Blockchain can help companies save time, cost, increase transaction trustworthiness and reduce risk of the transaction with no need of intermediaries or third parties. Immutability mechanisms of blockchain technologies lead to lowered cost of audit and regulatory compliance with improved transparency. And because contracts being executed on business networks using blockchain technologies are smart, automated, and final, businesses benefit from increased speed of execution, reduced costs, and less risk, all of which enables businesses to build new revenue streams. Learn how ThingsConnect blockchain consulting practice helps you understand the value your company can drive leveraging the power of Blockchain, Smart Contracts and DApps.
Blockchain, Smart Contracts and DApps
What is Blockchain
Blockchain is a digital ledger that records transactions permanently in a cryptographic hash-linked blocks in a private or a public peer-to-peer network. All the transactions are validated and confirmed to rest of the network as having taken place by the “blockchain miners”. Decentralized in nature, consensus protocol, cryptographic hashes such as SHA256 computational algorithm, digital signatures, permanent transaction recording in a chronological order make the transactions highly secure, impossible to compromise and irreversible in nature.
Features of BlockChain
- Ethereum/ Hyperledger/ Rootstock Platform
- Smart Contracts
- Distributed/ Decentralized
- Process Integrity
- Elimination of intermediaries
- Access and transaction management
- Consensus Network
- Event management
- Real-time view
- Private and Public Blockchains
Smart Contracts and Dapps
Smart contracts are part of the Blockchain and are also called self-executing contracts, blockchain contracts, or digital contracts. A smart contract is a public ledger that is coded as a contract between anonymous parties into a blockchain and executes itself as soon as the “triggering event” like expiration date, maximum price, etc. is hit. The entire process is automated, can act as a complement, or substitute, for legal contracts, where the terms of the smart contract are recorded in a computer language as a set of instructions.
The smart contract code is the terms and conditions that one is signing up for when interacting with a smart contract. As long as one trusts the blockchain that the smart contract resides on, one knows that the code will execute exactly as programmed – so no breach of agreement can exist.
Dapps are decentralized applications built on top of blockchain technology. The purpose of Dapps is to have a user-friendly user interface (UI) to smart contracts. Some Dapps are built on their own blockchains while most are based on popular blockchain networks like Bitcoin & Ethereum. They are the blockchain enabled websites that use smart contracts to connect to a blockchains. ThingsConnect has all the necessary know-how and capability required to build enterprise level Dapps to enable you leverage blockchain technology for your existing systems.
How ThingsConnect can help:
ThingsConnect blockchain consulting practice helps you understand the value your company can drive leveraging the blockchain technologies. Our team of blockchain experts works hand-in-hand with our clients to understand their business requirement, their business value perception being intended to be driven from the utilization of blockchain technologies and helps them in their journey through all the four phases of Ideation, Design, Development and Deployment. Current we offer the following blockchain related services:
- Blockchain Strategy Design
- Blockchain Development
- Smart Contract Development
- DApps Development