Blockchain is a fascinating technology in many regards. First of all, it is built as an open source software to enable anyone to expand and create new secure services on the platform. A high level of security is provided by the way in which the transactions are composed. Such information exchange uses various cryptographic algorithms and hashing techniques in order to secure the transactions. The integrity of those transactions is also achieved through a community of mistrustful parties that help to validate the transactions being sent to the public distributed ledgers or blockchains.
Today, we see many finance-related transactions being built on blockchains, like Bitcoin which holds a monetary value. We are also starting to see other unique offerings being built on blockchain technologies like the distributed DNS with NameCoin and IoT device communication tools. Also, more complex concepts like smart contracts
and digital signing
are emerging over time, which will help to replace handwritten agreements in the legal world with automatic transactions and legally binding electronic signatures.
Another key element of the blockchain technology is the distributed, or peer-to-peer transaction, way of exchanging the information. This is opposed to a centralised way of operating, such as PayPal or traditional banks for an example. This distributed network provides the needed speed and reliability for the data that is exchanged. Global businesses are discovering the advantages of blockchain technology -- here is an example of the Nasdaq
where the decentralisation and speed of the transactions are providing the needed business value.
At Ignite, we have been working on various blockchain solutions with the Bitcoin protocol, as well as with Ethereum technology, to build new tools using the very same concepts of secure transactions and distributed networks.
Contact us to find the ways in which this new revolutionary technology can advance your next business idea!