Blockchain is truly a wonderful technology and has revolutionized the way we store and share data. It is more efficient than most modern databases when we consider the features of immutability, transparency, security, and decentralization offered by Blockchain. We, at OrangeMantra, appreciate the extensive benefits of this technology and adopt them while developing powerful Blockchain applications for our clients.
Our technology specialists help businesses seamlessly embrace this futuristic technology.From technical advisory to Blockchain consultancy, strategic development, implementation, and maintenance, we take care of the entire aspects of Blockchain adoption. In addition to building customized Blockchain applications, we enable our clients to make a smooth transition to the technology. We extend reliable maintenance services to ensure that these applications perform well and bring effective results for their businesses.
A blockchain comprises of data distributed over a peer-to-peer network, with each node continuously recording, time-stamping, and storing transactions chronologically in a blockchain. The core feature of the system is that it is decentralized which ensures that the data is safe, secure, and unalterable. The applications are characterized by the absence of an intermediary or a third-party to validate the transactions, which is taken care of by a consensus mechanism.
Transparency of transactions is another benefit associated with the Blockchain technology as no individual is allowed to alter the data blocks unless the majority of the network permits them. Also, the changes are accessible to all users. Since the chances of data duplication are minimal, the data on Blockchain is of high value. Additionally, the use of a single public ledger for recording the transactions minimizes the complications of handling and managing multiple ledgers.
A Blockchain application significantly enhances efficiency as well as reduces the cost of financial transactions. The transactional cost and time can be cut down as peer-to-peer data exchange eliminates the need for third-party authentication during the transactions. Also, the settling of transactions becomes lightning fast as these are to be completed between the parties involved and with digitized information. Reduction of costs and time thus drives the efficiency in the transactions.
The data blocks in the Blockchain are synchronized chronologically across the network, making it virtually impossible to modify the historical transactions without the permission of the entire network. Such a robust modular structure of the Blockchain environment minimizes the security risks for the data. Moreover, the risk of unauthorized intervention is reduced to a bare minimum as there is no need for third-party involvement when the users make or verify the transactions.
We follow an effective project methodology to ensure a smooth and seamless Blockchain journey
evaluate Blockchain opportunities
Our experts evaluate Blockchain opportunities for the client’s business and create prototypes with relevant use cases
elaborate and design
We elaborate and design the selected Blockchain use cases to validate their feasibility
implement the blockchain solution
We implement the blockchain solution and test it to verify their scale, performance, and security
integrate the partner systems
We integrate the partner systems into the blockchain network to have it ready for functioning
deploy the Blockchain solution
Finally, we deploy the Blockchain solution and enable the requisite updates and changes
Blockchain is a public digital ledger or a distributed database of all bitcoin transactions. It is an open-source technology that is based on peer-to-peer (P2P) topology. It allows data to be stored globally on thousands of servers, making information immutable and accessible to anyone in real-time. As Blockchain is a distributed ledger, there will be no control or central authority of records stored. This means anyone in the network can add the data but the data cannot be deleted or altered further. Generally, the Blockchain stores the data in blocks that are linked together like a chain and encrypted for security. To validate transactions, the Blockchain uses Proof of Work Mechanism.
At first, the node starts a transaction by signing it with a private key through cryptography.
After the transaction is validated, it is included in blocks known as the genesis block.
The new block becomes a part of the distributed ledger.
Now, every time a new block is added, the transaction will be reconfirmed
Usually, 6 confirmations are required in the network to consider the transaction final.
The Blockchain codes will be embedded in Digital code and stored in a shared database that protects the data from unauthorized access, deletion, tampering, and alteration. Although Blockchain is a powerful technology, it is not entirely immune to cyberattacks.
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