Blockchain is an emerging technology in the digital world improving industry-wide operations. This technology provides distributed and decentralized ledger that stored data records. It gained much popularity as soon as it was launched due to the high security it provides and the safety measures it holds. Blockchain technology is benefiting every industry from banking & finance to logistics, from the government to healthcare industries, and many more.
Blockchain transactions are considered the safest due to the extra layer of protection that prevents hackers from accessing the data records. Blockchain works on cryptocurrencies like Bitcoins that don’t need the traditional currencies and eliminates the need for third-parties. Due to the peer-to-peer network, all the transactions performed are kept transparent from the users involved.
Blockchain technology has transformed the way enterprises approach data and how developers create, market, and sell different software applications. Have a look at how Blockchain technology is reshaping enterprise software development.
- Establishment of New Standards
Blockchain enables the development of a smart contract that allows users to store, verify, and execute the agreement. The traditional process which was being followed for several years has now been changed. Blockchain has opened the door for the establishment of new techniques into the software development process. The standards that provide the foundation for software application development has been modified. One of such example is hyper ledger Fabric that helps in developing Blockchain-based applications and solutions that use plug-and-play components.
- Transparent, Multi-Functional Databases
Blockchain is based on a distributed database architecture where records are protected from unauthorized access. This database follows peer-to-peer technology that is more secure than other types of databases. Data records are accessible to the related people but eliminate the involvement of any middleman. A user having access to the Blockchain developed software application can view and add a record into the distributed database. However, modification can’t be performed or data record can’t be deleted once placed.
Due to the strong Blockchain technology, the entire software application becomes robust, improving the integrity of the process manifold. It is greatly beneficial in large industries where information is crucial and the slightest mistake may affect the whole organization. Several major companies are in the process to integrate Blockchain technology into their core systems for transparent, multi-functional, and fully-secured databases.
- Empowerment Of New Small Sellers
The ecosystem of today’s business has become even more complex, requiring a third-party for any transaction between two parties. The major role of this middleman is to enforce trust and reliability between both. Just like most of the online financial transactions require intermediaries which act as a depository for people performing the transaction. Blockchain has leveled up the entire process of transaction offering a tremendous advantage to small companies.
Small sellers can now directly receive money without involving any large firm or portal in their process. Blockchain facilitates the payments between buyer and seller through the peer-to-peer network that enables the auto-execution of smart contracts. It takes the hierarchy of the software development industry to the next level by encouraging small teams and individual developers as well. Various resources of the Blockchain ecosystem like de-institutionalization and decentralization of online transactions are also being implemented.
- New File Storage Protocols
Blockchain technology offers a wide range of innovative file storage approaches. The Interplanetary File System is also known as IPFS is a storage and communication system that offers improvement to HTTP communication protocol. It is used to download pieces of a single file from different decentralized devices. The process is similar to the concept of Git or shared types of depositories that come with solid file naming and powerful use cases.
Nowadays, Blockchain is the most popular technology that is being integrated into most of the organizations for different purposes. Several industries have benefited from this powerful technology and now new techniques are being introduced to make the technology even stronger. It has transformed many business operations including the processes of software development enterprises. It provides new and advanced ways to keep data records, communicate with each other, sign contracts, get aware of the surroundings, and perform online transactions.