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.