How Blockchain is Reshaping Enterprise Software Development

The term blockchain although commonly used as a replacement for cryptocurrencies, it is actually the underlying technology behind cryptocurrencies such as Bitcoins, Ethereum with a potential open in many sectors from banking to logistics, from healthcare to public administration, and more. Blockchain technology allows data sharing with transaction records kept in encrypted ledgers. The technology holds immense potential to change the way businesses approach data and information and how software developers write, market, and sell software.

Blockchain technology also allows smart contracts that allow parties to store, verify and execute code on a blockchain. Blockchain Developers Dubai have undertaken the task of producing applications and software utilizing this technology. Such projects hold the potential to replace the traditional processing, storage, and computing elements of the computing stack. The soaring popularity of the blockchain means these new blockchain standards, offering infinite greater possibilities compared to conventional programming will soon become the norm in software development.

Blockchain software adopts a distributed ledger system where the data are although accessible to everyone but cannot be altered without any unauthorised access. Any user with access to the data on a blockchain built application may view or add data in the record but cannot change or delete anything. This makes the databases built on blockchain very secure, robust and eliminates the need of any third party or ‘middle man’ in data transactions. The benefits of such robust databases are huge especially when it comes to protecting the integrity of information in several industries.

Third party invasions in business transactions are to ensure reliability and trust between the parties involved. Similarly, software development largely takes place either through software development firms or through third-party portals such as Upwork. It’s quite difficult for small software developers or creators in any field to establish trust and integrity within their industry without the help of a middle man.

Blockchain technology removes the need of a third party allowing smaller players to get involved on an equal level. The peer-to-peer network of blockchain enables self-executing contracts, which facilitate payments between customers and developers, eliminating the middleman. The net result is an encouragement of small teams and individual developers, radically altering the hierarchy of the software industry.

What is Cryptocurrency And is it A Safe Investment?

Cryptocurrency means digital currency. It is a kind of virtual currency in which encryption techniques are used to regulate the generation of currency units and verify the transfer of funds. Cryptocurrencies operate without any intermediary such as banks.

2017 was basically the year when blockchain technology and subsequently cryptocurrencies became known among the masses leading to the emergence of a number of cryptocurrency development companies all over the world. You must have heard a lot about cryptocurrencies being the next big thing and how blockchain technology can possibly disrupt all the industries. Bitcoin, the most prominent cryptocurrency and the one you’re most likely to have read about, has been around since 2009. However, it’s only been in the past few months that cryptocurrencies have exploded into the national and worldwide consciousness.

And you must have seen the crazy increases in value of Bitcoin and must have heard stories of people who have become rich investing in cryptocurrencies. However now when the hype is real, the competition among various cryptocurrencies is tough, is it a plausible decision for someone to invest in a cryptocurrency?

Though the answer is yes, there are some rules and steps you would need to follow.

As of January 2018, there were over 1,000 cryptocurrencies in existence; this number will only grow as the time goes on. Just like the boom of mobile applications back in the day, many of these cryptocurrencies are unsound and lacking in purpose. They are here only because everyone else is raving about the new technology. Investing in a random cryptocurrency without conducting any due diligence would be a huge loss for you. Visit the cryptocurrency site you are interested to invest in, see if it looks professional. It’s a crowded field out there, what makes this one stand out and what problem does it promise to solve?

The way to acquire, trade and sell cryptocurrencies is mainly through exchanges. Cryptocurrency exchanges are websites that allow cryptocurrency transactions, either directly between user and site or between two users with the site acting as a middleman. There are a lot of exchanges out there and you must pick out one only after figuring out what you want to do as an investor. Once you have chosen an exchange, familiarize yourself with the options that exchange offers you. If you are only planning on buying and holding a cryptocurrency then you must familiarise yourself with the basic buy and sell functions at the minimum.

Cryptocurrencies are digital assets and made on the basis of a decentralised technology. Anyone with the private key has the access to the cryptocurrency therefore you need to keep yours safe. Hardware wallets are a safe way to store the cryptocurrencies making it virtually impossible for anyone to exploit them.

