Blockchain Based Services
With a market cap of $1.6 billion, cryptocurrency remains the market's contemporary hotcake. And, as it continues to grow in size, you might be wondering if you can take the advantage of cryptocurrencies for your business to take it to the next level.
And, that is where the catch is. The reason why digital assets such as bitcoins, smart contracts or ethereum are in demand these days are not just because of “what” they do, but more importantly “how” they do it, i.e. with the help of Blockchain development. Blockchain, the public ledger, opens up endless possibilities for you to automate your business, enhance your security networks as well as increase the transparency across your business operations. Not just that, it also optimizes your operational efficiency by streamlining processes such as transaction processing, auditing, reporting and many more.
Hard to believe? Follow along to know more about Blockchain software development, how it works, benefits and much more...
What is Blockchain?
In a nutshell, Blockchain is a decentralized, distributed ledger system that records transactional data and stores it in blocks, all of which are verified by authorized users within the system. Once a block has been verified, it cannot be changed or tampered with, lowering the risk of data loss & theft, and is added to other verified blocks using cryptography, forming a chain-like structure known as Blockchain. Blockchain also enables transactional data to be recorded identically in multiple locations, allowing all network participants with access to see the same information at the same time, providing complete transparency.
Blockchain Services We Offer
The core team of developers at BinaryFolks have first-hand knowledge in building & delivering various Blockchain services. On that note, here goes some of the most popular ones we have developed so far:
Smart Contract Development
We create digital contracts in which the agreements between buyer and seller are directly written with Blockchain security coding. These contracts execute automatically when the agreements are met, keeping participants informed of the outcome in real time, without the involvement of a mediator.
Crypto Wallet Development
We develop feature-rich advanced digital wallets that let you store your private keys which are required to access your cryptocurrencies, with ultimate security.
NFT Marketplace Development
Using cutting-edge Blockchain technologies, we develop highly secure cross-chain digital platforms for creating, managing, & trading non-fungible tokens (NFTs), which can represent any real-world item such as artwork, music, or real estate.
Decentralized Apps Development (Dapps)
We create decentralized apps that run on a peer-to-peer network and allow users to complete transactions with one another without any third-party intervention.
We develop safe and secure centralized permission-based Blockchain networks that can easily process thousands of transaction requests at one go.
We build decentralized financial platforms that use smart contracts to automatically verify and process transactions, allowing users to conduct financial transactions instantly without relying on central authorizations like banks.
Custom Blockchain Development
We create Blockchain-based software solutions that are tailored to your specific business needs and include only the features that are required for your business solely.
What are the Different Layers of Blockchain?
Blockchain technology, with its five-layer architecture, seamlessly authenticates each & every transaction with unbreakable security. Each of these layers has distinct functionalities through which they communicate with one another and collaborate to complete transactions:
And, to know more about what each layer does, let’s take a quick look at the following:
This Blockchain layer hosts applications such as smart contracts, third-party providers, and Dapps. These applications write code to automate transactions, extract data for smart contracts, and allow users to interact with the Blockchain network.
This layer validates each transaction using consensus algorithms and ensures that no single node ( a computer in a P2P network) controls the network. It also includes a set of rules that nodes must strictly follow in order to validate transactions and generate blocks in a consistent manner.
This layer, also known as the P2P layer, is in charge of ensuring that communication between nodes runs smoothly in order to keep the current Blockchain environment intact.
In this layer, Blockchain transactions are organized into blocks that are linked together in a chain-like structure and distributed across the Blockchain network.
Benefits of Using Blockchain Technology
It goes without saying that Blockchain technology has proven to be a game changer in terms of security & transparency. However, that statement shouldn’t suffice to steer you into the development phase.
So, to help you decide, here are the top benefits of Blockchain Technology.
Blockchain solutions, through audit trails that monitor each & every asset throughout its journey, makes it easier to trace items in transit. This aids in the detection and prevention of issues such as theft, loss of goods, and counterfeiting, resulting in a more efficient supply chain.
Since Blockchain is decentralized and logs every transaction with a time & date stamp, it becomes virtually impossible to delete or change data (immutability). Thus, eliminates the opportunity of data theft & fraud.
By pre-specifying a set of conditions on a smart contract, Blockchain softwares can automatically execute transactions once the conditions are met. This improves operational efficiency and eliminates the need to rely on intermediaries for agreement verification purposes.
