Check if Your Business needs Blockchain Technology

If you are thinking whether your business needs a blockchain technology or not. This article is for you then. Here you will explore if blockchain is right for your business, additionally, you will get an idea what prospects it can bring to any small or medium-sized business.

Few interesting use cases

Blockchain technology can efficiently handle huge sets of data and multiple participants in a safe and secure way. The businesses look for such fast and accurate process.  Using blockchain technology for this make sense. For example, if any business dealing in asset tracking or land agreements then using blockchain might be helpful for the business. It will help to look after all the process or journey, track the movement also get security to alter during any actions.

As it is a distributed, decentralized digital ledger it skips the need for a single entity that holds all the information. It is trusted database even if you don’t know any party.

Ledger, wallet, smart contracts are some of the main features which many businesses started trusting as it has the ability to boost the productivity of their businesses.

Businesses like telecommunication, manufacturing, and finance industries have started leveraging blockchain technology. Besides, this in healthcare also, it is helping the medical institution in keeping data safe, secure and accessible.

"When you're working with a lot of tiny bits of info that all needs to be recorded, then using Blockchain makes sense”

Set the four-step roadmap

There are few blockchain-as-a-service companies’ offers beyond consultation and whitepapers. A basic technical understanding is required to plan from where to start. For a small business, it is often expensive to hire blockchain developers. Therefore, if you are looking to go ahead with blockchain, check this four-step roadmap.

·        Understand the basics interpret which blockchain and cryptocurrencies are suited for your business.

·        Check the one which you selected is good in reducing costs, saving auditing costs and increasing customers. In total, you need to understand how blockchain can add value to your business.

·        For blockchain research and development, allocate a specific budget.

·        Find out the area in your production process which needs blockchain support more. And make sure that you are using the allocated budget wisely.

Conclusion

It is always a safe idea to select a custom-sized decentralized hosting space. The blockchain technology has a bright future. The transparency and security that blockchain technology offers are rare with other technologies.

We will help you start using blockchain in your business to reduce the cost of financial transactions. Our excellent skills will forbid anyone from rewriting the chain blocks and we guarantee that the smart contract technology will increase trust between business partners. For more details feel free to contact us.

8 Interesting Uses of Cryptocurrency and Blockchain for Better Future

Cryptocurrency and blockchain technology are growing exponentially and why not after all it got potential to do great in future. Well, cryptocurrencies are alternative digital money to make different exchanges better. If you know, Bitcoins is one of the best-known cryptocurrencies.

Blockchain technology and cryptocurrency are decentralized which means no banks or third-parties are involved in the process. Anonymous and digital, it is the fastest technology so far. It will go far beyond the finance sector.

1. Wealth engagement: The democratic ecosystem is where you can control a database of crypto assets. Using cryptocurrencies will offer investors opportunity to manage their wealth without restrictions. Thus, easy wealth management for different businesses too.

2. Ethical business practice: Blockchain-based application offers complete transparency of every record and transaction. This, in turn, will make different business work according to the rules and standard.

3. Prevent election fraud: Voting combine with blockchain technology will bring a better solution. It is incorruptible, so no one can change or delete how the votes are recorded which is important for any democracy.

4. Fundraising: Start-ups has already started using cryptocurrencies for raising funds. It is easy to raise money and keep tracks of all the funds. One can fund their ideas, services or products of course with a proper proof of work.

5. Corruption free charities: Blockchain technology cut fund leaks. It keeps the accountability which makes it easy to cover the loopholes. Organizations like World Food Programme is using blockchain to distribute cash help to the needy.

6. Digital publishing engagement: Blockchain development services have helped in introducing a unique of pay-per-article advertising. The proprietary form of cryptocurrency helps both publishers and audience to earn digital currency by commenting and posting original contents. Advertisers also get a chance to buy tokens to choose their ad placements in the relevant articles.

7. Education: As the cryptocurrencies are becoming popular, few universities are accepting it as a form of payment.

8.Travel: In the travel and hospitality industry, the future of blockchain technology and cryptocurrencies are bright. The ease of transaction, transparency, promptness are some of the main aspects which makes it a preferred platform. It will slowly take time to spread worldwide, but few travel agencies have started taking the advantages.

The world of blockchain technology is no doubt huge. The potentials are so amazing that it can eradicate hunger and different world issues. It is the time that will reveal. However, developing good blockchain-based applications is needed for any business to efficiently take advantage of it.

We at Sphinx Solutions are leveraging different blockchain features. If you need any help or want to discuss more, get in touch.

How Food industry started using Blockchain Technology

Food industry and its processes are vital to any government. It is a huge system which needs special attention for better working. Several companies are exploring ways to use blockchain development services to advance the food system.

Manual, paper-based procedures, heavy managerial works expanding administrative prerequisites, (for example, the Food Safety Modernization Act), developing fines for infringement and absence of identification into food safety certificates and review reports are only a portion of the difficulties food system is facing. Getting food from the farmers to the customer’s home involves several intermediaries: food suppliers, processors, brokers, retailers, logistics, and regulators. Very fewer people actually know the end-to-end process and also data sharing is not transparent. Information comes from different sources and often incomplete.

