchain possesses. In order to launch new products and services, Blockchain can aid in this by creating seamless, smooth opportunities.
Blockchain Service Offering :
Indium Software has developers who are skilled and experienced, who can support you with getting your projects launched on the Blockchain.
We can help you with all interfaces with the Ethereum Blockchain as well as distributed technology, This includes:
• Smart contract development using Solidity
• Token generation
• Smart contract audits
We have Solidity and DAPP developers who possess brilliant coding capabilities who will assist you in order to come up with the perfect solution for you.
Applications of Blockchain
Digital Identity :
A cryptographic key in the hands of an individual allows for new ownership rights and a base to form digital relationships.
A strong system of digital identity can be formed using Blockchains.
This is primarily because,
- Blockchains are not based on accounts or accounts with permissions.
- It is a push transaction.
- Private keys ownership is literally digital asset ownership.
This poses as a new and secure way to manage digital identity without exposing users to sharing excess personal information.
In order to authenticate a unique physical item, a corresponding digital token is assigned to the item. Binding the physical and digital world is essentially what the token does. Digital tokens are useful for fraud detection, anti – counterfeiting and supply chain management.
In the Music Industry :
Ownership rights, royalty distribution and transparency are challenges faced in the music industry. Monetizing productions are the centre of focus in the digital music industry while ownership rights are often overlooked. Creating an accurate and comprehensive decentralized database of music rights is the solution that Blockchain and Smart Contracts technology offer. Transparent transmission of artist royalties and real-time distributions to everyone involved with the labels is taken care of, by the ledger. According to the specified terms of the contract, players would be paid in digital currency.
Distributed Cloud Storage :
Cloud storage services are centralized as of today. Hence, the users must place their trust in a single storage provider. All of our online assets are controlled by them. When it comes to Blockchain, this can become decentralized. Storj is a beta-testing cloud storage which uses a Blockchain powered network. This decreases dependency and enhances security. Just like Airbnb, their excess storage can be rented out. At a pre-agreed price, anyone on the internet can store your data. The keys to securing it are, hashing and having the data in multiple locations.
For Financial Institutions:
In order to make operation processes safer and more efficient, Blockchain technology secures recording, storing and transferring of data. This makes it a disruptive technology in the financial services industry.
Reduction of fraud :
The risk of fraud and data theft can be reduced substantially if new banking systems are built on top of Blockchain technology The Blockchain technology records, stores, encrypts and verifies all the data in a transaction. In case of any fraudulent behavior or a data breach, all parties who have permission to access the transaction data would be aware.
KYC (Know Your Customers) :
Reduction in operational costs and increase in efficiency can be achieved by building compliance platforms and KYC processes on top of Blockchain technology.
Trading Platforms :
The Blockchain would make the securities –trading process transparent, secure and immutable. This in turn would drastically reduce the risk of fraud and operational errors. Assurance for the authenticity of all transactions can be achieved as a clear audit trail of all historical data is created.
There are already several exchanges, including NASDAQ and the Australian Securities Exchange, that are already developing Blockchain-based exchange solutions to reduce costs and improve efficiencies in the securities-trading supply chain.
Improving the safety and speed of domestic as well as cross border payments and saving a substantial amount on costs can be achieved by conducting payments using blockchain technology, be it between banks themselves and with customers.
For Audit Trails :
Account information is shared by us with our banks or with other businesses. Businesses are under attack and have been hacked, leaving intimate financial details exposed and at risk.
Blockchain technology provides us with solution wherein it automatically creates a record of who accessed the information or records. Additionally, controls can be set on permissions required to see the information.
Ethereum and Solidity :
Ethereum – It is an open source Blockchain-based decentralized application platform.
Solidity – One of the premium languages that runs on Ethereum and other private Blockchains. It was introduced to us in 2014 by Dr Gavin Woods.
Solidity makes it easy and simple to build and deploy smart contracts.
As Ethereum is the largest decentralized platform, it orchestrates the creation of unlimited smart contracts using Solidity.
Ethereum Dapp Development tools
- Solidity Docs – It is a smart contract language developed on Ethereum. It compiles to Ethereum Virtual Machine opcodes.
- Solium – A linter for Solidity. It follows the rules defined by the official Solidity Style Guide.
- Solhint – A Solidity linter which provides the following for smart contract validation : Security, Style Guide, Best Practice Rules.
Solidity (IDE for Development) :
Solidity Tools :
- Solidity REPL