This technology is popular for high security, transparency, performance, and innovation. Therefore, the blockchain development market size is expected to reach $69B by 2030. This astonishing growth shows the amazing possibilities of these innovative technologies for different businesses.

Top businesses often hire a top Blockchain development company to select the most relevant Blockchain platform for their project. In this blog, we are going to talk about the top Blockchain platforms in 2023. 

Before we discuss the platforms, it’s important to understand Blockchain technology:

What Is Blockchain?

Blockchain is a decentralized technology that stores transactions and data in distributed ledgers. It records information in the form of blocks and distributes the entire data across the network. For this reason, there are multiple failure points that prevent the compromise of the entire network.

Blockchain technology has become a very innovative technology that is helping various industries store data with better transparency and security. It is the perfect solution for tracking accounts, transactions, orders, production, payments, etc.

For this reason, many innovative businesses consider taking Blockchain development services to innovate their processes, products, and services. 

Characteristics Of A Blockchain Platform 

Blockchain is a relatively new technology as compared with other legacy technologies. Thus, it would be highly advisable to hire Blockchain developers if you are planning to develop your Blockchain solution with a platform. These are some of the most important features of blockchain platforms; 

1. Highly Secure

Cybersecurity is a major concern in almost every industry around the world. And blockchain technology helps in improving security levels since its uses cryptography and decentralized structure.  Above all, this is a very robust method for ensuring protection from cyber criminals and fraud. However, it would be highly advisable to work with the best Blockchain development company to achieve such a level of security in your blockchain solution. 

2. Transparency 

Transparency has become a major factor for businesses to build trust among their users. Blockchain enables an application or system to improve its data processing through the distributed ledger and thus enhance transparency. The distributed ledgers are usually publicly available. It allows transactions after verifying users with pre-defined protocols. And thus, blockchain increases the transparency level in the application.

3. Amazing Tamper Proofing 

As mentioned above, it is not possible to tamper with the data or transactions present on the Blockchain. Any changes to the Blockchain network will be instantly visible to the participants. Thus, no change in the network will go unnoticed. In order to enjoy this feature in their solutions, many organizations work with a dedicated blockchain development company. 

4. Drastic Improvement in Efficiency 

Since blockchain is a decentralized and distributed technology it improves the efficiency of a system. It has been helping businesses to improve the speed and efficiency of their operations, products, and services. 

How To Choose The Best Blockchain Platforms?

Since blockchain is a complex and advanced-scale technology it consists of several factors to determine its reliability and quality performance. Below are the factors that you should consider while choosing the top blockchain platforms in 2023:

Speed of the Blockchain Platform

The speed of a blockchain platform determines how many transactions it can handle in a second. It is defined as TPS (transactions per second). The more a platform can handle the transactions the faster it would work.

For example, Bitcoin, the popular cryptocurrency, handles 7 transactions per second. Whereas, the Ethereum platform has the ability to operate 25 transactions, Ripple 1500, and Solana 29,000. 

But it is not necessary to choose the faster platform. Since it totally depends on your requirements and business goals. If you need a blockchain platform for a simple data management solution then you can go with a low TPS blockchain platform.  But if your requirement is bigger then choose accordingly. 

Functionality 

Blockchain development is a diverse domain. There are differences in terms of functionality and the working process of the platform. Every blockchain platform serves a particular purpose so you have to choose them as per your needs.

For instance, Ethereum, Bitcoin, and Ripple are primarily blockchain-based platforms. However, there are differences in their functionalities. Ethereum is mainly used for developing smart contracts to bring automation to business operations and create dApps. Ripple support in cross-border transactions. And Bitcoin is used as a virtual and decentralized currency. 

Security

Blockchain offers high-level security features. It is because blockchain is based on distributed and decentralized technology. However, it doesn’t mean you don’t need to pay attention to the security standards of the platform. Instead, you should check what security protocols and features the platform holds. 

Blockchain platforms are built on cryptography. How a platform has used cryptographic techniques to enable its security functions determines its reliability of platform security. Therefore, you should check what cryptographic methods the blockchain platform has used. 

How does the platform verify the data in its network and how often does the platform bring new updates and advancements? In addition to this, you should also see how the blockchain platform verifies the user’s identity and ensures the full privacy and security of data.  

Community Support 

The reliability of a platform is determined by how many people use it. As the use of blockchain development technology is being used across different industries the adoption rate of blockchain platforms is also increasing. 

Hence, you should see how many companies use the platform. The best blockchain development company always uses a trusted platform for developing blockchain-based solutions. Therefore, you should consider this factor while selecting a blockchain platform. 

The Number of Nodes

Nodes are the building blocks of blockchain technology. It constitutes the entire network in a blockchain system. Each node in a blockchain system or platform is responsible for verifying the data and allowing transactions or data exchange when all the nodes verify all the conditions in the platform. 

So the more nodes are available in a network the harder it would be to manipulate or modify the data. This makes the blockchain system strong in terms of security. But at the same time, it also makes the data verification process time-consuming. 

Thus, how many nodes the blockchain platform contains determines the security level and data processing speed. Hence, you need to analyze your needs accurately as to what matters the most-speed or security.

Top Blockchain Platforms

Blockchain platforms have become very important for effective Blockchain development. These are some of the most prominent Blockchain platforms that you should consider in 2023; 

1. Ethereum 

Ethereum, also known as ETH, has become a leading Blockchain platform for Blockchain development. Above all, it has been the dominant platform for developing Blockchain apps, decentralized markets, cloud games, wallets, NFTs, and much more. This platform is popular for its support for DApps and Smart Contracts to ensure effective scalability and smoothness. 

Recently, the Ethereum Blockchain made a shift from Proof-of-Work to a Proof-of-Stake consensus mechanism. Thus, it has become the favourite choice for developers, investors, and NFT traders. You can also build your Blockchain solution on this platform with the help of a blockchain development company. 

Key Features 

• Developers using this platform enjoy the benefit of rapid deployment. 
• They can also effectively use Smart Contracts and Turing completeness. 
• Tokenization features are also available when you use the platform. 
• Ethereum now works with a Proof-of-Work-based system 
• Traditional programming languages like Python and C++ can be used 

2. IBM Blockchain 

IBM is a well-known software and hardware company with decades of history. Businesses often hire Blockchain developers to use this platform in their innovative use cases. Above all, they get access to a full-stack Blockchain-as-a-service that enables the users to deploy Blockchain elements in a user-choice environment. Ultimately, users can use this Blockchain network to scale and grow their operations with the help of this Blockchain platform. 

