Custom Blockchain Development

Blockchain technology can be understood as a technology based on a publicly accessible ledger that is transparent and trustworthy. This tech allows superior security, especially when it comes to transferring the ownership of units of value using public key encryption and proof of work methods.

The Blockchain tech is not centrally connected to a bank, corporation, or the government, and uses decentralized consensus instead. The decentralization of this network increases with an increase in the size of the network, and consequently, the security increases too. While this technology was introduced by Bitcoin, the potential that this holds extends far beyond just cryptocurrencies. It has found its way in a lot of traditional industries, including finance, NGOs, government services, e-commerce, and so much more.

Blockchain essentially works by eliminating the middleman. In doing so, it offers secure sharing of business processes including business activities, records and contracts between firms and partners in an encrypted manner. Since these transactions are not centralized but done in multiple locations, these are extremely difficult to tamper or alter.

BaaS stands for Blockchain as a Service. In today’s world, most of the technology is available as a rental. Likewise, BaaS allows organizations to rent out a Blockchain infrastructure in the cloud. The software and hardware required to run blockchain applications are completely provisioned, managed, and hosted by the service provider. All the after sales support, maintenance, and everything else is taken care of by this provider. The Baas partner can build the blockchain network on any blockchain platform such as Ethereum, Hyperledger Fabric, Bitcoin, Corda, Quorum, or more.

Consensus Algorithm is what is responsible for verifying the transaction, balance, and signature. There are broadly two important implementations of the Consensus Algorithm -- Proof of Work and Proof of Stack.