Blockchain works on peer to peer network where a distributed ledger shared with users is used to record the transactions. In order to add a transaction block each & every entry is validated by majority of nominated users which were selected by consensus algorithms.
The use of public key cryptography on recoding transactional blocks, verifying user’s identity with digital signatures and checking integrity of data by verifying hash digest provides high security in Blockchain based apps that have never been used before on wide scale.
Unique characteristics of blockchain enable institutions to operate a lot quicker and in a cheaper way, with a far lower error rate, less resulting risks, elimination of intermediaries, lower capital requirement along with less vulnerability to cyber attacks.
Crypto App Development
The Crypto currency is a new approach where the authorization and monitoring of transactions are recorded on a shared ledger among its users and establishes distributed trust with consensus protocols.
INDIVIDUAL COIN OFFERING (ICO)
If you have good computer hardware infrastructure that can support the crypto mining and currency transaction processing then you can launch your own crypto currency and make a good living out of it.
Crypto currency based trading and payment applications consist of digital crypto wallets where the currency resides. The crypto currency is either mined by supporting the transactions or can be bought with fiat currency.
CRYPTO TRADING ENGINES
Trading engine is a piece of software that keeps a record of all open orders in a market so if a seller and buyer are available in the same price range then the system let them trade crypto currency or the derivatives.
CRYPTO BANKING APPS
Crypto bank inherits decentralized exchange transactions, wallet encryption, transparency, a multiparty system, reporting functions, eliminating the involvement of a third party and the inability to cancel transaction.
Blockchain is a new method to save data which can be used to encrypt the information, check the integrity of data and verify user’s identity. These features when packed together brings tons of real life usage for blockchain applications.
Smart Contracts help in automating the process of contracts and reducing the cost of binding participating parties to honour contracts.
Securing IOT Devices
The blockchain can be used to secure the communication with IOT devices and verify users’ identity before giving them access on devices.
Saving data on blockchain ensures safety, integrity of data and makes the information accessible to only authorized users at lower costs.
Smart Contract Applications’ Potential
Smart Contracts are designed to eliminate the need of intermediaries that are responsible for enforcing the participators to honour terms of contracts. Thus, the cost of intermediaries is eliminated and the contracts run as an automated system.
Real Estate Apps
Smart contracts can be used to buy, sell and rent properties in a real estate app instead of conventional paper contracts. A property can also be valued equal to some crypto tokens so people can invest small amount of money to partially own a property.
Insurance & Healthcare Apps
Insurance policies registered on blockchain smart contracts can be claimed and settled within 24 hours. In Healthcare Application the crowd funding campaigns can be run on blockchain for research with easy access on funds, public disclosure and to avoid scams.
Manufacturing industry can use blockchain to add serial numbers & other details of the manufactured product. The details can be used by customer to check the authenticity of manufactured products, claim warranty & replacement in case of manufacturing defect.
Logistics Management Apps
The departure and arrival timings of consignments can be registered on a blockchain through IOT devices, RFID tags & RFID readers to track shipments. Since the older data in blockchain cannot be manipulated, logistics service company cannot bribe anyone for manipulating entries to con you.
Supply Chain Management Apps
A blockchain smart contract app connected to a network of suppliers can be used to find the best deals to get required raw material within specified time bound. The manufacturer will create a smart contract and submit the amount to blockchain which then will be released to supplier on fulfilling the terms of contract.
Asset Registration Apps
The real estate properties, automobiles, precious metals and other asset registration can be done online with concerned authorities through blockchain smart contracts. The integrity of data for asset registration is ensured by highly sophisticated cryptography and digital signature verification in blockchain.
Resource Sharing Apps
A resource like a tractor can be bought by multiple farmers by contributing their share and engraving the deal on a smart contract. The blockchain smart contract app can pass on the keys of locked resource among these farmers to share it according to the terms mentioned in smart contract.
Human Resource Apps
Companies can use a public ledger to keep professional information of their employees in the blockchain. The information is digitally signed by employers so whenever this employee switches job to another firm then the next employer can verify the authenticity of the information provided by the person.
A person’s identity can be verified with digital signatures in blockchain and the entered data in blockchain cannot be tampered in future which makes blockchain the perfect fit to develop an online voting application. The UID in India, digital identity card in Estonia and NIC in Sri Lanka are headed on to this path.