Blockchain Implementation Creating A Buzz
Blockchain is the most popular technology to build solution for cryptocurrency and distributed and decentralized systems using distributed ledger technology (DLT). A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”
How Blockchain Is Helpful?
Our team has expertise in building solution using private and permission blockchain technology like Hyperledger Fabric
Reduces Cost
Increased Speed
Increased Security
Reduced Fraud
Reduces Risk
Blockchain is affecting the industries significantly:
- Greater Transparency: Blockchain technology has made the handling of transaction histories easy and convenient. The transaction history is available to all the participants who have permissioned access. Data on the blockchain gives more consistency, accuracy and transparency.
- Improved Traceability: The products that are traded through a complex supply chain are very hard to trace an item to its origin. Due to the use of Blockchain technology, there is n audit trail which shows where an asset came from and also helps to verify the authenticity of assets by preventing frauds.
- Increased Efficiency & Speed: In traditional trading process it is cumbersome to handle all the tasks and is more time-consuming. This is where Blockchain can bring wonders. Blockchain not only streamlines but it automates the processes which makes the transactions rapid and more efficient. Blockchain reduces the need of intermediaries as the access is available to everyone involved in a transaction.
- Reduced Costs: Reducing the costs is a priority for most of the businesses. Blockchain eliminates the need for the third-party or the middlemen as well as the reviewing process of the documentation. Everyone has access to the single immutable version.
Top Industries Disrupted By Blockchain
Innovators are discovering new ways to implement blockchain and revolutionize traditional business models. Some of the sectors which are implementing Blockchain are:
Power Industry
Supply Chain
Financial services
Banking
Real Estate
Healthcare sector
Business Intelligence
Government industries
How does Blockchain works?
Blockchain technology creates a feasible and decentralised record of transactions which permits the swapping of an individual master database. The database preserves an immutable record of all the transactions till the initiating point of transaction. This is known as the provenance or the origin which is vital in trade finance. Blockchain permits all the financial institutions to review all the transaction steps thus reducing the risk of fraud.
Challenges faced by business
There are ample challenges which are being faced in today’s business scenario:
Data loss
Blockchain Addresses The Problem Of Data Loss Due To Hardware Or Connectivity Issues. There is a potential risk of data loss due to hardware failures like storage disks especially if we don’t maintain the most recent backups.
Data Corruption
intermittent hardware and network issues (particularly ones involving multiple hardware and software systems) can be devilishly difficult to diagnose. Also, results into data corruption which is hard or impossible to detect
Data security & Trust
Blockchain Addresses The Problem Of Data Security And Trust By Making The Ledger Public or permission by private parties. Two blockchain design features help in this effort. The first is the immutability of the historical transaction ledger and other is distributed networking
Operational Efficiency
Blockchain Address the problem of operational efficiency by eliminating the need of manual intervention and establishing the trust between multiple parties where each involved party can use its own cryptographic key to process and access the data.
Delivered Works & Assignments
We have delivered solution for big enterprises to streamline their complex payment domain
Payment Collection & Reconciliation Platform
Closed Loop Digital Wallet
Digital payments is the new age industry which involves complexities of integration with multiple systems and third party along with the risk of security and frauds. We build a system for one of the biggest utility company to provide the consolidation in payments using blockchain technology and fraud detection using data analytics based reconciliation platform.
Power Energy Trading
Microgrid POC – prosumer based Peer-Peer Energy Trading
With blockchain and solar based renewable energy evolution, it originated new cases where end consumer can become prosumer to generate electricity and trade with either utility companies, grid or peer consumers
What can we do for you? Let’s talk
+1 (650) 489-2550 | contact@tequre.com
Complete the form below and we will contact you to discuss your project. Your information will be kept confidential.