Our expertise will enable you to explore and navigate the potential of Blockchain and pilot solutions customized to your business
JoomDev has made it a priority to remain on the cutting edge of its advancement. We provide custom blockchain development services and implementation solutions for blockchain platforms, protocols, and permissioned ledgers.
Blockchain is a distributed ledger technology. Similar to the Internet where exchange of data happens, Blockchain enables exchange of information to carry out any transaction. Data stored on a Blockchain cannot be manipulated or modified. The model poses to be absolutely resistant to theft and tamper.
Applications of Blockchain
Blockchain can support a wide range of applications. The most well known is cryptocurrency like Bitcoin, Either etc. Blockchain-based applications can be used for tracking/recording & securing any kind of transactions Including but not limited to Orders, Baking, Health Care, Supply Chain, shopping etc.
Blockchain transactions operate on a distributed ledger system, which means that there is no single database that holds all the transactions. Everyone (who has permission), has a copy of the ledger and only new transactions can be added to the ledger. Which means if someone was to try to modify a past transaction, all concurrent transactions have to be modified too, which is a bit of a pain.
Blockchain is way more secure than traditional record-keeping systems. A single person having access to the blockchain ledger can not modify transactions on it’s own, Here’s why:
Blockchain Transactions are stored on multiple servers, so modifying one server’s transactions wouldn’t modify the transactions on other computers/ledgers.
All transactions work in a Chain system (hence, the name blockchain), every new transaction is encrypted and linked to the previous transaction and breaking the chain is impossible unless you modify all the transactions in the chain
All transactions must be approved/agreed upon by all participants servers and tested by solving a cryptographic solution.
blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.
Modifying Blockchain transactions is once again impossible since once a transaction has been recorde, all future transactions are dependent and linked to the previous blockchain transaction. If you deal with products that are traded through a complex supply chain, you are familiar with how hard it can be to trace and item back to its origin. But if the transactions (for supply chain), are recorded in blockchain, you can have full transparency as far as where the particular asset came from and every stop it made through its way to you.
For most businesses, reducing costs in the longer run is a huge priority. With blockchain, you can accomplish just that. Everything is based on and recorded in a distributed ledger and you don’t have to involve 3rd parties while conducting transactions. everyone with permissions can access a single, immutable version.
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