Key Features 

• Users can use the 30-day trial to access this Blockchain platform 
• It works with the IBM Cloud Kubernetes cluster
• It works with a permission-based network 
• Languages like Java and GO can be used with the IBM Blockchain 

3. Hyperledger Fabric

Linux Hyperledger Fabric is an open-source blockchain development platform. It is an enterprise-class permissioned platform. It is suitable for developing high-end blockchain applications. Hyperledger Fabric works on a modular architecture and provides a wide range of plug-and-play components. 

Since it is a permissioned network, it verifies all the participants in order to join this platform. Top blockchain development companies even use Hyperledger Fabric to build complex and enterprise-scale blockchain solutions. 

Key features

• It has a permission membership which verifies each user before one joins the platform
• This is built on a modular architecture that gives better scalability and performance
• It can handle a high number of queries over an immutable distributed ledger

4. Ripple

Ripple is another famous blockchain development platform. It is based on blockchain mining that utilizes a consensus mechanism to validate the transactions. As a result, It helps companies reduce their blockchain development cost. 

Therefore, many enterprises and large-scale companies use Ripple for making cross-border transactions at reduced costs. Ripple also has its own cryptocurrency known as XRP or Ripple. This currency is scalable and offers faster transaction speed than other blockchain platforms. Its TPS speed is around 4-5 seconds which is really great. 

Key features 

• It offers faster transaction speed within 4-5 seconds
• It costs very low for completing a transaction
• This platform is built on a versatile exchange network having its own cryptocurrency called XRP
• It is used by big financial institutions like Bank of America and IndusInd Bank for crypto transactions

5. Corda

Corda is a highly versatile blockchain development platform that is used for a diverse range of blockchain development services. It is a permissioned blockchain platform. Its architecture is built on peer-to-peer distributed ledger technology. 

This model enables Corda to make various transactions in real time very efficiently. However, Corda does not use any cryptocurrency or in-built token for transactions like other blockchain platforms.

The best feature that makes Corda a useful platform allows various parties to work together within the same blockchain network system and execute all operations securely and efficiently. Participants can develop smart contracts and deploy them quickly and seamlessly.

Key features

• Coda offers great support for open-source blockchain development. 
• It is highly secure and keeps data fully protected from external threats
• This platform is 100% interoperable and compatible with other blockchain networks for doing transactions
• It provides enterprise-scale blockchain development capability for diverse use cases

The Bottom Line

With the growing use of blockchain technology across different industries, the need for blockchain development platforms is increasing. Businesses today now look for fast, scalable, and efficient platforms for various use cases. And the way usage of blockchain platforms has increased in 2023, the global blockchain market is expected to reach $67.4 Billion by 2026.

Therefore, utilizing these platforms is certainly the need of the hour for solving many business requirements. But since a blockchain platform comes with complex abilities so you would need expert assistance to perfectly using these platforms. And this is where MobileCoderz comes in. 

Why Choose MobileCoderz for Blockchain Development?

MobileCoderz is the best blockchain development company in the industry for delivering high-grade blockchain solutions. Here, we have certified developers and software engineers who are experts in using all the popular blockchain platforms for any business purpose. We can not only help you make the best use of popular blockchain platforms but also build you a custom blockchain solution for any business objectives. 

Just Schedule a Call and Speak Directly with Our Blockchain Experts Now.

The post Top Blockchain Development Platforms to Watch Out in 2023 appeared first on MobileCoderz.

And what is that?

‘Blockchain bridges’

The current smart contracts, dApps, and cryptocurrency work on a single blockchain network. It allows data exchange and transactions within the same network. It means stakeholders or users can’t share or transfer any assets to other blockchain networks but in the same application.

The existing blockchain ecosystem works like an airplane that accepts all kinds of assets within the same space but it can not move its assets to other airplanes.

And there was a drastic need for an effective interoperability solution that could reduce the gap between two different blockchain applications. So, it enables them to share or transfer any digital assets. But with the emergence of blockchain bridges, communication and data transfer between two different blockchains is possible now.

Blockchain bridges not only empower blockchain development companies to build cross-chain solutions but also enable businesses to maximize their profits and efficiency through cross-chain blockchain technology.

In this blog, we will discuss blockchain bridges. What is it and how blockchain bridges benefit businesses.

Introducing Bridges in Blockchain

A blockchain bridge is primarily a connection or network bridge between two different blockchain applications. It enables them to transfer or exchange cryptocurrency, tokens, data, or any kind of digital asset from one chain to another chain.

Blockchain bridges basically eliminate the interoperability limitations in the current blockchain ecosystem. It is because in the traditional blockchains it is not possible to move data or tokens from one blockchain to another blockchain.

But blockchain bridges make it possible very efficiently and effectively. With the help of bridges, two smart contracts built on different networks can now communicate with each other. Therefore, blockchain bridges are also known as cross-chain bridges. 

Examples of blockchain or cross-chain bridges

• Binance Bridge
• Celer cBridge
• Autobahn Network
• Umbria Narni Bridge
• Multichain
• Wormhole

Types of Blockchain Bridges

Although all blockchain bridges work for the same purpose-to allow data exchange or transactions between two individual blockchains. However, based on their functioning, they are divided into two categories which are mentioned below. 

1. Trusted bridges

Trusted bridges are centralized bridges that rely on a central entity or mediator for executing the cross-chain transactions. In trusted bridges, users or stakeholders hand control over their assets like cryptocurrency, funds, or data to a bridge operator or bank.

This central entity plays the most important role in permitting the cross-chain data exchange because they verify and allow the transaction. However, they are not supposed to identify and prevent fraud or cyber-attacks on this transaction. If the trusted bridge is compromised then data and assets could also be compromised.

Hence, cross-chain applications are less secure on trusted bridges. But since trusted bridges are easy to be implemented and can be customized as per specific requirements it gives fast and cost-efficient cross-chain solutions. Trusted bridges could be used for large volume transactions and data exchange. 

Examples of Trusted Blockchain Bridges

• Binance Bridge
• Polygon POS Bridge
• Avalanche Bridge

2. Trustless bridges

Trustless bridges are decentralized blockchain bridges that do not rely on a central entity. It depends on machine algorithms like smart contracts to execute the cross-chain transaction. This kind of bridge works like a real-life blockchain.

It is because the trust is placed on smart contracts and cryptography to verify the execution of a transaction. This is achieved by the bridge itself or by the smart contract on the destination chain network.

Examples of Trustless Blockchain Bridges

• XDEFI Wallet
• Wormhole 
• Multichain

How do Blockchain Bridges Work?

To understand how a blockchain bridge works let us consider two blockchain networks-  Blockchain A and Blockchain B.

When there is a need for transferring tokens from Blockchain A to Blockchain B, a bridge is developed to lock the token on Blockchain A. This bridge actually doesn’t transfer the tokens but mints a new token or coin on the other chain. So, in this scenario, the total number of exchanging tokens remains constant and the exact number is divided across the two chains.