    

Blockchain technology could help consumers and retailers receive clear information about the whole process. Everyone is curious to know where the crops are coming, how it is transported and so on, all of these queries can be solved by blockchain technology.

Tracking food products

Blockchain gives end-to-end traceability in light of the fact that the whole biological community shares a solitary, alter the safety record of data that must be refreshed through agreement. Members can see their segment of a similar data in permission, trusted and adaptable system. This empowers biological community members to trade information and executes the trust, enhancing straightforwardness and effectiveness inside the production network.

Not exclusively would traceability be able to encourage through blockchain enhance sustenance wellbeing; it can likewise diminish misrepresentation in the business. Not long ago, it was reported that 50 organizations are cooperating to prevent illicit fish from going to the market. This open-source communitarian exertion will utilize instruments, for example, blockchain innovation and satellite following to screen sea assets.

Explore more opportunities

There are several potential uses of this technology. Above are some of the popular use cases. Blockchain technology is in its infancy and most people are still not confident about its usefulness. In the food industry, some organizations are moving ahead, while others wait to see what happens next. The best part would be there will be no secrets and everything will be transparent. The faster and fairer payment option is one of the best things about blockchain technology. The oversea coordination for Food Corporation will also open a new chapter.

We being one of the top blockchain app development company hope for the best use of this technology. At Sphinx Solutions, we are continuously studying about the potential use cases for offering better blockchain development services to different industry needs. If you want to discuss your idea about blockchain technology, feel free to comment. 

How Blockchain is helping with data sharing in Government?

The government has taken support from different agencies and business partners to deliver services and maintain data which was actually complex to organize. Blockchain technology comes with the great potential to help with data sharing in Government departments.

Recognizing the challenge to government systems

One main challenge of sharing information is guaranteeing consistency with the bunch of protection laws and additionally individual assent. A conveyed record innovation like blockchain tends to these consistency and assent challenges.

Blockchain as an answer for sharing information

Blockchain gives a point-to-point agree to answer for build up trust between a consenting gathering and an accepting gathering. Blockchain likewise empowers smart contracts to cling to administrative statutes, administering when and how assent ought to be connected.

Government executives are starting to perceive blockchain's ability to discuss the difficulties of sharing information. Governments wherever can begin the trip by finding a way to investigate the usefulness of blockchain:

·        Comprehend the basics of disseminated ledger technology by enrolling to free online instruction.

·        Begin a little blockchain pilot task to secure the hands-on involvement of the innovation's change esteem starting with maybe a couple of service providers and a restricted arrangement of information.

·        Develop a minimum viable product in a creative domain.

·        Scale the arrangement as quickly as possible for your system.

We are in early stage of blockchain technology, but the Government visionaries have started recognizing its potential and begin the journey.

Governments like Dubai, Estonia, US and few other states are already in the process of testing blockchain application for few affairs. It can make the government smart.

Some other potential government use cases regarding blockchain are:

·             Healthcare sector

·             National Identity Management systems which can increase government welfare distribution efficiency

·             Taxation and internal revenue surveillance

·             It can protect important government infrastructure

·             Legal enforcement

·             Voting

·             Banking and finance service

Blockchain technology has the potential to disrupt different industries. However, not much business is confident about its capability. It is indeed a sturdy technology which can change the way every industry works. It needs proper planning and efficient business strategy to get the best output.

We are leveraging blockchain technology and finding novel ways to maximize the outcome which offer the best results to businesses. We are here to help out any small, medium or big-sized business. Feel free to get in touch for a discussion.

How Blockchain Security keeps transaction data safe?

It is already been said that blockchain technology is one of the best ways to secure transactions. This article talks about how blockchain offers more security than traditional processes.

A blockchain as the name suggests is a chain of virtual “blocks” that contain records of the transaction. Each block is connected to other. This makes it difficult to hack with single information as the blocks are linked with each other and the hacker has to decode each unique signature to avoid detection. Additionally, blockchain technology has some built-in properties that provide extra security.

The records on each block are secured through codes known as cryptography. Network participants called as nodes have their own private keys which is the unique digital signature assigned for the transactions they make. If the information is altered, the digital signature becomes invalid and the nodes get a notification that some activity has taken place.

The blockchain is a decentralized ledger and distributed across peer-to-peer networks that are continuously kept in sync. It requires huge computing resources to access every block of a particular blockchain and duplicate or alter them. It is vital to note that, the bigger a blockchain network will be, and the more temper-resistant it will be. However, there are some other requirements to check when you want to utilize the blockchain for business.

Different Blockchains, different security level  

The public and private blockchain differ in terms of security too. The public blockchain use computers connected to the public internet to verify transactions and arrange them into blocks to add to the chain. Any user connected to that public internet can join the process. On the other hand, private blockchain only permits known organizations to participate.

Public blockchain might not be right for a company as it is designed around the principle of anonymity, whereas private blockchain use identity to confirm participation. Everyone in the private blockchain gets aware with whom they are dealing.

