Revolutionize How You Do
Business With Blockchain
“Blockchain could reduce investment banks’ infrastructure costs by 30%.” – Accenture Consulting
“It is expected that blockchain-based projects will add more than $360-billion of value to businesses by 2026.” – Gartner
“74% of tech-savvy executive teams say they believe there’s a huge business potential in blockchain technology.” – Deloitte
“The costs of transactions using blockchain are millions of times cheaper than transaction costs in traditional economy.” – Etherscan
Blockchain, which is one of the fastest growing technologies has all the abilities to transform enterprises across industries and is considered to the next-big-thing after the Internet. The technology is referred to as a list of records called blocks that are connected using cryptography. Each block holds the cryptographic hash of the previous block, a timestamp and transaction data, that is signified as a Merkle tree.
Blockchain has been extensively accepted by enterprises and economies globally. Blockchain solutions, comprised of Hyperledger and Ethereum have marvelous capacity to restructure different industries including finance, supply chain, education, healthcare and more, and help set new standards in each respective market.
Features of Blockchain
Blockchain contains unchallenging and decentralized nature, it is virtually impossible to amend any information that has once been created on Blockchain. A completely secure, digitized, transparent, and reliable technology. Blockchain is converting businesses across the world. And it has just got started!
- Distributed Ledger Technology
Immutability can be defined as the ability of a blockchain ledger to remain unchanged, for a blockchain to remain unaltered and indelible. It is impossible to alter the data in the blockchain network. In order to generate new transaction, each node on the network has to be checked and approved of its authenticity. This helps in refining the transparency across the network and sets no scope of fraudulent activities.
All Blockchain transactions are secured by cryptography. Every transaction is being signed by a private key, which is verified with a public key. In case any modification done in the transaction, the signature becomes invalid, resulting in the block being removed from the chain.
It is, virtually impossible to hack Blockchain as it is decentralized in nature. Blockchain encompasses strong technology that does not have a single point of failure. Blockchain is almost impossible to get corrupt; hacking into one part of the system will not impact the others. Thus, protects the data within the network.
Distributed Ledger Technology
A decentralized ledger is a database that resides between different participants. A decentralized technology, DLT allows enterprises to eliminate the need for intermediaries or central authorities and allows all participants to process, validate or authenticate transactions in the network. The transaction is stored in the ledger once the consensus has been reached by the authorized parties.
Each transaction on Blockchain performs through a consent model that authenticates the genuineness of a transaction made, serving the network make decisions. The consensus algorithm forms the core of the blockchain’s functionality and architecture.
Every transaction performed using blockchain is stored on the network by providing a verifiable and auditable trail of information about the history of the transactions done.
How Blockchain Works?
At Taqadom, we are proud to have a team with professional problem-solving skills and expertise to assess, commend and mentor you towards the right path and solution for your business. We are fully equipped to prepare strategic plans that help you realize the value that blockchain can bring to your business.