As a result, if blockchain A has twenty tokens and then transferred five tokens to blockchain B, blockchain A would still have twenty tokens but with five tokens locked. And blockchain B would have five more.

The owner of the minted tokens (blockchain B) can redeem these minted tokens at any time. They can also either burn it or destroy the minted tokens from blockchain B and unlock or release them on blockchain A. It is because blockchain A always possessed a locked copy of each share token. Its value remains the same as blockchain A’s market price.

Lock-and-Mint Process

Therefore, this token exchange process is referred to as “lock-and-mint” or “burn-and-release”. In this process, the quantity and cost of shared tokens between two blockchain networks remain the same.

You can also learn the functioning of blockchain bridges in popular blockchains. For example, bitcoin and Ethereum are the two biggest cryptocurrency networks. Each network has different rules and protocols. 

If a user has bitcoin and wants to transfer some of its bitcoins to Ethereum, then a blockchain bridge will be required to execute the transfer process. Here, the blockchain bridge will hold the coin and make equivalents in ETH for the other side user. 

So in this process, none of the cryptocurrencies either Bitcoin or Ethereum moved anywhere. Instead, the amount of bitcoin (BTC) that is decided to transfer is locked in a smart contract and gives encrypted access to an equal amount of ETH to other users. 

Benefits of Blockchain Bridges for Businesses

Since the blockchain domain ever developed it was facing a significant interoperability limitation. Blockchain applications lack the ability to communicate with other blockchain applications for sharing tokens or data. 

But with the help of blockchain bridges, cross-chain communication or transaction is now possible. As a result, this interconnected network enables blockchain owners to exchange cryptocurrency, tokens, or data smoothly. 

While cross-chain bridges are generally used for transferring tokens. But the fact is blockchain bridges can do many things such as converting smart contracts, transferring data, exchanging cryptocurrency, and a lot more. 

A cross-chain bridge enables users to access new blockchain protocols on other chains. So cross-chain bridges work as the biggest influential factor in improving interoperability in the blockchain industry. 

Therefore, businesses tend to hire blockchain developers for developing cross-chain bridges for many business purposes.  Let’s take a look at the major benefits that blockchain bridges provide to businesses. 

1. Cross-chain transaction

This is the foremost advantage of cross-chain bridges. In the current blockchain development, every blockchain application is developed in a single-protected ecosystem. It has its own set of rules and consensus protocols.

This not only creates limitations for every blockchain but also restricts them to a defined network. And due to this, there is no scope for direct communication or any kind of transaction that could take place between blockchains.

Here, blockchain bridges eliminate these interoperability limitations and enable the blockchains to communicate and exchange data from one chain to another. So stakeholders or users can now easily exchange their tokens while saving huge commissions or fees incurred on third-party crypto-exchange platforms. 

2. Reduce network traffic

Cross-chain or blockchain bridges enable blockchain owners to minimize traffic on congested blockchains. For example, the Ethereum ecosystem generally faces heavy traffic congestion for token exchange.

By using bridges the transactions can be done individually. As a result, the network traffic on Ethereum gets reduced and users achieve fast and hassle-free cross-chain transactions from Ethereum to another blockchain. This also contributes to reducing the costs involved in blockchain development solutions. 

3. Minimizing Monopolization 

Cross-chain development helps in setting balanced competition and market stability by minimizing monopolization by big blockchain entities. At present, Bitcoin and Ethereum are the world’s most used and famous cryptocurrencies. 

They both account for over 65% of the overall market share in the cryptocurrency market. Due to their dominance, the room for new companies remains less. And therefore, bridges here work like a boon for new cryptocurrency owners who want to start their own venture in the current market. 

4. Enhanced Interoperability in dApps

With blockchain bridges, blockchain developers get better capability to enhance interoperability in their dApp development.  They can create innovative protocols and build effective dApp development solutions with cross-chain bridges. 

5. Scalability and Cost savings

Blockchain bridges help blockchain companies and crypto owners save costs in transaction fees and achieve better scalability. As the usage of blockchain technology is increasing, different networks will require great support for handling high transaction volumes and giving faster processing. 

With blockchain bridges, companies can develop scalable and stable cryptocurrency. They can create strong blockchain applications that can handle large-volume transactions and network traffic. Besides this, crypto users can exchange their assets on an expensive network like Bitcoin or Ethereum for the low-fee blockchain platforms. 

6. Empower DeFi

Blockchain bridges empower Defi and the fintech app development. With the growing scale of DeFi and fintech applications, the need for cross-chain communication between different DeFi platforms and fintech solutions is highly needed. 

And this is where bridges empower DeFi and fintech with cross-chain communication and transaction ability. So it is not only beneficial for business owners but also for customers who want more opportunities to earn better ROI from platforms. 

Are There Any Risks Associated with Blockchain Bridges?

Yes, there are some risks associated with blockchain bridges. Despite the kind of advantages blockchain bridges provide since it is still evolving it comes with several critical challenges as mentioned below. 

#1. Risk in smart contracts

Smart contracts are widely used by companies and businesses for exchanging or transferring data on a decentralized network. These smart contracts drastically need cross-chain communication to share data from one smart contract to another smart contract.

But since smart contracts depend on self-implementing algorithms to enable their core functionality. Any poorly optimized smart contracts can develop security vulnerabilities. As a result, the transaction between smart contracts could be exploited by hackers or bad actors. 

#2. Censorship

This risk is associated with trusted bridges. It is because the control of a cross-chain bridge lies in the hands of a single entity. They have the access or capability to stop the transfers of assets through the cross-chain bridge.

#3. Data Theft

Data security is a vital risk in cross-chain communication, especially in trusted bridges. Since governing members or the bridge owner have the power and accessibility to come together and steal data from their individual blockchain platforms. 

Final Thoughts

Blockchain bridges have set out to be a game changer in blockchain development. This cross-chain technology empowers blockchain users with unprecedented data and crypto exchange abilities.

Both users and business owners get immense benefits in terms of better interoperability, cross-chain communication, and reduced crypto exchange costs.

Therefore, the demand for more efficient and powerful cross-chain bridges is increasing significantly. However, it is still in the evolution stage, businesses will need expert assistance for developing the secure and reliable blockchain bridges. 

As a renowned blockchain development company, we use all the latest and popular tools and blockchain development technologies to build custom and industry-specific blockchain solutions like dApps, smart contracts, DeFi protocols, NFTs, and crypto exchange solutions. 

