blockchain app developer in bangalore Archives - Winklix

March 2, 2018

BLOCKCHAIN VS BITCOIN AND WHAT DOES THE FUTURE HOLDS FOR THEM?

There has been huge fuzz around the Blockchain and bitcoin in the recent times. These technologies have been a very interesting area. It is capturing the imagination of the users. If someone told you about 10 years ago that there will exist a currency which will not governed by the government or bank and the transactions involved cannot be hacked by the third, you will think that the person must be joking. Well… fast forwarding to today, it has become possible due to the blockchain and bitcoin technology. What the future holds for both of them? We will try to figure it out but first let us try to understand what is the difference between blockchain and bitcoin?

Dissimilarities between Blockchain and Bitcoin

Bitcoin:

It is an online cyber-currency. Bitcoin wallet holds all your cyber-currencies and is used to buy, sell and use the currencies. There are two ways to have the currency, either you can mine the bitcoin or you can buy the bitcoin. Mining of bitcoin is very interesting as it allows users to mine the bitcoin by spending your computer resources like processor for maintaining the blockchain ledger and solving the complexities.

Blockchain:

Bitcoin is made possible due to blockchain technology. A decentralized record is created with the help of this technology which cannot be changed. It is impossible to make any modifications in the record because every node is connected to each other. So the security of your previous bitcoin is very tight.

Bitcoin: A universal currency for future?

Nobody knows what the future has in store for us, but I believe that bitcoin will stay for a longer period in the future. It has a very good future ahead. However, it is extremely difficult for a cryptocurrency to be a universal currency so soon. But if you look at long term perspective you may see that this currency will be spend on most website just like PayPal and credit cards.

It is just a beginning of bitcoin. Just like when Internet came into picture, nobody thought it will be huge as what is it today. Today after so many years, almost everyone is quite aware of the internet and is using it. Similarly, bitcoin is a new concept and people are just beginning to understand what bitcoin is and how it works. There is a possibility that in the long term, people will be using bitcoin and it will be a known thing just like what internet is today for the people. The more and more people get used to it, bitcoin will continue to develop and there will be more places where it will be accepted by the people for the payment. This is how the bitcoin cycle will continue to go on.

Bitcoin has an excellent future ahead of it as it can be used as something to trade with. If in the future, it can buy you a cup of tea, then this will be a huge plus. This will completely change how the money works and it can even replace the physical currency.

The future begins now!

The initiation has already begun. In Venezuela, where the physical currency was unstable, people started using bitcoin as a currency as it was the only stable form of the currency and it didn’t require banks. All you need is an internet connection to trade bitcoin making it very convenient. The number of cryptocurrencies has already grown close to 900. These are very exciting times to be in and there is a great future for the cryptocurrencies.

So if you are looking for blockchain app development company , you can right away contact us .

February 22, 2018

THE REALITY OF BLOCKCHAIN

There has been a lot of hype regarding the Blockchain. I have read about the blockchain removing the poverty and making the world corruption free with a lot of easy, but there is demography who has not heard about this revolutionary technology. Facebook, Flipkart, Instagram has millions of users but the general population does not know anything about the backend technology like database. Same is with the blockchain, everyone has heard of it, everyone has opinion about it but no one knows the backend process.

However, there is a very good question revolving now-a-days which is “What are the things which blockchain can do and other technology can’t?” Is it fair to compare this new technology to the past technologies?

Concept of Blockchain

The blockchain has a very fascinating concept of data immutability i.e. data is unchangeable. This is achieved by using digital signatures and hash functions. These hash and digital signatures were defined by the informational Technology Act of India in the year 2000. More often than not the blockchain are equated with the distributed database and software development frameworks. Blockchain are not just database, they are more than that. Blockchain is peer to peer systems of electronic cash in which network timestamps are used are done by hashing the current work. This record is immutable i.e. it cannot be changed without redoing the same work.

Blockchain vs. bitcoin technology

Recently big chain made the headlines for all the bad reason like money laundering, evasion of tax, financing of terrorism and organized crime. Its comparison is not good as the actual money; diamonds, gold were also used for doing wrong activities. So it is not good, as far as the blockchain is concerned.
The basic idea behind the blockchain is that it runs on a set of global computers. It requires huge computational power and resource to mine the bitcoin and yes! Anyone can mine the bitcoin in expense of the resources like processor speed and memory. However, it will take a huge amount of time to generate the bitcoin. That is why supercomputers are used to generate them due to their high speed and memory.

Everything about the private blockchain

In today’s times, there exists several blockchain in the world. However, anyone cannot be a part of the private blockchain. These private blockchain does not require computational resources like processor and memory. It requires permission to have access and control over it. Let us understand this concept using multi-chain which has 8 types of permissions explained below:

Connect: This permission is used to connect with the other nodes and helps to view the content
Send: This permission assists in sending the sign inputs of signature
Receive: This permission assists in receiving the outputs of transactions
Issue: This permission facilitates to issue the assets like transaction sign inputs which are used to create new native assets.
Create: This is used to create sign inputs which create streams
Mine: This is used to sign coinbase transaction metadata
Activate: This is used to change the connect, send, receive permissions
Admin: This is used to change permissions of issue, mine, activate and admin

There are many popular blockchain available in the market like Ethereum, BigChainDB, Chain, Hyperledger Iroha, Corda, Credits, Domus Tower Blockchain, Sawtooth Lake, Elements, Eris, Quorum, HydraChain, Hyperledger Fabric, Stellar, Hyperledger Multichain, Openchain, and Symbiont Assembly.

