Blockchain is among the most exciting technological advancements in recent times, attracting both creative businesses and established organizations. The list of industry-leading companies using blockchain technology includes computer giants like Microsoft, financial organizations like JP Morgan, and even sovereign governments (Singapore, Dubai, Brazil). However, like with any new technology, there are some peculiarities and challenges that all early adopters will experience along the road, which even the most astute corporate executives adopting blockchain solutions should be aware of.
There might be multiple reasons to consider while implementing blockchain solutions but we will discuss one of the most effective reasons behind this secrecy. The blockchain is in actual a database system that stores and saves data in such a way that numerous corporations and consumers may reliably share authentic access to all the same information while minimizing security, privacy, and control problems. This capacity opens up entirely new perspectives on how to alter processes, promote robustness across complex networks like supply chains, enable trust, authenticate people’s and things’ digital identities, and develop new income models.
So, these reasons need consideration during the implementation of the blockchain solutions.
Some ultimate guidelines for Blockchain Implementation
Blockchain technology is best recognized for Bitcoin. Admittedly, Satoshi Nakamoto, the now-famous creator of bitcoin, designed blockchain to enable the development of the world’s first cryptocurrency.
Satoshi devised the blockchain idea to address a problem that plagued all digital currencies, especially the “double spending” issue. Digital currency may be reproduced in all systems up to that date, possibly allowing the same coin to be spent many times.
Blockchain ultimately provided a realistic solution to this problem by decentralizing the network and allowing it to be controlled and maintained by various nodes that are not even in the same particular location.
- Cryptocurrency Transactions Integration
A bitcoin payment gateway may greatly benefit any application or website that sells things, charges membership or subscription fees, takes contributions, or accepts any other type of payment.
Including a bitcoin API in your new app will not only help you increase revenue by attracting all those who like to pay in bitcoin, but it will also save you money because most payment gateway transaction fees are cheaper than credit card transaction fees levied by banks, etc.
- Smart Contracts
Smart contracts, as promoted by groups provide businesses access to a wide range of tools to help them better their initiatives. Smart contracts enable the creation of legally enforceable agreements between two or more parties.
Smart contracts can handle a large number of distinct block transactions. They are expected to automate a number of operations that organizations ranging from banking to medical research need to simplify.
- Linking Smart Devices with IoT
Securing IoT networks is another extremely fascinating option that many firms are now investigating in terms of blockchain integration into their projects. The Internet of Things allows networks of smart devices to be connected in order to benefit consumers.
Almost everyone is already familiar with IoT since it is used in many of the procedures that allow our smartphones to control other devices such as our televisions.
When you connect your phone to an external speaker, you’re making use of an IoT network. This is only a simple illustration..
We will look at how blockchain solutions are expected to improve the banking sector in order to provide a clearer picture of how blockchain technology may be applied to existing/future initiatives.
BLOCKCHAIN IMPLEMENTATION FOR BANKS
Banks can provide a variety of services to their customers, including loans, mortgages, and trade finance, among other things.
Aside from the much-discussed benefits of banks generating their own coins, they stand to gain a lot from blockchain technologies like smart contracts and blockchain-based IoT networks.
Many of their critical operations might be automated with the use of smart contracts. Mortgages are only one example. When a consumer sees a home they want to buy, they may contact the bank, which will put up a smart contract on their behalf.
Because the bank already has the customer’s whole account history, the smart contract determining their appropriateness for the needed mortgage would be the first step. The contract might then start payment to the seller for the property once this is completed.
This would result in the deeds being transferred to the buyer and the automated mortgage repayments being initiated from the buyer’s account.
- ID protection based on Blockchain
Adding a blockchain-based ID solution to your app will not only assist secure its security but will also convince consumers that they are in good hands when using it.
While this may not appear to be a major selling feature today, the enormous increase in data breaches, such as the September 2018 Facebook breach that exposed 50 million user accounts (leading to some of the first-ever cases in which customers were given the ability to sue the corporation for greater security), is raising awareness about the critical need for ID protection.
Whether you have the means to build your own blockchain-based ID security solution from the ground up or just elect to integrate an existing blockchain ID solution like Validated ID, providing such a safe solution will help you stand out from the crowd.