Predictions for Blockchain Technology in 2018

Bitcoin was the only popular cryptocurrency back in 2006 however now there are more than 40 cryptocurrencies with new ones emerging every day. Blockchain technology is the basis of cryptocurrencies and actually came into existence with Bitcoin but that is not its only application. There are also more use cases coming to fruition and blockchain media coverage is through the roof. Blockchain technology has taken years to reach the point of hype where it is at the moment and is still evolving. By the end of 2018, we will likely have a far better idea of how the technology will fit into our society. Although a lot more applications other than Bitcoin have been developed by blockchain software development company there is much more that will continue to change.

Here are a few blockchain predictions to look out for in 2018.

1.   It Will Continue to be Understood

The technology is moving further into the mainstream world with awareness groups emerging everywhere from colleges to offices and cities. Blockchain technology is started to being understood by everyone interested in technology. The conversations aren’t fruitless and are leading to action with more developers and potential applications coming forth interested in making a difference in this technology. In 2018, blockchain will continue to move into the mainstream, and people will further need to understand what is happening.

2.   We Shall See Many More Applications

As mentioned earlier, blockchain technology has a lot more applications other than Bitcoin and a wide range of companies is entering this space due to all of those different functions that can be served on the blockchain. Unique ICOs such as Puregold that uses tokens supported by gold are entering the field. Though gold has been around for ages it was just a matter of time before it entered the blockchain technology. In 2018, more such unique companies and blockchain applications will emerge and become an integrated part of the global economy.

3.   The World of Development Will Change

Technology is shaped and adapted to deal with global issues so is expected of blockchain technology. It’s only a matter of time before we see it making waves, tackling with global issues and opening up access where previously unavailable. This can be done by introducing new technology to the existing market and helping it evolve.

How Blockchain Is Revolutionizing The Banking Industry

Invented back in 2008, Blockchain technology is making waves not only in the tech world but financial sector as well. 24% of the world’s population is already familiar with the concept of blockchain technology. In 2015, 13 different blockchain companies secured $365 million in funding. And by 2016, they had raised well over one billion dollars to drive their operations. However that speed of development isn’t always in the companies’ benefit, banking sector for example is particularly susceptible to getting overwhelmed with all the potential that blockchain technology offers for change, iteration, and development.

And that is why according to 70% of financial service leaders the speed at which blockchain technology is gaining traction concerns them. Blockchain developers Dubai say the technology is here and is already affecting the banking industry. Some of us are ready to adopt it, most are not. Think of blockchain as a mathematical model for processing, securing, and finalizing transactions which is why it has the potential to change banking industry forever.

There are two main reasons that blockchain technology is going to revolutionize the banking industry in the next decade.

1.      It’s Far Less Expensive

Banks have a cheaper option to conduct their operations, will they take it? Of course they will. If they can spend less money, they will. There are three major factors pushing banks to raise their costs and lower the efficiency: 1) An uncertain regulatory environment, 2) historically low interest rates, and 3) digital disruption. These three factors can cost financial companies around the globe $300 billion by 2021. Businesses each year send about $150 to $300 trillion for payment across national borders and for those transactions the fee averages around 10% and 2-5 business days for the transactions to complete. That’s a lot of fee and a lot of time. This, of course is one of the many reasons blockchain technology appeals the banking sector so much, they can increase their efficiency while reducing their costs and hence gain more customers.

2.      Transactions Are Significantly Faster

The wait times on deposits in personal banking are often wildly frustrating. It takes around 2-5 business days for a usual bank transaction to complete. With blockchain on the other hand? It’s way faster and easier to make a bank transfer which is not only definite but secured as well. To test the proof of concept on how fast you can make a cross-country payment using the technology, SAP, ATB Financial, and Ripple collaborated to send the first ever international blockchain payment from Alberta, Canada to ReiseBank in Germany and in a matter of seconds the transaction was complete.