Blockchain is mainly known because of crypto-currencies, but blockchain technology has much more to offer than just crypto-currencies. Blockchain technology allows us to solutions that would be unthinkable before.
Benefits of blockchain for business
The concept of client/server solutions with a central form of management has served us well for many years, but has one major disadvantage for business cases where parties who generally don’t trust each other have to work together. Central management of such a system would give the party in charge of this management an advantage over the other parties. Blockchain solves this issue, because nobody can claim a form of central ownership over the data in the blockchain. All parties are equal from this perspective.
The power of blockchain
Blockchain technology isn’t a miracle solution for everything. The way how things are stored in a blockchain is much more limited than what we could do with a database system. Also it’s important to understand that blockchain systems are successful when they are made for a particular purpose. Bitcoin is successful, because it was made to be a crypto-currency and Ethereum is successful, because is was made for the execution of smart contracts in a particular manner, etc.
Therefore we see various blockchain systems around, such as:
- Smart contract virtual machine based blockchains
- Supply chain blockchains
- Asset management blockchains
- Consortium blockchains
- Self-sovereign identity blockchains
- and many more…
Other technical aspects
Beside the purpose of the blockchain there are many other aspects giving the particular blockchain system its characteristics, some are public blockchains, meaning that transactions are transparent and open (the data can still be encrypted though) and permissioned blockchains which are more restrictive on what one may see or do. The latter is also sometimes called ‘private blockchain’. Also the various blockchain solutions can differ on their consensus mechanism, which is the part responsible for data consistency.
Our role in blockchain development
As a company we have as a strategy not to be tied to a particular technology. We’re just as happy to build your DAPP on Ethereum, as we are to build your consortium chain on Hyperledger Fabric or any other technology. What we care about is that the solution is the right one for the goals of our clients. As said before, the success of a blockchain system depends on its focus.
Therefore we continuously watch what’s going on in this vivid world of blockchain are continuously work to stay up to date and get knowledge of new high potential blockchain technologies.
Are you interested to see what blockchain technology could mean for you? Are you looking for a developer for your blockchain idea? Then feel free to get in touch and let’s see how we could help.