Our developers are familiar with current cross-chain technology to build effective and secure blockchain bridge development solutions for any purpose. Whether it is data transfer or cross-chain crypto exchange we can do it efficiently. We have already assisted many companies and crypto owners globally with customized cross-chain solutions.

The post How Blockchain Bridges Are Beneficial To Businesses? appeared first on MobileCoderz.

Previously, this Blockchain used to consume the same amount of energy as the entire nation of Chile. Even environmentalists had criticized the electricity-intensive method of minting in the ‘Proof of Work’ model and its massive impact on the environment in the era of climate change and global warming. 

In this blog, we are going to discuss everything you need to know about the latest Ethereum Merge. 

Key Takeaways from the Ethereum Merge That You Should Know 

• Ethereum Merge is the smooth transition of the consensus system from Proof-of-Work (POW) to Proof-of-Stake (POS). 
• It is expected that this transition of consensus mechanism will result in reducing 99% of energy costs related to Ethereum transactions. 
• The ecosystem will be moving from the current Ethereum Mainnet to the new Ethereum Beacon Chain. 
• The Ethereum Merge was scheduled on September 15, 2022.

What is Ethereum Merge?

It took 8 years of preparation for Ethereum to finally adopt the Proof of Stake model. Ethereum Merge is the shift from legacy POW to POS system. As a result, now the energy consumption levels will drop by 99%, and scalability will be a lot easier with Ethereum Merge. Lastly, this new Ethereum ecosystem is known as Ethereum 2.0.

The shift to a new consensus model will need staking and locking up. Therefore, the Ether tokens of the ecosystem will remain the same for the investors and stakeholders. However, it might open up new opportunities for Blockchain development. 

The operations of the Ethereum-based applications will also remain exactly the same. However, during the Merge process, the users might not be able to transfer their Ethereum-based assets. 

Before we understand the details of Ethereum Merge, it is important to learn the difference between Proof-of-work and Proof-of-stake. 

Understanding PoW and PoS 

Both methods are ideal for validating cryptographic transactions on a Blockchain network. These two components of Blockchain technology are very important for cryptocurrency transactions and security. 

They help in ensuring that the users are honest with the transactions and make it super hard and expensive for bad actors on the Blockchain. Therefore, both are important systems for reducing frauds like double-spending.

What is Proof-of-Work?

Proof-of-Work (POW) is a decentralized consensus ecosystem that requires huge computational power. Moreover, it was the original crypto consensus mechanism that was first used by the Bitcoin cryptocurrency.

Virtual miners play a significant role in verifying the transactions on a Blockchain by solving complex mathematical puzzles. The first person to solve the math puzzle to verify transactions is then rewarded automatically with a determined sum of crypto.

This consensus mechanism is a very powerful method of verifying transactions. Plus, it is also being used by leading cryptocurrencies like Bitcoin and Ethereum (till now). Therefore, it is a very robust approach to securing a decentralized Blockchain. With the increasing value of cryptocurrencies, more miners are getting incentives to join the network. Their contribution is very useful for the Blockchain to improve its security and power. 

However, Proof-of-Work is a very energy-intensive process. Therefore, it can lead to severe environmental impact and trouble in scaling to verify a large number of transactions. This was the major reason behind the Ethereum Merge. 

What is Proof of Stake?

The Ethereum Foundation knew the potential limitations of the Proof-of-Work consensus mechanism from the inception of its Blockchain. In fact, they had a clear idea about the scalability issues that would come in the future with the growing popularity of the Ethereum platform. 

The rapid growth of decentralized finance (Defi) has also made the Blockchain struggle while keeping up with the demand. As a result, they had to increase the transaction fees to sustain the Blockchain. 

The Proof-of-Stake system has similar functionality to Proof-of-Work’s mining. It also requires a network participant to add and verify a batch of transactions on the Blockchain to receive some crypto as incentives.

A Blockchain with a Proof-of-Stake mechanism requires a network of ‘validators’ who will be responsible for contributing or staking their own crypto to get the chance to validate new transactions, make updates to the Blockchain, and earn incentive rewards. 

Workflow of Proof-of-Stake System 

• The Blockchain network will select a winner based on the sum of crypto each participant has in the pool and the duration of time they’ve had it in their possession. Therefore, this system rewards the most invested participants. 
• Once the winning participant has validated the latest block of transactions, other participants can ensure that the block is genuine and accurate. When a considerable number of attestations are made, the Blockchain will get updated. 
• All the participants in the validation process get a reward in the form of a native cryptocurrency. This amount is distributed to participants of the network depending on their stake.

Proof-of-Work Vs. Proof-of-Stake

In order to understand the difference between Proof-of-Work and Proof-of-Stake, this comparison will help you out;  

Importance of POS for the Ethereum Blockchain

While the Blockchain of Bitcoin is usually used for processing the flow of Bitcoin transactions. Ethereum’s Blockchain is responsible for processing a wide variety of Defi transactions, NFT minting, stablecoin smart contracts, and a lot more.

Basically, the Ethereum Blockchain provides limitless possibilities to developers. For these extensive use cases, the implementation of Proof-of-Stake was important to ensure a less resource-intensive and faster consensus mechanism. Ultimately, the main goal behind Ethereum Merge was to maximize the speed and overall efficiency while reducing the fees. 

Vitalik Buterin, the creator of the Ethereum Blockchain, already said in a YouTube Livestream that this is the first major step in Ethereum’s big journey to becoming a very mature system. However, there are still a lot of things to improve in the Ethereum ecosystem, such as privacy concerns. 

What is Ethereum 2.0? 

Ethereum 2.0, also popularly known as the Eth2, will be the Blockchain’s new name after the consensus process shift. After completing the update to Eth2, the Blockchain will be able to avoid bottlenecks and security flaws and process a higher number of transactions. 

The Beacon Chain was launched in 2020 as the Proof-of-Stake mechanism for the Blockchain network. This chain will become fully operational for the Blockchain once the Ethereum Merge is finally live. Moreover, it will function as the controller of the new network of Ethereum and will also manage every process of the PoS protocol. 

ETH vs. ETH2: Clearing the Misconceptions 

ETH2 is not a new cryptocurrency itself; instead, it just refers to the latest Proof-of-Stake system or network that will support the Ethereum Blockchain. ETH will continue to remain the only native cryptocurrency of the Ethereum Blockchain. You don’t need to get into confusion by thinking about ETH2 as a new cryptocurrency. 

Effect of Ethereum Merge on Investors

Although the Ethereum Merge won’t be providing instant benefits in the form of a faster network or lower transaction costs. However, the investors are likely to see benefits in the long term. 

The Ethereum Merge will lay the foundation for future upgrades in terms of speed, scalability, feed, innovation, and development. Moreover, faster transactions and lower fees can eventually attract more users and investors to the Blockchain. It might also have an impact on the value of Ethereum’s native cryptocurrency. 

