Till very recently the blockchain prospects would typically be described in the future tense, however the application of the technology these days reminds a lot the early days of Internet – the global network everybody is using now. Initially conceptualized by Satoshi Nakamoto in 2008 for “peer-to-peer version of electronic cash”, the concept developed into new applications of the distributed blockchain database known as Blockchain 2.0 in 2014. Blockchain is based on the same decentralized principles as open-source software, performing at lower costs and often at a higher level of efficiency, stability and security.
While the boundaries of the blockhian technology application have not yet been completely identified, the need for reliable blockchain developers is growing. Particularities of the technology set new development requirements and prompt, scalable solutions with minimum vulnerabilities risks. Blockchain development requires excellent knowledge of C++, Ruby, Node.JS, Java – languages Elinext is perfectly familiar with.
Today Blockchain technologies find their application is such industries as banking, healthcare, IoT, authorship and copyrights, government, certificates and IDs, B2B and many more. Let yourself focus on the idea and business plan while Elinext covers the technicalities. Contact us today for a quote and consulting. Let us explain complicated technologies in simple words.
What are the major Blockchain frameworks/tools?
The most popular frameworks are: Hyperledger (supported by IBM and Linux Foundation), Ethereum (private, supported by Ethereum), BigChainDB, IOTA Tangle, Chain Core, Credits, Domus Tower Blockchain, Multichain, Eris:db, R3 Corda, Monax, Openblockchain.
Most Interesting / Successful Uses of Blockchain?
Bitcoin and other cryptocurrencies allowing instant secure transfer, reducing the cost of the global payment system. BitPesa - app allowing B2B payments across Africa with embedded foreign exchange facilities. Chronicled - enables brand integrity and fraud protection for documents and physical items by marking every issued document copy and labeling goods with a digital identity.
How Many Cryptocurrencies are There?
Coinmarketcap.com lists 1541 cryptocurrencies in March, 2018. Top 5 cryptocurrecnies are Bitcoin, Ethereum, Ripple, Litecoin and Cardano.
What is Cryptocurrency Mining?
Cryptocurrency mining is adding new transactions to the blockchain aimed at releasing a new currency item. The mining is basically compiling recent transactions into blocks and solving processing-challenging puzzle. The participant that solves the puzzle first claims the rewards.
What is a Smart Contract?
A Smart Contract is a code containing a predefined set of inputs that come along with a contract. Smart Contracts can enforce permissions, call other smart contracts, initiate workflow logic, carry out calculations and more.
What Does Bockchain Statistics Say?
Blockchain is reported to be able to reduce the bank infrastructure development / maintenance cost by 30%. Global blockchain market capitalization by 2014 - $20 billion. Share of North American and EU banks exploring blockchain - 90%.