Use case of blockchain

There are various use cases of good blockchain. Some of the use cases are as follows

Insurance Sector: In the insurance sector, blockchain is used to verify KYC data, life insurance, national policy, agent information registry and claim records.
Banking Sector: There are various use cases of blockchain in the banking sector. For example it is used in asset tracking and registry, multiparty aggregation, financial systems, record keeping etc.
Government use case: Government has been involved in using this technology for maintaining copyright health records, regulation records, authentication of records, academic records verification, vehicle records, maintaining identity documents, police and court records etc.
Other use-cases: It is widely used in Corporate finance book-running, Asset backed virtual currencies, Regulatory reporting, Clearing & settlement, Securities settlement, Depository receipts, Escrow, Secure documents, Supply Chain Management, Fund portfolio management, Voting, Payment gateway, Peer-to-peer trading, Securities servicing, Identity management, Securities trading, Auctions and Contract management.

Conclusion

Blockchain are very interesting hot-topic in the recent time. But it has been associated with many malpractices but we should skip the hype and this technology must be given a good chance as it can do wonders. This technology must be given chance because technologies before the blockchain were vulnerable to malpractices. It is not as if only after the launch of blockchain, frauds and other bad practices are there. I believe that this technology have enough power to rule the future and will provide a safer platform than before in the future.

So in case you are looking for blockchain app development company , you can right away contact us to create a next big blockchain based concept mobile app .

February 16, 2018

HOW BLOCKCHAIN IS OPTIMIZING INVESTMENT BANKING COSTS

Blockchain technology in investing banking

Data storage is one of the most essential components of banks. Database plays a very key role in the proper functioning of the investing banks. Banks need database to store the valuable information of the customers which is needed by them to provide valuable services like transactions to the customers.

Banks database are huge and multiple due to which managing the database of the banks regarding people information is not an easy task. It can be really troublesome and hectic task. The database must be really secure and protective because it store very confidential and private information and any disclosure of customer’s information can create lot of troubles.

Blockchain technology is the answer to all the above problems. It ensures that the transactions are smooth and database are secured and protected. This highly secured access system help in better management of the bank activities and tasks. It provides one platform to access the required data.

According to a report, Blockchain has really cut down the banking cost making them more profitable and saving the cost by up to 30%. It has completely revolutionized the way investing banking is done. The Blockchain investments will increase from $75 million in 2015 to an overwhelming $400 million in 2020.Due to this revolution; different parts of bank databases are connected together which has made the whole banking process very convenient and cost-effective.

Reporting costs are much lower and transparency in data optimization is ensured

One of the best features of Blockchain in banks is that it provides a very level of transparency in the financial reports. As we all know that Blockchain is the only source of information, so same information is shared to the authorities, customers and clients at the same time. Due to this unique and one access, tremendous amount of transparency is there in the financial reports.

This is the reason why the verification of the data is much convenient and simple with the help of Blockchain. That is exactly how the banks are able to generate huge amount of reports without much investing on the collection and gathering of the customer’s data.

Reduced Processing cost and enhanced operations efficiency

It is important to note that the Blockchain provides a centralized way of storing the information. Information related to the customer and connection with the client is available from a single source. Multiple branches of the bank can use the single source to obtain the information. This reduces lot of operational cost which improves the efficiency level of bank.

As the database is centralized, processing costs are reduced as very less effort is required to access the information. Due to this Blockchain, the digital identity of an individual can be managed efficiently. This is how Blockchain is having a tremendous impact on the banking cost.

Compliance costs are highly reduced

In the older days, it was quite cumbersome for the banks to communicate the information of the customers to the counterparties. It was a very difficult task and huge amount of revenue needs to be spent on it. To make it possible, banks have to audit the information again and again to ensure the compliancy.

But with the coming of the Blockchain in the banking investing system, it has makes this task a lot easier. A centralized database is sufficient to audit the transactions. You don’t have to do audit again and again so lot of time is saved. It has brought transparency in the system which has resulted in the building of trust among people and due to this transparency; the whole process is visible to all the authorities. This has reduced the compliance cost by 50%.

The other benefits of how Blockchain affecting investment banking costs

Banking system requires a lot of functions to be performed like investigations, clearance, trade support, settlement, clearance etc. To get these functions performed, it is required that the right information is available at the right time because the banks have to analyse, gather and confirm the data before taking any decisions. That is the how why Blockchain database system has made the functioning of the bank so smooth and convenient. In the future, this Blockchain technology is going to rule the banking world as it has made transactions secure and augmented the efficiency. Blockchain has truly optimised the investment banking costs.

In case you are looking for Blockchain app development company , you can contact us to develop your next big thing . Winklix.com is leader in providing software solution worldwide .