What Is the Importance of Blockchain Development for Businesses?

Over 90% of U.S. and European banks has started dabbling into digital currency space. Central banks are considering, conceptualizing, and actively developing CBDC – a digital form of currency, thanks to the emergence of blockchain technology. In fact, the adoption of blockchain technology is evident with the figures of the number of wallets under operations. According to Blockchain.com, there are over 82.22 Million blockchain wallets and crypto-users worldwide. With the surge in Bitcoin price in 2021, blockchain has become pretty much a household name at this point.

What is Blockchain Development?

In technical terms, a blockchain is a shared, cryptographic (immutable) ledger of transactions of value that is duplicated and distributed across the entire network infrastructure that consists of several computer systems located all across the world.

In layman’s terms, a blockchain is a system that keeps all the records of transactions information in a way that makes it challenging or even impossible to change, edit, cheat, or compromise the system.

Importance of Blockchain Development

Blockchain is impactful because it spreads its operations across a large network of computers. Additionally, it allows businesses to operate without a compulsory need for a centralized authority. The additive benefit of a decentralized network is that it reduces the inherent risk that numerous central processing and transaction systems pose – especially from the cybersecurity aspect.

Features of Blockchain that Help your Business

Immutable

Immutability is one of the essential features of any decentralized application offered by a Blockchain development company. It ensures that the ledger is permanent and unalterable across the network and on every node. No user will be able to edit, delete or update the ledger.

Decentralized

In the blockchain infrastructure, a group of nodes located in different locations is maintained by a network – that is decentralization in nutshell. Decentralization is the key feature of a Dapp offered by the blockchain app development services. It doesn’t require a centralized authority to govern and look after the systems.

Improved security

Every decentralized application developed by blockchain app development services employs encryption to ensure the security of the entire system. Cryptographic encryption is a complex mathematical algorithm that acts as a firewall for attacks.

Consensus

Consensus helps keep the network trustless. By design, the nodes don’t trust each other but they do trust the underlying consensus algorithm. Verification of nodes and validation of the transactions takes place because of the underlying consensus algorithm – which helps establish agreement amongst the respective parties.

Why Choose a Custom Blockchain Development Company for Your Business?

A Custom blockchain development company builds decentralized applications on a shared, immutable ledger that can be permissioned or permissionless. This decentralized infrastructure increases efficiency and trust among trading partners.

A blockchain-based system/ application offered by a Blockchain development company also keeps real-time track of assets in business networks – assets of all kinds from tangible consisting of a house, car, cash, and land to intangible consisting of intellectual property, copyrights, and branding.

If you are actively looking for one, then we can help. Yodaplus is the pioneering Blockchain development company in India. At Yodaplus, we develop custom blockchain applications and successfully deploy them on both permissioned and public blockchains.

We develop a strategic approach exclusively for our clients that constitutes several steps. In the initial phase of our blockchain app development services, we conduct in-depth market analyses and assessments to provide you with valuable consultation and to identify the ideal blockchain for your business requirements. Accordingly, Custom blockchain development of your application takes place. In the later stages, blockchain applications are thoroughly tested and successfully deployed.

Our Blockchain consulting services help your business get ahead of the rest of the market. And, our blockchain development services help design, develop, and deploy applications quickly and securely on the blockchain.

Moreover, our blockchain development services stack consists of blockchain technology consulting, capital markets technology and domain consulting, multisig wallet development, secured dapp development (DeFi), white-labeled tokenized assets custody, Defi apps, and asset tokenization, including enterprise application integration (EAI) services.

Real-world Business Applications

Blockchain consulting services can improve your business’s sales department by creating a permanent, public, transparent ledger system for compiling data on sales. In fact, the online media industry can also be made better by employing blockchain app development services and with the help of a decentralized application. With Dapps, creators can track digital use and payments of the content in real-time. Dapps ensure that the same file doesn’t exist in more than one place, eventually reducing the piracy risk.

With decentralized applications such as defi, lenders can use blockchain to execute collateralized loans through smart contracts. Smart contracts can automatically trigger crucial financial activities such as service payment, a margin call, full repayment of the loan, and release of collateral. A decentralized financial application drastically brings down the operation cost as well as makes the lending process faster while rewarding lenders with higher interest rates.

Tokenization of Assets on the Blockchain

Asset tokenization is a fairly new, trending concept. Asset tokenization utilizes digital tokens to fractionalize ownership of physical/ digital assets such as real estate property, jewelry, or art. The track of ownership and management of ownership rights is done with the help of smart contracts that run on top of the blockchain. For businesses purposes, Asset tokenization services are exclusively provided by a Blockchain development company.

NFT is one of the prominent examples of asset tokenization. NFT is an abbreviation for non-fungible tokens. NFT is a non-interchangeable packet of data stored on a distributed digital ledger that can be sold and traded. NFT reduces the probability of fraud and also prevents art data from existing in two places/ two owners. Its application can be found in the art industry because NFT made investing in art super easy. NFT has attracted a lot of investment and interest from several ranges of investors within the last few years.

What Is in Store for the Future of Blockchain Technology?

At present, using blockchain technology already saves a ton of time, brings down infrastructure cost, and solve crucial business-related problems such as cyber threats. But in the future, the usability window of blockchain technology will expand. It is expected that blockchain technology with fundamentally transforms financial markets and the analytics industry. With the advent of 5G and the rise in adoption of the internet of things IoT, blockchain technology is expected to go mainstream and probably one day become an integral part of the digital economy.

Blockchain is the present and future, and more and more industries are actively looking forward to utilizing the potential found in the technology over the long term. It is evident that blockchain help organizations grow quickly and also brings in the needed transparency and security in the daily business operations.

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