Blockchain

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How Blockchain Technology is Changing the Way Businesses Operate?


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Let’s face the fact: blockchain will change the businesses. Unlike past, blockchain may be the new internet. It isn’t just about Bitcoin or a way of cryptocurrency circulation, rather a revolutionary way of managing information / data. There is a radical reduction of human interference, costs, and little room for corruption.

Most of the headlines we see revolve around the investment raised through ICO platforms or the volatility of cryptocurrencies. However, there are many million ways of utilizing blockchain technology.

Blockchain will cause an impact on all major areas of business i.e. from accounting to operations, as predicted. Hire blockchain expert for implementation ICO, smart contracts, DApps and more.

Why blockchain development is crucial for the future of business? Transparency, traceability and quick workflow are key factors driving its popularity. It uses cryptography for processing and verifying transactions over the distributed digital ledger. Encryption and coding improve blockchain efficiency in maintaining transparency.

Accounting, blockchain improves data sampling and quickens transaction validity

Ken Tysiac in the Journal of Accountancy said, "blockchain’s transparency gives visibility to all transactions for approved users, and this may decrease auditors’ work with sampling and validating transactions … but this allows auditors more time to focus on controls and investigating anomalies. Meanwhile, opportunities are emerging for CPAs to use blockchain technology as they expand their assurance services to areas such as cybersecurity and sustainability.”

IT and cybersecurity, smart contracts

In the past few years we have heard of many data breaches. Yahoo, Target and many other companies disclosed the fact that there was user data information dissemination such as names, date of births, transactions details etc.

Managing director of Deloitte US is of the view that blockchain will empower $122 billion global cyber market. “The technology provides a way of recording transactions or any digital interaction in a way that is secure, transparent, highly resistant to outages, auditable, and efficient.”

Management and operations are better on blockchain

Eastman Kodak legacy company is reinventing its operations through its blockchain development venture. The management platform namely ‘KODAKOne’ will encrypt use data and provide rights ownership. Any photographer can register his new or archived work and license it inside the platform.

Professional photographers can have secure payments for their licensed work whenever the photos sold. The work is on a secure blockchain database.

This is just one example that how the 129 years old company is revolutionizing work of photographers and providing them ease.

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6 Basic Questions to Ask Before Launching a Blockchain Project


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More than 1600+ cryptocurrencies are in circulation and we know the big ones such as Bitcoin (BTC) and Ethereum (ETH). In an attempt of making an informed decision, you must ask some wise blockchain questions.

You should know what information about the project is important and what’s not.

Blockchain story has just started, it isn’t in the middle or at the end. Bitcoin was the first generation of proof of concept and Ethereum is the second, third includes projects like Hyperledger.

Enterprise blockchain projects can only get successful if they seek advantage of the unique features of blockchain.

Here is the list of few questions you must ask before launching a blockchain project.

1- Is your project offering real-world problem solution?

Most of the coins out there are value transferring protocols and they don’t offer anything more which Bitcoin or Ethereum do not have. Second use case are those companies adopting blockchain without even knowing clearly about it.

It is worth reminding yourself that what problems your blockchain project will solve. Is the platform best suited for your solution? If a project can solve a problem through distributed ledger technology which previously was unsolved, it will ensure high demand in the market.

2- Does the market has working product already?

Blockchain projects or staging ICOs don’t have running or working product in hand. ICOs usually happen in phases and take 6 months to 1 year of time for investment. A lot of things may happen during this time period. A product may not evolve as planned or may fail.

If the project has working product already, it’s a huge plus point. Or even if the product is in alpha or beta phase. It adds legitimacy and ensures future success.

3- What exactly do you want as an end result from the blockchain project?

Be clear on the project requirements, ask if you really need blockchain?  Do you need any additional scrutiny in the smart contracts or the current one is suffice? There are different types of blockchains, private, permissioned and public, if you don’t want your company data out in public, private blockchain is the answer here.

4- What are data integration issues?

One of the major issues enterprise blockchains face is the data integration. Integrating all legacy data formats and their structures, so that the blockchain project participants can use. Healthcare is one such good example here. They have different medical records format in use and a blockchain must reconcile.

5- What are your performance indicators?

Bitcoin and Ethereum manage hundreds of transactions per second and this may sound slow for some enterprises. So before getting on a blockchain, you must know your performance requirements. Bitcoin lighting network and Hyper Ledger Fabric are some solutions for improving performance.

6- What are the legal complications?

Before building a blockchain project, do read the regulations regarding and how they operate in your region. The security and transparency is often the objection but it totally depends on the type of blockchain you select and how you operate your processes through it....

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enterprise blockchain solutions

Blockchain Is Addressing Enterprise Problems, Here’s How?


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Bitcoin was launched in 2009 and it generated quite a buzz. Now in 2018, blockchain is creating ripples in enterprise applications. In October 2017, around 24% of the companies were looking for potential enterprise blockchain applications and 16% companies purchased the blockchain solutions already.

New figures are even more promising. From freight, oil, gas, online voting to food, there are innumerable applications of enterprise blockchain.

Yes, the term enterprise blockchain is getting more and more traction because of the potential it holds.

Why Enterprises Interested in Blockchain Solutions?

  • Improved transparency
  • Customer becomes more loyal, no data leaks
  • Cost and time reduction for transactions
  • Less chances of fraud, since blockchain is decentralized
  • Better product and process security

The above-said capabilities have division horizontally in industry applications. Use cases for different industry verticals vary. Some of the horizontal applications include supply chain management, product authenticity, data sharing, system introspection, audit and process verification and product lifecycles.

Now let’s see some of the vertical applications such as, finance and insurance – transaction settlement, health - food provenance and personal health records and more.

