Blockchain is a distributed database system that stores and manages each transaction in a block. Each block contains details such as the transaction timestamp as well as a link to the previous block, making it fairly safe from alteration retrospectively. Further boosting security is the fact that the same transaction is recorded over multiple, distributed database systems.
Therefore, information in Blockchain remains unchanged throughout the life of the network. This creates tremendous opportunities for businesses to leverage this secure technology to automate end user experience across businesses.
Indium’s team of Big Data experts have the requisite skills and experience to support projects launched on the Blockchain. We can help you with all interfaces with the Ethereum Blockchain as well as distributed technology, including:
We have Solidity and DAPP developers who possess brilliant coding capabilities who will assist you in order to come up with the perfect solution for you.
Big Data Engineering
Blockchain can be used across several functions for higher security and reliability. These include:
A cryptographic key allows for new ownership rights and a base to form digital relationships. A strong system of digital identity can be formed using Blockchains.
This is primarily because,
- Blockchains are not based on accounts or accounts with permissions
- It is a push transaction
- Private keys ownership is literally digital asset ownership.
This is a new and secure way to manage digital identity without exposing users to unnecessary personal information.
In order to authenticate a unique physical item, a corresponding digital token is assigned to the item. Binding the physical and digital world is essentially what the token does. Digital tokens are useful for fraud detection, anti-counterfeiting and supply chain management.
Some of the areas Indium has gained experienced with Blockchain Development include:
In this industry, ownership rights, royalty distribution and transparency are challenges. With monetizing production being the centre of focus in the digital music industry, ownership rights are often forgotten.
With Blockchain and Smart Contracts technology, accurate and comprehensive decentralized database of music rights that enable transparent transmission of artist royalties and real-time distributions to all the stakeholders of the labels is taken care of. According to the specified terms of the contract, players would be paid in digital currency.
Distributed Cloud Storage:
Since cloud storage services are centralized, users perforce place their trust in a single storage provider who controls all of the organization’s online assets. When it comes to Blockchain, this can become decentralized. Storj is a beta-testing cloud storage using Blockchain powered network that decreases dependency and enhances security. The excess storage can be rented out. At a pre-agreed price, anyone on the internet can store your data. The keys to securing it are, hashing and having the data in multiple locations.
For Financial Institutions:
In order to make operation processes safer and more efficient, Blockchain technology secures recording, storing and transferring of data. This innovation is disrupting financial services industry.
Reduction of fraud:
The risk of fraud and data theft can be reduced substantially if new banking systems are built on top of Blockchain technology. The Blockchain technology records, stores, encrypts and verifies all the data in a transaction. In case of any fraudulent behaviour or a data breach, all parties who have permission to access the transaction data would be aware.
KYC (Know Your Customers):
Reduction in operational costs and increase in efficiency can be achieved by building compliance platforms and KYC processes on top of Blockchain technology.
Trading Platforms :
The Blockchain would make the securities-trading process transparent, secure and immutable. This in turn would drastically reduce the risk of fraud and operational errors. Assurance for the authenticity of all transactions can be achieved as a clear audit trail of all historical data is created.
There are already several exchanges, including NASDAQ and the Australian Securities Exchange, that are developing Blockchain-based exchange solutions to reduce costs and improve efficiencies in the securities-trading supply chain.
Improving the safety and speed of domestic as well as cross border payments and saving a substantial amount on costs can be achieved by conducting payments using blockchain technology, be it between banks themselves and with customers.
For Audit Trails :
Account information is shared by us with our banks or with other businesses. Businesses are under attack and have been hacked, leaving intimate financial details exposed and at risk.
Blockchain technology solution automatically creates a record of who accessed the information or records. Additionally, controls can be set on permissions required to see the information.
Indium works with two key technologies for Blockchain. These are:
As Ethereum is the largest decentralized platform, it orchestrates the creation of unlimited smart contracts using Solidity.
Solidity (IDE for Development) :
Solidity Tools :