Blockchain is a type of distributed ledger in which value exchange transactions (bitcoins or smart contracts or ledgers) are sequentially grouped into blocks. Each block is chained to the previous block and immutably recorded across a peer-to-peer network, using cryptographic trust and assurance mechanisms.
Crypto-currencies are the public Blockchain where the coin ownership is transferred on the Blockchain as Transactions from their Wallet. Wallet - In their basic form, it can just store participants addresses. Each participant has an address, whom the funds can be sent to and got from. Wallet is also a software able to make new transactions on the Blockchain.
Enterprises need private and permissioned blockchain based smart contract ledgers with no crypto-currency attached as nobody pays for any transaction. Enterprises also need additional provisions for publicly shareable smart contract ledgers with limited permissions. Enterprises need Smart Contracts on Blockchain where they can be written in any language and allow enterprises to keep the ledgers in a consistent state according to their needs.
The power and disruption of blockchain is evident and enterprises are beginning to understand how Blockchain distributed ledger technology works for them. Recent past new products and services from enterprises are evolving based on blockchain transactions. But the enterprise clients are currently facing on how the transactions, smart contracts, regulations should be handled through Blockchain technology.
Crypto-currencies are the public Blockchain where the coin ownership is transferred on the Blockchain as Transactions from their Wallet. Enterprise clients face challenges in implementing their own Crypto currency and wallets. In crypto-currencies, the public key will act as participants address and this public key is shareable with others to receive payment. Private key is used to sign transactions, so that nobody can spend coins other than the owner of the private key. Participants will have to keep their private key Secret. The public key is sent along with the transactions and is used to verify that sender's signature is valid and data has not been tampered with.
Services we offer
- We help our customers by understanding their business problems that could benefit from blockchain and then help them in applying the blockchain technology.
- We help our customers to build enterprise level blockchain platform that streamlines and automates their business process operations from various entities & participants like agents, brokers, vendors, customers and handling smart contracts by back office users. We help in enabling tracking and analyzing smart contracts with ease, support daily operations including new contract development, preservation, claim settlement and statistics.
- We help our customers to achieve tamper proof trustable smart contracts in following way.
- In smart contracts, the public key will act as participants shareable address and its OK to share this public key with others to know their identity to process transactions.
- The private key is used to sign smart contract transactions, so that nobody can tamper or append transactions other than the owner of the private key. This cryptographic signature proves the owner of the address is the one sending this transaction and that the data hasn’t been changed.
- The participating entities will have to keep their private key secret. The public keys are sent along with the transaction and it can be used to verify that senders signature is valid and data has not been tampered with.
- This prevents others from tampering with their submitted transactions before a new block is mined at the point of entry and helps in preventing a third party from changing the data sent in the transactions.
- We can implement crypto currency for Enterprise clients along with associated wallet logics in Java and other Crypto currency technologies.
Blockchain applications in different verticals
Blockchain in Supply Chain Management – The supply chain in various industries are asking for more transparency in transactions and processing. For example, a typical supply chain may have 10 to 15 different entities that are involved in a shipment of product, and hundreds of communications that go back and forth between the participants. There are very few standards and causes a lot of slowness in the process and looking for efficiency in the process. With blockchain technology, transactions can be documented in a permanent trustable and tamper proof decentralized smart contarcts data, and monitored securely and transparently. This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labour, and even wastage and emissions at every point of the supply chain.
Blockchain in Logistics – In logistics it's important to creates a secure chain of custody of consignments which is achieved through Blockchain which will create secure chain of custody of consignments.
Blockchain in Insurance –
Despite the rise of online brokers, many consumers still call insurance brokers by phone to purchase new insurance policies. The insurance policies themselves are often processed on paper contracts, which means claims and payments are error-prone and often require human supervision. These attributes to inherent complexity among consumers, brokers, insurers and reinsurers. Each step in insurance is collaborative process which calls for potential failure in over all system where the information can be lost, mis-interpreted and lengthend settlement time.
The blockchain is a new way of managing trust among all parties through trustable and tamper proof smart contracts data and can be used to verify many types of transactions in insurance smart contracts.
Blockchain in Healthcare – Another industry that relies on many legacy systems and is ripe for disruption is healthcare. One of the challenges hospitals face is the lack of a secure platform to store and share data, and they are often victims of hacking because of outdated infrastructure. Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with accuracy and speed of diagnosis.
Blockchain in Entertainment – Several startups are coming up with ways for musicians to get paid directly from their fans, without giving up large percentages of sales to platforms or record companies. Smart contracts can be used to solve licensing issues, and create better catalog of songs with their respective creators. Trustable and tamper proof Smart contracts creates a marketplace that fairly represents the owners of intellectual property assets where the digital data about the assets are immutable and trustable. Blockchain will be a driver for this to happen.
Blockchain in Banking - The blockchain technology can be very well used in managing the entire lending process in Banking such as receiving applications, processing, issuing loan, accepting the terms, repayment,...etc. The lending process through blockchain will enhance transparency to all permissioned parties involved, from the lending bank to the borrower’s bank and the loan applicant themselves. With Blockchain the different transaction blocks are immutable and no single party can append the blockchain without consensus from the entire network and thus thus helping to reduce frauds.
Blockchain in Financial Technology – One of the fastest growing industries of this decade, the world has welcomed the Fintech industry with open arms. Day-to-day banking, trading and investing have moved online; mobile payments are widely accepted on e-commerce platforms; online currency exchanges, equity funding, and personal finance apps have made it possible for anyone with internet to access the same financial options that were once reserved for those of a certain economic stature. Among companies in Fintech, those benefiting the most are start-ups.
Blockchains provide users and companies in Fintech a decentralized network to share secure information, and provide the unalterable transfer of data. With the invention of Smart Contracts, blockchains can ensure the obligations of both parties are met before a transaction or agreement is completed.