The increasing number of investors might decrease the supply of Ether in the long run. With the decrease in Ether supply, the value of the cryptocurrency will shoot up. This would be a piece of great news for the potential investors who might invest in this platform. 

What Will be The Environmental Impact of the Ethereum Merge?

The Ethereum Merge will be a massive relief for the environment. In fact, we can expect a reduction in energy consumption by up to 99% with this shift from PoW to PoS. Before this shift, Ethereum’s carbon emissions were the highest, along with some other prominent Blockchain networks.

The latest shift toward the Proof-of-Stake mechanism would be an attractive aspect for environmentally conscious investors. Moreover, it could even contribute to reducing Global Warming. 

It Might End the Role of Miners

The original Bitcoin network introduced in 2008 focused on an idea of a decentralized ledger. This idea focuses on having a single immutable record of transactions. Any participant of the Bitcoin Blockchain would be able to access this record without having the need for intermediaries. 

Ethereum also works on the same idea as Bitcoin. It also used Smart Contracts and computer programs that would connect the world a create a global record for data. This innovative approach also led to the birth of NFTs and decentralized finance (Defi). 

The Ethereum Blockchain is responsible for empowering a lot of industries apart from just the finance industry. Therefore, this also gave birth to miners who were responsible for consuming energy to validate the transactions on the Blockchain. 

The end of the Proof-of-Work system might also mean the end of miners who competed against each other to verify the transactions on the ledger. Now it all depends on the stake one is willing to take in the Ethereum ecosystem.

The constant growth of the current Ethereum ecosystem also meant the rise of competition between the miners. Thus, mining became incredibly hard with the Proof-of-Work approach. Today, crypto mining is mostly done on huge farms consisting of tons of computers that solve cryptographic puzzles. This legacy system was actually an ideal solution for the Bitcoin miners who spent thousands of dollars buying the best computer hardware for mining purposes. 

However, building such farms for mining was never a good step for the environment. Not only did it create a significant increase in energy consumption, but it also gave birth to the problem of rising e-waste and expensive computer hardware. Therefore, this was only leading the Ethereum ecosystem to become a toxic environment narrative. The gradual shift towards the POS system would mean the end of Ethereum miners and good news for the environment. 

The Rise of Stakers 

Ethereum’s new system of Proof-of-Stake is drastically changing the transaction validation process. For this reason, the miners are completely fading away from the Ethereum ecosystem, while stakeholders now have incredible opportunities. 

The validators or stakeholders will play a major role in verifying each transaction on the Blockchain. Each validator needs to ‘stake’ at least 32ETH on the Ethereum Network. Here, these cryptographic tokens cannot be bought or sold. 

We can say that these staked tokens will work like lottery tickets for the stakeholders on the Blockchain. Therefore, by having higher stakes in the network, they are more likely to get the opportunity to write a ‘Block’ present on the digital ledger. In this way, the stakeholders will have a prominent role in the proper functioning of Ethereum. 

This concept of Proof-of-Stake for the Ethereum Blockchain isn’t new. In fact, the Beacon Chain (chain behind POS) was first introduced by Ethereum in 2020. However, this waited until validators were ready for the switch to Merge. It will ensure the effective transition to Proof-of-Work in the Ethereum network. 

The Potential Risks of Ethereum Merge

Crypto experts have already discovered several risks with the Ethererum Merge. In fact, this is the biggest update that ever took place in a crypto Blockchain network to date. These are some of the risk factors that might impact Ethereum Merge:

1. DoS (Denial-of-Service) Vulnerability 

With the shift towards a PoS model, the Blockchain network might be susceptible to a denial-of-service attack. For instance, a potential attacker waiting in line to propose the next block in the Blockchain can launch a DoS attack on the current proposer’s node resulting in them losing their slot. Ultimately, the transactions present in the slot will be picked up by the attacker. However, the Ethereum Foundation is already in the talk to make the proposer section anonymous.

2. Staking in ETH Might Result in Centralization 

Staking in a Blockchain is not limited to an individual level. In fact, investors are taking a huge interest in Staking pools. These pools have become the ideal solutions for investors who don’t have the needed 32 Ether to participate in the Blockchain. They can use these groups of investors to raise funds to become a validator on the network. Therefore, centralized entities can play a major role in influencing the validators working on the nodes. Ultimately, this might lead to censorship or governance takeover of the Ethereum Blockchain.

3. New Scams

People are still unaware of the ETH2. Thus, many crypto wallets and applications are referring to the Merge as an entirely new platform. Whereas, ETH2 is misinterpreted as a newly formed cryptocurrency. However, in reality, the cryptocurrency, Ether, is still the same on the Ethereum Blockchain. Scammers might take advantage of this confusion by asking users to upgrade their ETH coins to ETH2 coins. However, in reality, they would be only stealing the Ethers from the users. 

4. There Could be ETH Price Drop 

Not everyone is still ready for the Merge; plus, we have also discussed some potential risks of the Ethereum merge. Therefore, this could lead to a sudden price drop of Ether and also other cryptocurrencies which are based on the Ethereum Blockchain. 

Why it Took So Long to Implement Ethereum Merge?

The Ethereum Foundation had already planned to implement Ethereum Merge around 2 years ago. In fact, they had already developed the Beacon Chain for enforcing this new consensus method. However, it isn’t possible to forcefully push all the users to the new chain.

To solve this problem, they had also coded a “difficulty bomb”, a computer program that will make the ETH mining process much harder until they connect to the new Beacon Chain. However, such drastic measures could have catastrophic implications on the entire crypto economy.

In fact, any mismanagement of time and processes can lead to the collapse of the entire network. As a result, a lot of people can lose their investments and NFTs present on the Ethereum Blockchain. Thus, the developers of Ethereum took enough time to encourage people to prepare for the massive merge.

Moreover, Ethereum will also suspend all the transactions on the Blockchain an hour before the Merge. This would reduce the risk of disruption and disputes. 

How the Merge Was Executed?

Ethereum’s “Bellatrix” update was introduced on September 6, 2022. This update is meant for preparing the Beacon Chain technology to adopt the broader network.

Next, the developers had to work on unlocking the entire Ethereum network to solve all the minded blocks. After this, the Ethereum Merge execution with Beacon Chain will be finally completed. Ultimately, this process will force all its users to use Beacon Chain. 

The Future of Ethereum Blockchain 

The shift from PoW to PoS will be a drastic change in the Ethereum ecosystem. Every application and cryptocurrency (based on Ethereum) will get affected by this transformation. Moreover, this is a very positive change for the conservation of our environment. 