Reduce Operational Costs
Manual driven paper-heavy tasks require a mammoth deal of attention, effort, time & money to get completed. And, that is where Blockchain comes in and eliminates the need of such tasks through automated workflows, making your operational processes highly optimized & cost-effective.
Industries We Serve
Throughout our software development journey, we have developed a diverse range of Blockchain development services for a variety of industries around the world, primarily for:
1.Creates highly secure digital user personas for identification purposes
2.Automates billing & payment processes
3.Enables crypto-portfolio management
5.Reduces cross-border transaction operational costs
1.Maintains patient-centric digital health records and auto-shares them with the relevant people without jeopardizing security.
2.Creates smart contracts for insurance & supply chain settlements
3.Auto-verifies staff credentials, eliminating the need of third-parties
4.Historical medical data analysis via distributed AI for clinical research
Media & Entertainment
1.Simplifies royalty payment with the help of smart contracts.
2.Provides immutable advertising engagement metrics to eliminate click frauds.
3.Allows micropayments via crypto wallets, enabling users to pay only for the content they watch.
4.Tracks customer spending data and analyzes them via AI & ML.
5.Provides Blockchain-based streaming platforms.
Retail & Ecommerce
1.Provides personalized loyalty programmes by tracking and analyzing customer purchase data.
2.Auto-verifies customer reviews
3.Gives access to authentic & up-to-date product details to users that validates the origin & quality of goods.
4.Ensures optimized product delivery management by tracking the location of the product throughout its journey with the help of IoT tagging.
Transportation & Logistics
1.Provides condition monitoring reports via ML for protecting assets & increasing fleet efficiency.
2.Regularly maintains historical product data to detect & reduce fraudulent activities
3.Enhances product record management with the help of RFID tags
4.Optimizes route planning with the help of geolocation
1.Offers self-executing contracts that take into account climate changes via oracles, to help farmers protect their financial future against crop damage.
2.Monitors the handling of fresh produce, raw materials, finished products & byproducts to maintain food & crop quality with the help of IoT sensors.
3.Extracts data from weather stations and analyzes it via ML, to help farmers make informed decisions regarding farming.
Oil & Gas
1.Tracks chemical output with the help of processing plant equipment and pipeline sensors to directly invoice customers in real-time.
2.Automates tax payment processes via smart contracts
3.Tracks carbon footprints using IoT sensor devices and provides analytical reports on how to reduce them.
4.Improves asset maintenance by predicting system failure in advance using machine learning.
1.Enables sellers to tokenize their property and sell them as stocks in the stock market.
2.Allows for virtual property viewing with the help of AR & VR.
3.Allows for fractional ownership of properties where dealers can buy, own, as well as sell a portion of the property based on their needs.
Which Blockchain Service are You Looking for?
Let’s choose the service that can do best justice to your present Blockchain development needs!
Made up your mind on getting a Blockchain solution for your business, but don't know where to start from? Don’t worry, here at BinaryFolks, our Blockchain consultants can help you with that. Our Blockchain consultants begin with developing an in-depth business requirement document (BRD) for Blockchain implementation and recommend an optimal Blockchain network that is best suited for your business. Not just that, we also provide a precise feature set for your Blockchain solution by analyzing your business type & requirements , prepare a Blockchain integration plan as well as a coherent strategy for Blockchain implementation. Thus, manage end-to-end Blockchain solution introduction into your existing business operations.
If you have already documented your Blockchain development plan along with the required features & functionality, our Blockchain software development team can help you get started with the development process. And, once the product has been developed from the developer's side, our team of dedicated testers thoroughly tests it in various environments to ensure that it is bug-free before delivering it to you. Thus, ensures high product quality.
Why does Developing your Blockchain Software Solution with BinaryFolks make for a Wise Choice?
Driven by ex-engineers from Google, Amazon & Salesforce
101% Value For Money (+1 for Our Complimentary Consultation before You Spend Your 1st Dollar!)
Reviews That You Can Verify!
Safeguarded Business With An NDA
Eye For Details
Questions Galore (Until Your Requirement & Our Understanding are mirror copies!)
Insight-Rich Scope Enhancement
Intense Domain Expertise
Close-knit feedback loop
Thus with all that detailed information on Blockchain software development and the benefits it can provide you with to improve your business’s bottom line & security, getting started with your first Blockchain software solution should no longer look intimidating.
Oh, have another question in mind?