How Can We Benefit From Using Blockchain Technology?
How Can We Benefit From Using Blockchain Technology?
How can blockchain benefit your industry?
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With the growing popularity of computer technologies, many things that once seemed impossible became real, for example, contactless payments, e-commerce, and cryptocurrencies. Secure online transactions without any additional fees greatly influence all the financial industry and now all this is possible thanks to blockchain solutions.
We’re going to find out what Blockchain network is, why it is so popular, and how to integrate it into your own app.
Basic Blockchain Principles
In a blockchain network, different blocks contain data about transactions, trades, and contracts within the system in cryptographic form. For example, blocks may contain details about a financial transaction, medical records, or even voting results. All blocks are lined up in a chain and are interconnected, so in order to create a new block, the information about old blocks should be sequentially read first.
Allowing digital information to spread, but not be copied, the blockchain technology created the foundation of a new kind of Internet. The network was originally developed for the digital currency — Bitcoin — but the technical community is currently looking for other potential applications of this technology.
Benefits of Using Blockchain Technology
- Security. Blockchain is considered to be a highly secure system due to its digital signature and encryption. The system is specially designed to be secure, convenient, and tamper-proof.
- Fraud control. A system that is based on data stored in a number of places is immune to hackers; it’s not that easy to get access to it, and if so, any piece of information can be easily recovered
- Transparency. Banks, as well as the clients, are immediately notified about the completion of transactions, which is both convenient and trustworthy.
- No hidden fees. Forget about fees and commissions – as the system is decentralized, there’s no need to pay intermediaries.
- Access levels. Users have to choose between public blockchain networks available for anyone and the ones requiring permission where each node should be authorized first for the user to enter.
- Speed. Transactions are processed way faster than usual as there is no need to include payment systems, which reduce the cost and increases the processing speed.
- Account reconciliation. The validity of transactions is checked and confirmed by participants, thus, they also confirm their own authenticity.
Where Is Blockchain Being Used?
Although we mostly know about blockchain due to its application in the financial area, the network is currently implemented in the following spheres:
Finance. Blockchain technology mostly influenced fintech; it has greatly improved the speed of transactions, simplicity, and security.
Government. Blockchain technology is used for a series of political issues, for example, the storage of voting records.
Healthcare. Blockchain is a great tool when saving large amounts of patients’ confidential data, as well as securing it.
Education. Nowadays, blockchain solutions are used for simplifying the process of documents verification in the Californian Holbertson School, and many other institutions are on their way to implementing the network.
Integrating Blockchain Into an Application
A blockchain network can be integrated into mobile applications in the following ways:
1. Adding a Payment Service Provider
You may select a payment service provider for integrating the network into your mobile app. Such a service can be added to the application with just a few lines of code. Also, you can not only use cryptocurrency as Bitcoin but convert and transfer money you’ve earned to your bank account. The most popular service — BitPay — does not charge any commission, and the company provides API and specific tools to integrate BitPay in the application.
Other payment service providers are:
- BitPOS, which is a payment system used for online outlets;
- Coinbase that offers daily payments in US dollars and provides command buttons;
- Coinify supports Bitcoin payments and mobile control, and with the help of the system, you can issue an invoice in Bitcoins.
2. Using Services That Provide HTTP API
Ready-made options that offer HTTP API are another way to integrate blockchain into your application. With these options, developers don’t have to additionally integrate Bitcoin features as the system is already focused on offering a reliable infrastructure to its users. You may look for such systems as Helloblock.io that provide an API for addresses, operations, blocks, and wallets; or Insight.is — a source Node.js app based on the Bitpay network.
3. Create Your Own Blockchain Integration
Developing a Blockchain system from scratch implies creating an application with the help of programming languages, such as C, C +, C #, and Java, and using a number of cryptographic algorithms that are the fundamental basis of the blockchain. For the signature and verification of any data within the information block, various procedures that consist of complex arithmetic operations are performed.
There are a few libraries to help you, such as bitcoinj, a Java library for Bitcoin wallets, or toshi.io, which uses its API and integrates the system into the app.
Blockchain technology is quite new and still requires further improvements. However, there are already quite a few implementations of it to help users save time, money, and resources, not only in financial sectors but other areas such as healthcare, education, and more.
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