The post Everything You Need to Know About the Latest Ethereum Merge appeared first on MobileCoderz.

Moreover, Blockchain is regarded as the safest technology for tracing data and handling complex records of transactions. This technology also guarantees better transparency in the production process and delivery of the finished products. Above all, it is believed that Blockchain will significantly change the traditional supply lines and quality control processes and improve regulatory standards. In this blog, we are going to discuss the role of Blockchain in manufacturing industry. 

Implementing the technology in manufacturing can result in the following impact; 

• Improved monitoring of the supply chain with better transparency 
• Better means to detect and fight counterfeit 
• Support in designing high-complexity products 
• Improvement in identity management 
• Accurate tracking of assets 
• Improvement in quality assurance 
• Regulatory compliance  

Before we understand the detailed impact of Blockchain, let’s discuss the technology first. 

What is Blockchain?

Blockchain is a decentralized ledger technology used for keeping track of transactions present on multiple nodes of a network. Since the data is present on multiple computers, so it is present on an immutable ledger. 

Blockchain technology is known for providing the best solution for the instant delivery of information on an immutable ledger with better transparency and security. Only permissioned members on the network can access this data. Instead of using a centralized server, Blockchain technology heavily relies on decentralization. Therefore, it has become an amazing solution for tracking accounts, payments, transactions, orders, production, etc. 

For this reason, many prominent businesses consider investing in Blockchain development to innovate their processes and workflow. Therefore, Blockchain in manufacturing industry could be an ideal solution for many challenges as well. 

Why is Blockchain So Popular?

Since it is the latest technology, many industries prefer to invest in Blockchain development. It would open up a lot of possibilities for different industries from diverse industries. These are some remarkable benefits of Blockchain technology;

1. Security 

Blockchain is known for providing users and businesses with superior security. Above all, this is only possible with the help of a decentralized architecture. It ensures better protection from cyberattacks and fraud. However, you will need to hire the right experts to handle the Blockchain development of your project. 

2. Transparency 

Decentralization of the data makes it tamperproof. Therefore, Blockchain will give you amazing transparency and trust. An unauthorized or single authority cannot alter the data present on the Blockchain. In fact, there must be a consensus among the participants of the Blockchain to make changes. 

3. Tamper Proofing

As we mentioned above, tampering with the data present on a Blockchain is instantly visible. Therefore, tampering without anyone noticing will be impossible with Blockchain. Many businesses hire a Blockchain development company just to enjoy this feature. 

4. Improved Efficiency

The ability to instantly verify and manage transactions on the Blockchain makes it incredible for improving the overall efficiency of a business. 

Impact of Blockchain in the Manufacturing Industry 

Apart from the above-mentioned benefits of Blockchain, it can have a significant impact on the manufacturing industry. For instance, Blockchain would be very helpful in connecting the ledgers from a supply chain to enhance the overall efficiency and accuracy while tracking a product. 

• Improvement in Tracking and Tracing of Assets

The manufacturing company might have a huge and complex supply chain. Moreover, a lot of distributors and stakeholders are involved in a supply chain. Using Blockchain technology can drastically streamline the operations and accuracy of various operations. 

Above all, Blockchain technology gives end-to-end visibility and a single source of information to all the stakeholders of the supply chain. Building a mobile app for the manufacturing industry with Blockchain could resolve the common problem of lack of trust among the stakeholders. Therefore, efficiency and effectiveness could be guaranteed with Blockchain technology. 

• Better Protection of Intellectual Properties 

When you are running a manufacturing business, you might have some trade secrets or intellectual properties. These secrets help you to innovate better and gain a competitive edge over others. The leak of such ideas and secrets could lead to legal issues and patient disputes.

The effective use of Blockchain technology could be a lifesaver for companies to provide the ownership of an I.P. Moreover, the use of NFTs can be super effective in determining the ownership of the information or I.P. It will provide a unique certificate in the form of an NFT to prove the ownership in a dispute. Effective Blockchain development is necessary to develop NFTs for your business. 

Let’s discuss NFT to understand how it can be used for protected intellectual properties; 

What is an NFT? 

A Non-Fungible Token is basically a cryptographic or digital asset present on a Blockchain network. It can either be completely digital or can be used to back up real-world assets like real estate or artwork. Above all, NFT present on a Blockchain is encrypted and has a unique code. 

However, NFTs are quite different from cryptocurrencies because they can’t be replicated or divided into multiple smaller units. Blockchain developers use complex encryption codes and digital signatures to protect NFTs against hacking, theft, hacking, etc. 

Therefore, it makes complete sense to implement NFTs to secure intellectual properties from duplication, leaks, or other disputes. 

Which Features of NFTs Will Help the Manufacturing Industry to Protect their I.P.? 

Having a Blockchain development company by your side will help you ensure the effective implementation of NFTs in your manufacturing business. These are some of the best-known characteristics of NFTs that you will protect your I.P.; 

a. Indivisible 

It is not possible to divide an NFT into smaller denominations. Thus, an NFT is always meant to be a single and unique entity. In contrast, it is possible to divide cryptocurrencies into smaller units. 

b. Authentic 

Each NFT is meant to have a valid owner. Therefore, there couldn’t be any confusion about the ownership of an asset stored in an NFT. The ownership can only be transferred and verified instead of getting distributed. 

c. Non-Interoperable 

Each NFT present on a Blockchain will have a different value. Therefore, it is not possible to exchange them with other NFTs. Your I.P. will have better assurance of security with the non-interoperable nature of NFTs. 

d. Tradable 

It is possible to trade an NFT with the help of cryptocurrencies. However, the sale must be made on a valid NFT marketplace with smooth transactions. Thus, you can safely sell your I.P. to someone if necessary. 

e. Programmability 

Your team of Blockchain developers can have the complete freedom to customize an NFT with full creativity and innovation. Therefore, NFTs can be used for storing the most complex intellectual properties. 

• Improvement of Quality Checks with Simplification 

Quality control is a major issue in the manufacturing industry. Ensuring quality helps an organization to provide better value to the customers and maintain its reputation in the market. Blockchain development can allow these organizations to provide complete transparency and documentation related to the quality control of the processes and the final product. 

Customers can also be given a copy of these reports to get complete details about the quality control measures. With Blockchain, customers will have immutable documentation of practices behind the production process. 

Above all, the database present in a Blockchain will help in identifying individual products, tags, each transaction, modification, or quality check on the final product. Having a mobile app for the manufacturing industry will help many organizations to have automated quality checks. 

The effective use of Blockchain in manufacturing might remove the need for internal quality control to ensure the checks are performed by another supplier. Moreover, there could be a reduction in audits by central authorities and equipment manufacturers. Ultimately, automation in the quality control process would improve the overall efficiency of the manufacturing process. This is only possible when you have been working with effective Blockchain development. 