Security and privacy of customer data

Enterprises concern for the security and privacy of customer data and that is the hurdle in the scalability of blockchain. And for their business processes, the enterprises are overprotective about their intellectual property.

Enterprises mostly don’t want their data public. That means, they are more into private or permissioned blockchain. Companies don’t let anyone access their processes – only visible to authorized users. That is the reason why companies adopt private and in the end hybrid cloud architectures as the best blockchain solution.

Enterprise blockchain scalability

IBM and US Food and Drug Administration (FDA) are working on scalable health data. Blockchain enterprise will improve transparency of data and trust of a patient. Though the collaboration started in 2017, but ever since they did clinical trials and started off with oncology data. So, the results are satisfying.

Real estate involves sellers, brokers, agents, etc. this means the process becomes risky and too slow. Decentralized nature of blockchain prevent any fraud as it offers smart contracts where there is no third party intrusion.

Private and permissioned blockchain has eliminated the fear of leaking out of secrets as now the private blockchain can offer way more scrutiny.

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Ethereum Timeline: A Brief History from 2013-18


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Vitalik Buterin had worked on various Bitcoin projects before a 19 years old programmer from Toronto thought of Ethereum. The platform was ideally developed for robust blockchain applications.

Since Vitalik worked on Bitcoin blockchain projects, he faced number of issues while working.

Bitcoin blockchain initially perceived as a medium for financial transactions / applications but Vitalik realized blockchain can perform more than just transactional computations.

Image result for ethereum blockchain

Vitalik got introduced with the Bitcoin and blockchain technology right in the year of its launch i.e. 2011. He started a Bitcoin Magazine the very same year. Through this magazine, he shared his views on digital future. Later, he worked on Mastercoin and other alternate coins with Bitcoin codebase. This work was a pushing factor for him as he knew the scope of Bitcoin is limited.

Ethereum Whitepaper 2013

A whitepaper of Ethereum launched in 2013 illustrating the new protocol of decentralized applications.

The key difference between Bitcoin and Ethereum was the platform’s ability in trading more than just a cryptocurrency.

Official Announcement in 2014

An official announcement of Ethereum had made. Also the team expanded. Along with Vitalik, Dr. Gavin Wood and Joseph Lubin were developing the blockchain platform.

Ethereum yellow paper released by Wood which showcased how Ethereum Virtual Machine (EVM) will execute smart contracts. Lubin on the other hand, founded Consensys, a studio for decentralized apps.

Ether Crowdsale 2014

In July 2014, Ethereum Foundation conducted a crowdsale where they sold 60 million of their tokens. For expansion, development and marketing activities, the foundation created 12 million Ether tokens.

First Live Release of Ethereum 2015

Frontier was the first live release or a product of the network which helped developers interact and develop apps over the network in 2015.

Hence, Vitalik thinks Ethereum is the solution of all problems or use cases of blockchain.

50$ Million Ether Stolen 2016

An anonymous hacker had stolen about $50 million Ether from Ethereum network which placed a question mark on its security. The incident caused a split in Ethereum community. Now there are two blockchain factions i.e. Ethereum (ETH) and Ethereum Classic (ETC).

Ethereum Growth in 2017

The network grew 13000 times in 2017 which attracted investors but the volatility of this platform makes investors think twice or stay cautious.

Present - 2018

The infrastructure of the Ethereum is much better from its infancy state. Still the platform is young and has limitless potential within. Recently it has topped $2.2 billion in circulation and moved from 12th to 10th place in top 10 cryptocurrencies....

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3 Basic Tips for Launching a Successful ICO


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Crowdfunding through ICOs was all the rage in 2017 and for a good reason; it allows startups and entrepreneurs raise funds for keeping their dream projects up and running. Without going through complicated and time taking legalities, ICO is a quick way for raising capital.

It’s knowingly being said, ‘a goal without a plan is just a wish’, same implies for ICOs. Although in the last year, around $4billion were raised through ICOs and more is expected in 2018, there still is a space for industry standards to follow.

According to news sources, $6.3 billion has been raised in the first three months of this year, which is a lot more than the whole funding raised in 2017. Common perception of ICO platform as a controversial fundraising method and it will soon be extinct, now seems highly overrated with that much of investment in ICOs.

Looking forward for participation in an ICO or want to launch one? Here are few tips which will help in making up your mind.

Whitepaper - Define Your Goals, Plan Well

Like any other business project, ICO has its own goals, and objectives. Usually, this is done through whitepaper, hire whitepaper expert who will structure and narrate each and every phase of the ICO in detail. This gives investor confidence and brief understanding regarding the ICO project.

Also, participants of the ICO should get to know what’s the problem and how it will be addressed through an ICO. This comes along with a roadmap, a document which gives the timeline of the ICO, when will the presale starts and ends? Live ICO dates and milestones.

Highlight Team of Professionals, Build Community

Successful ICOs are composed of team of professionals dedicating their time and effort on the ICO project. They have knowledge and experience much needed for launching an ICO. An ICO website should mention profiles of team members along with their social accounts, this builds trust.

Community building is another step towards launching a successful ICO. Socially activate blockchain enthusiasts long before launching the pre-sale. This helps in generating social buzz and traction for ICO.

Popular Ways for Setting Price Plans

There are certain ways which are followed in ICOs price plans. In ‘no fixed price’ plan, participants can buy tokens as a contribution without any fixed pricing. Whereas in ‘fixed price’ tokens price is fixed and they can only be traded after freezing period.

Dutch auction is another way where initial few tokens are the most expensive and as the ICO sales comes to its final ending, price decreases with the passage of time. And lastly, participants will get the best possible price for the purchased tokens.

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