Blockchain is a complete decentralized and distributed ledger technology, which can store encrypted records, and those records will be transparent, immutable also trackable to the blockchain community users. Blockchain was introduced to store the information about bitcoin and its transactions, and now the technology is used for many industries, as it derives the best way to store data better than any other traditional database.

How Blockchain Can be Used In Businesses?

Since blockchain derives the new form of data storage and gives high-level security to those records, business and organizations can leverage this distributed technology, to store, retrieved and manage business records under one single roof, where the data could be fully decentralized, hence no other third party including the hacker can’t access the records.

What Kind of Data Can Blockchain Store?

Since blockchain is a decentralized virtual ledger, it can store only virtual records in chronological order and that data would be encrypted. Blockchain is a connection of individual blocks, where each block can store at most 1MB size of data. Blockchain will have a copy of all the records and each block would have a relevant address pointing to the previous block.

What are the Types of Blockchain?

We can classify blockchain into two different types: one is a public blockchain, and another one is a private blockchain. Where public blockchain can be declared as a permissionless blockchain. A clear example of a public blockchain is “ bitcoin’s blockchain" and "The ethereum blockchain”. The private blockchain is a customized permission blockchain which can be designed by underlying the blockchain layer of any of the popular public blockchain’s.

Is it Possible to Create a Separate Blockchain For a Business?

Of course, it is possible. Even Though the public blockchain is open source, we can’t use it to store private records of a business or organization. So, we can leverage the open-source characteristics of the blockchain to build a private blockchain, and after the customization, A business can utilize it to store confidential business data.

What are the Key Features Of Blockchain?

Blockchain can be differentiated from the traditional ledger, and databases, based on its below features that define its originalitya. Immutable Data - So, Stored Data Can’t be changed, but before storing it would require a long approval process that would work based on the consensus algorithms.b. Decentralized - No other third party out of the community could govern the data flow and data management inside the ledgerc. Distributed - The governing authority of data would be distributed to all the nodes, so anyone inside the blockchain community could see the updates.d. Increased Security - Blockchain is not just like other cloud storage it has been tightened with high-level security that would be driven by some of its elements like smart contracts, hash graphs, decentralization, consensus algorithms, and miners.

What Is Distributed Ledger Technology ?

Distributed Ledger means, the power of governing data will be applied for all the nodes, so data will be added into the block, only after the proper verification. Miners will do the verification process as per the consensus algorithms.

What are Blockchain Consensus Algorithms?

Since blockchain is a distributed system, it should proceed with some secured protocols to ensure fault-tolerance of the entire system. Hence the concept of consensus algorithms has been used in blockchain networks.

What are Smart Contracts In Blockchain?

Smart Contracts are digital contracts that would be written in code. Ethereum is the first blockchain to empower the concept of smart contracts. Smart Contract is computerized protocols that could verify, facilitate and can enforce negotiation on some sort of transaction settlement or agreement.

Is Blockchain Hackable or Not Hackable?

Blockchain is not fully hackable and is not that much transparent to the hackers, because data inside a blockchain would be encrypted and would be transparent only to the nodes who are in the networks. Moreover, if a hacker wants to change a record in a block, then it would be notified by each node, since each node has authority for all blocks and the copy of data has been shared to all the nodes. So the hacker couldn’t hack all the blogs and he can’t change the record without getting notified by the other nodes.

What is BaaS in Blockchain?

In general, the term BaaS can be defined with various abbreviations, but in blockchain, we can define it as Blockchain as a Service. This term can be used by the companies which are providing blockchain as a service.

How Much It Would Cost to Setup a Private Blockchain For a Business?

Creating blockchain will have more classifications, based on the requirements, blockchain platforms, technologies, and tools we use, the cost will vary hugely.

Is it Possible to Create Token On Ethereum Blockchain ?

Yes, it is possible to create a token on the ethereum blockchain, Since ethereum is an open-source blockchain, it has a lot of library packages and has its predefined standards like ERC20, ERC721, ERC222, ERC723 and more for developers to create tokens on ethereum.

What is Double Spending In Blockchain?

Double Spending is defined as a process of spending money more than once, and it leads to inflation. To eliminate this approach, blockchain-based cryptocurrencies like bitcoin use a Consensus mechanism known as Proof-of-work. Here the Blockchain Technology prevents Double Spending by verifying the transaction from multiple users in the network.

What Is Block Time In Blockchain?

A blockchain is a linear construction of new blocks that occur at a later time and which cannot be undone. The time it takes to add a block to its canonical chain varies according to the blockchain protocol it was developed. This blockchain's linearity serves as an ideal form of block validation. This time to add a new block in the chain is termed as block time. According to ethstats.io as of July 2019, the block time falls within 14 seconds approximately for an ethereum blockchain network.

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To reshape a business or any corporate industry with higher confidentiality and immutability, blockchain technology has deemed as the right choice. We, Bitdeal - A leading Blockchain development company in India, having master level expertise by providing blockchain application development services to 100+ overseas clients around the world. Our blockchain app developers are adept at different blockchain platforms and are having expertise in providing a complete blockchain solution that best suits your business. We at bitdeal with an increasing number of expert blockchain developers can provide you with custom and offshore blockchain development services. To increase the quality of your blockchain project we can hire our dedicated blockchain developers with a set up of Offshore Development Center(ODC)

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We are proficient in understanding the way your business work,
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By leveraging this public ledger technology, industries can shape up their core functionality by bringing more security, traceability, immutability, and transparency. Based on the business nature, you can develop separate custom blockchain (I.e) permissioned blockchain for your interconnected networks. Only a limited number of persons can have the privileges to access the information provided within the network.

Decentralized management of data and information
Data can’t be hacked and incorruptible
Secured Eco-System
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Flexible to maintain complex records
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As blockchain started to vibrate its waves all over the globe, businesses & corporates have become the early catchers of this immense technology. Blockchain started to disrupt major industries, the use case of blockchain for each industry will vary. Entrepreneurs, startups, or organization must go through a complete study about blockchain technology and must learn the possible ways that they can incorporate blockchain into their business model. This must need proper consultation support. We at bitdeal provides you complete blockchain consulting services, which includes,

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6. Development consultations
7. Smart contract consulting

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1. 24X7 Support
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4. Extension of project duration
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