• Using Machines as a Service 

It takes a huge investment to set up a manufacturing plant to produce something. There are a lot of machines and workforce that work together to create the final product. 

Implementing Blockchain in manufacturing can help businesses to achieve a pay-per-use model for their machinery. Just like SaaS, they can rely on a new model known as machine as a service (MaaS). 

Instead of purchasing the entire machine for production, the machinery owner can charge on the basis of usage. Therefore, the rent for the machine will be dependent upon the output it generates. 

For example, instead of selling an entire unit of a blower, the owner will sell the blown air by volume. For this reason, the manufacturers will be able to save a lot in the production process instead of spending on large upfront investments. Accordingly, they can upgrade the equipment to gain access to the best technology available later. Effective Blockchain development will make the MaaS model a reality. The manufacturers will be able to scale their production incredible with flexibility and effectiveness. 

• Applying Automated Machine-Controlled Maintenance 

Timely maintenance is a major issue in the manufacturing sector. Any delay or negligence in maintenance can lead to a halt in production or inefficiency. Blockchain in manufacturing could be very useful in supporting automated service agreements and shorter maintenance times. 

This innovation would help organizations deal with the increasing complexity of heavy production machinery on a timely basis. Above all, they can rely on service agreements and installation documents to create a digital twin of a device in the Blockchain. 

Blockchain development would allow complete automation in the execution and payment of scheduled maintenance. Any machine that needs maintenance can automatically raise a service request. Then, this request would be transformed into a smart contract to fix the device or find a replacement part. Upon fulfilment of the request, payment would be automatically released to the right party. 

A prominent Blockchain development company can also help manufacturing companies implement immutable documentation of the complete maintenance history of the equipment. However, such automation of maintenance of machinery is still in the early development phase. Ultimately, it would drastically improve the health and reliability of the equipment and provide a better assessment of the machinery. 

Real-World Use Cases of Blockchain in Manufacturing Industry

You can also implement similar use cases in your manufacturing business with the help of Blockchain developers. These are some of the popular use cases of Blockchain in manufacturing; 

# Brilliant Earth: A Transparent Diamond Supply Chain

The diamond industry is infamous for sourcing diamonds from unethical resources and measures. In fact, a lot of child labor is also involved in diamond mining. And, it gets incredibly hard to trace the source and measures of mining along with the complete supply chain. 

The consumers literally don’t have any transparency to ensure that the diamonds are harvested with ethical measures. Enter Brilliant Earth, a popular maker of diamonds and fine jewelry. They have successfully created a measure to track the supply of their diamonds with the help of Everledger Blockchain. 

The effective use of Blockchain in manufacturing has enabled them to track the origins of their diamonds securely. Moreover, the customers also have a better assurance of their responsible practices while harvesting the diamonds. 

Their Everledger Blockchain provides complete tracking with supporting documentation, including bills, certifications, and other important information. Ultimately, effective Blockchain development has made their supply chain more transparent, ethical, secure, and reliable. 

Their customers have more detailed information about their Blockchain-enabled diamonds. In fact, they are able to browse the descriptions of individual diamonds, the chain of custody, critical insights, and other valuable information. Some of their offerings even have 360-degree videos to attract potential buyers. Ultimately, consumers are able to make better purchase decisions with the help of Blockchain in manufacturing. 

# Walmart and Merck: Ensuring Drug Safety and Authenticity

The pharmaceutical industry has a huge responsibility to check the safety and authenticity of its manufactured drugs and medications. A single mistake could lead to the loss of hundreds of lives. Above all, ensuring consumer safety has been one of the most prominent use cases of Blockchain in manufacturing. 

Walmart and Merck are already working on a Blockchain with the help of KPMG and IBM to enhance their drug safety and security program. The U.S. Food and Drug Administration’s Drug Supply Chain Security Act would be monitoring this pilot project program as well. 

The FDA is also working with the help of Blockchain developers to define the testing methods and technologies behind an interoperable electronic system. Merck as a drug manufacturer, and Walmart, as a leading U.S. pharmacy, want to improve the efficiency of the supply chain. 

Both IBM and KPMG are providing consulting services to these pharma companies with their expertise in information technology. The whole point behind this system is to ensure that their drugs are authentic from the source to the point when they are sold to consumers. 

Implementing Blockchain in the manufacturing sector would create an augmentative layer in the supply chain. For this reason, drug manufacturers would be able to have unit-level visibility for better assurance of security. However, manufacturers need to spend hours in Blockchain development to ensure such robust architecture. 

The involved companies have already completed the pilot program. In this program, Blockchain has proved the ideal technology to meet FDA’s special requirements for identifying, tracing, and tracking the drugs and prescribed medicines. Ultimately, this would improve drug safety and patient safety as well. 

# FFF Enterprises: Ensuring Returns of Saleable Drugs

Along with verifying the safety of the supply chain of pharmaceutical drugs, Blockchain in manufacturing also helps in ensuring safer returns of drugs.

FFF Enterprises Inc., an innovative pharmaceutical distributor, has built a Blockchain network known as the MediLedger. Above all, this Blockchain network aims to have effective verification of sealable drugs. Moreover, it was also built for the pharmacy industry and is a part of the DSCSA pilot program. 

The Blockchain powered ecosystem would be very useful for tracking and tracing US-prescribed drugs. Moreover, they have been testing and developing different digital products to execute on a Blockchain network that helps companies to comply with the DSCSA regulations.

In their Blockchain ecosystem, it is mandatory for all the returned medicines to have unique product identifiers. Accordingly, these product identifiers must be verified with the manufacturers so that distributors can resell them again. MediLedger has already been deployed commercially to verify the salable drug items. Above all, every returned drug can be verified at the unit level to ensure. Therefore, it would also help the authorities to learn about the items that are being put back into the stock and resold. 

The MediLedger would be a great help to ensure that returned drug is actually coming from the person who bought it in the first place. Above all, this is only possible with the help of distributed ledger technology enabled by a private messaging network. This smooth communication layer between the involved parties would be very helpful in the product verification process. 

# Bumble Bee Seafoods: Complete Tracking Info to Consumers

Today’s consumers often demand insights to learn about the origins of their food. Moreover, the meat and seafood industry is infamous for malpractices. Therefore, Blockchain in manufacturing can provide better visibility to the food supply chain. 

Bumble Bee Seafoods, a prominent seafood company, is using SAP’s robust cloud platform to completely trace the journey of yellowfin tuna in the supply chain. Therefore, this Blockchain is responsible for tracking the entire journey of the fish from the oceans near Indonesia to local retailers in the U.S. 