For a transaction to be recorded to a blockchain, every participant must agree with it. Bitcoin is one of the most popular blockchains and it gets the agreement through mining. In the private blockchain, the known users validate the transaction through selective endorsement.

Before considering any project, you must decide on the best platform to start with.

At Sphinx, we have unleashed the main aspect of Blockchain App Development and its utilization. Our skills in the blockchain, Machine learning, Smart Contract development can shape your new projects. Want to know how we can help you in building a productive blockchain process and also take advantage of the services. Just contact us.  

Why should you really care about blockchain technology?

The global blockchain market is expected to be $20 billion by 2024. Blockchain technology is evolving and it is going to stay for really long. This is the high time that you should really care about it for a better business process.

To clear your idea more, remember bitcoin and blockchain technology are a different concept. Understanding blockchain will help you to understand how this technology will it serve different industries.

What is Blockchain?

Blockchain technology is a digital ledger which works as a series of a block that contains information, chained together to offer a reliable and secure accounting for any particular field of work. In a block the information shared is encrypted, confirmed and distributed to a number of linked computers (in the network which are known as nodes). This ledger is secure and tamper-proof. The activities such as transactions, exchanging cryptocurrency, medical records, shareholder records, agreements are some of the best uses so far. However, it has a huge potential.

Benefits :
·    Data management: Strong verification process for better data management.
·   Logistics: Goods can be traced to their origin which offers company and consumers better transparency.

·  Investing: It provides a strong space for crowd-based funding and other investment.
·  Internet of Things: Offers an infrastructure to assign automation for remote systems as many IoT devices come with some privacy concerns.

 ·   Security: Decentralize data makes it easy to save files in multiple locations.

What is Bitcoin?

In simple words, it is a digital currency exists in codes (encrypted) form. It is one of the most popular cryptocurrency. Users can use high-end computing hardware to mine bitcoin. There is a limited supply of bitcoin as it requires a lot of computer resources and time. In 2017, a single bitcoin was worth about $17,112 USD. It is a viable currency online for many e-commerce.

How bitcoin works over blockchain?

Let’s assume that Mr. A wants to send money to Mr. B. Initially, they both need a bitcoin “wallets” as it works as software to use blockchain. A wallet is just an access door.

Mr. A uses his cryptographic key to request the transaction. The cryptographic key is transforming plain text into coded one. The key is private and ensures high security. This is the main part of the cryptographic operation. Mr. A’s request is joining the other requests or orders in a block, containing a cryptographic sign or hash of the previous block, a timestamp and transaction data too. This ensures that a block is linked to other blocks and can’t be altered separately.

The requests are then analyzed by others in the network. They check whether Mr. A really has the bitcoin to spend to Mr. B. If everything is okay, miners on the network will initiate the request with other similar transaction to form a new block. The block is marked with a date and it is added to the chain over the network. Finally, Mr. B receives his money.

We at Sphinx Solutions are working on the blockchain app development, wallet development, smart contracts and many more. We are an experienced IT team offers the best solution to the different industry. Curious to know more, contact us to take this forward.

The Journey of Cryptocurrency

This article talks about the journey of cryptocurrencies and their potential.

Blockchain and Cryptocurrency have traveled an uncertain path to worldwide popularity. Many people are showing interest in the blockchain development even if they are not investing in cryptocurrencies.

1^st phase

The US subprime mortgage crisis was a banking emergency that affected the world economy. To prevent any such kind of event from happening again, Mr. Satoshi Nakamoto (real name not known) created a decentralized virtual currency called Bitcoin. And bitcoin is backed by blockchain technology which is transparent, unalterable, and eliminated from third parties like bank, government and any financial institution from the transaction process.

Initially, it served as a payment medium. This publicly verifiable virtual money gradually became popular among the IT developers. Eventually, innovation of other new cryptocurrency started flowing which helped to engage a broader audience.

2^nd Phase

Vitalik Buterin (Russian-Canadian programmer) came up with wider use of blockchain technology which is commonly known as Smart Contracts. And the platform is Ethereum. Certainly, Ethereum is more than just a coin. The IT intellectuals started reviewing the potential of this distributed ledger technology. Ethereum revolutionized and decentralized the internet. Thus, Decentralized Apps (DApps), Decentralized Autonomous Organizations (DAOs) came into being.

The developers from different parts of the world started experimenting to launch their own tokens and raise money from the public with ICO (Initial Coin Offerings).

Five Tips to Launch a Successful ICO

3^rd Phase

Scalable and practical, the 3rd phase of Blockchain technology is in its infancy. It's been predicted that in 2019-2020, there will be a blockchain of blockchains with millions of transactions per second. It will be enormous that includes organizational structures like cities and connected to the other bodies.

Cryptocurrencies have made a dramatic leap in terms of innovation and adoption in past few years. The tokenization of many businesses across different industries will open a wide opportunity for economic growth.

We at Sphinx Solutions, are working on Blockchain App Development and ICO services. Our experienced developers are thoroughly acquainted with the full development stack. You can rely on us for scalable Cryptocurrency Wallet, Hyperledger, Bitcoin apps & private blockchain development services.