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Understanding Blockchain

The technology behind the ever-popular cryptocurrency Bitcoin (and every other cryptocurrency), is quickly becoming a household name. Here is a brief look into blockchain technology, how it works, and what kind of innovations businesses can use to make it work for them.

How Blockchain Works

When a block stores new data it is added to the blockchain. Blockchain, as its name suggests, consists of multiple blocks strung together. In order for a block to be added to the blockchain, however, four things must happen:

  • A transaction must occur

    In many cases a block will group together potentially thousands of transactions, so your purchase will be packaged in the block along with other users’ transaction information as well.

  • That transaction must be verified

    With blockchain, when you make your purchase, that network of computers rushes to check that your transaction happened in the way you said it did. That is, they confirm the details of the purchase, including the transaction’s time, dollar amount, and participants.

  • That transaction must be stored in a block

    After your transaction has been verified as accurate, it gets the green light. The transaction’s dollar amount, digital signature are all stored in a block. There, the transaction will likely join hundreds, or thousands, of others like it.

  • That block must be given a hash

    Once all of a block’s transactions have been verified, it must be given a unique, identifying code called a hash. The block is also given the hash of the most recent block added to the blockchain. Once hashed, the block can be added to the blockchain.

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Ways of Blockchain Technology

  • Data sharing

    The decentralized framework of a blockchain provides organizations.

  • Shipping

    Each transaction is reliably stored so that both parties have transparent access.

  • Cloud storage

    A blockchain-based token system can provide organizations of all sizes.

  • Access control

    Setting up a token-based system, you can streamline access.

  • Payment

    Blockchain-based payment constructs have the potential to process error-less.

  • Smart contracts

    Could conceivably store this information on the blockchain, removing any doubt.

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Innovations businesses can use to make blockchain work for them

  • radar-signal-727_b1dcc914-3ee5-449c-941e-d4684ee50ba3

    Finding advantages in blockchainy

    Confidentiality and decentralization make blockchain suitable for event data records, medical records, civil status management, transaction management, food traceability, or in elections.

  • refresh-database-1856_a6704a77-603a-45b0-925d-41498e0fb1aa

    Managing data and digital assets; Protection of critical data; Digital property ownership

    Blockchain is a valuable treasure or just a waste, depending on the usage of each business. Using well, businesses will quickly rise to the top in the fierce competition in the market.

  • handshake-2819_4c48473b-74a8-4575-890d-e1824695a74c

    Smart incorporation

    Eliminating paper-based processes by using blockchain and smart contracts for business incorporation. A digital approach will benefit companies with complicated equity structures, as rules for investment can be outlined on the blockchain via embedded smart contracts. Blockchain can also be used to automate corporate voting procedures and help ensure compliance with investment rules.

The Blockchain-Enabled SSI Solution

The recent advent of distributed ledger technology (DLT) known as blockchain, however, has now made possible a means of immutably binding an entity to its digital representation at scale — securely and cost effectively via a shared ledger.

This ledger-based identity binding is called self-sovereign identity because no third-party certification authorities are required to certify, issue and bind entities to their immutable digital identity.