Blockchain’s incorruptible and verifiable characteristics help Bumble Bee Seafood safely share critical data between the parties. Above all, the Blockchain allows consumers to track the complete journey and history of their seafood products. They just have to scan the Q.A. codes placed on the tuna bags. 

Effective Blockchain development is helping Bumble Bee Seafoods to show their efforts in sustainability and traceability efforts. Ultimately, users get the assurance that the seafood has been farmed ethically. 

# Naturipe Farms: Delivering Fresh Fruits

Blockchain in manufacturing has the potential of true potential to provide insights into a company’s sustainability practices. For this reason, Naturipe Farms is using an SAP Blockchain platform for tracking the blueberries from the source of harvesting to the dinner table.

After plucking and packing the blueberries from the farm, Q.R. codes are carefully placed on the crates of the fruit. Thus, consumers can scan Q.R. codes of individual packages to learn about the origins of those berries. Plus, they can also obtain information on the sustainability practices on the farms. 

Handwritten notes usually do the current process of tracking fruits. This traditional process can cause delays in delivering the blueberries to the consumers. However, this is not an ideal solution since Blueberries have a very short shelf life. Effective Blockchain development ensures easy capturing of data and a smoother supply line. 

# Tony’s Chocolonely: Forced Labor-Free Chocolate

Cocoa beans are mainly found in African countries such as Ghana and the Ivory Coast, which produce almost 60% of the global cocoa production. However, the supply chain of this industry isn’t very clean. In fact, it often includes malpractices such as child-labor or slave-labor.

An Amsterdam-based company, Tony’s Chocolonely, has been working on a pilot program with the help of Accenture to develop a private Blockchain. This network is getting tested with the supply chain partners present in the Ivory Coast region.

Socoopacdi and Ocean have been testing the Blockchain system to enter data related to cocoa bean collection, local traders, and international traders. Through this system, Blockchain can be effectively used to track the batches of the beans through the supply chain.

Tony’s Chocolonely now has a fully operational method of tracking the journey of its cocoa beans in the supply chain. Ultimately, this is only possible with the help of effective Blockchain development. 

Many more companies in the chocolate industry realize the importance of Blockchain in tracking the supply chain. For this reason, hiring a prominent Blockchain development company would be a sensible decision. This would help you to innovate your supply chain in manufacturing industry. 

What is the Future of Blockchain in Manufacturing Industry?

The blockchain in manufacturing industry is responsible for empowering hundreds of other industries. In fact, it is getting massively transformed with innovative technologies like A.I., Machine Learning, IoT, and Blockchain. With the growing maturity of Blockchain technology, manufacturers will be able to overcome the common challenges faced while manufacturing products. 

Effective Blockchain development from skilled Blockchain developers will help businesses to ensure more efficient operations, openness in data sharing, and collaboration. Machinery will be more connected to the internet to achieve better efficiency and effectiveness. 

Traditional supply chains will be transformed with more cost-effective solutions that focus on reducing paperwork and increasing speed. Having Blockchain technology would drastically improve the standards, improve trust, and speed of the production process. Moreover, it would be less dependent on human validation at every step of the manufacturing process. 

Hiring MobileCoderz for Blockchain Development 

Blockchain is a very complex technology with a lot of tools and frameworks. Thus, it won’t be advisable for you to develop a Blockchain-based app on your own. Hiring a prominent Blockchain development company like MobileCodez would be the ideal choice to get the best implementation of Blockchain technology in your business. Above all, we have extensive experience with the technology and have helped multiple clients from diverse industry verticals to implement innovative Blockchain solutions. 

The post How Can Blockchain Revolutionize the Manufacturing Industry? appeared first on MobileCoderz.

In this blog, we are going to learn how you can build your own NFT marketplace like OpenSea. 

Before we talk about the process of building an NFT marketplace like Open, we should learn a few things about NFTs. 

What Is An NFT?

An NFT or a Non-Fungible Token is basically a cryptographic asset present on a Blockchain network. Content creators and individuals can mint their own NFTs for any digital asset such as video, image, artwork, audio, etc. However, it is also possible to use NFTs for backing up a real-world asset like real estate. Every NFT is encrypted with the help of a unique code.

Unlike cryptocurrencies, it is not possible to replicate an NFT on a Blockchain. However, you can just change the ownership of NFTs. Furthermore, complex digital signatures and encryption codes are used for creating protection against hacking, duplication, and theft.

Key Features of NFTs

Each NFT product on a marketplace is unique. For this reason, they attract a lot of investors, businesses, and collectors. These are some of the key characteristics of NFTs; 

1. Indivisible 

You cannot divide an NFT token into smaller denominations. However, this is possible with other cryptocurrencies. 

2. Authentic 

Every NFT must have a valid owner. The ownership could be transferred and verified accordingly.

3. Non-Interoperable 

Each NFT will have a different value. Thus, it might not be possible to exchange them like other popular cryptocurrencies like BTC, Ether, or XRP. 

4. Tradable 

It is possible to trade NFT tokens with the help of numerous cryptocurrency exchanges. Trading platforms like an NFT marketplace can provide practically limitless trading facilities to NFT owners and investors.

5. Connected with Various Blockchain Ecosystems 

Today’s NFTs are known for being amazing digital collectables that can work with various standards such as ERC1155 and 721.

6. Good Liquidity 

Due to the limitless possibilities of trading without losing any value, NFTs provide high liquidity. For this reason, even mainstream internet users might have an interest in purchasing NFTs. 

7. Programmability 

Building an NFT is a long and complex process. However, the creators can unleash their creativity by exploring crafting and generating possibilities. 

What is Meant by NFT Marketplace Development?

NFT marketplace development is the long process of creating a store where users can buy or sell NFTs with ease. Moreover, the final stores have an interface and user flow just like traditional eCommerce stores. However, every trade is done for virtual items, unlike real-world products. 

In order to build your own NFT marketplace, you have to hire Blockchain developers from a prominent Blockchain development company. These developers would often use innovative Blockchain technologies like Binance, Ethereum, Solana, Smart Chain, etc.

Open Sea: A Successful NFT Marketplace

Today, there are tons of NFT marketplaces to choose from. However, OpenSea stands as the largest digital marketplace for crypto collectables and NFTs. Both entrepreneurs and content creators are able to participate in the next-generation digital ownership and digital economy of the future. In fact, it is the perfect example of quality NFT marketplace development. 

The platform enables users to buy or sell collectables with ease. However, the users have to set up a wallet in order to make any purchase from OpenSea. 

OpenSea Market Overview 

• OpenSea has over 1 million active users on its NFT marketplace
• There are more than 80 million types of unique NFTs present on the platform 
• Around 23% of the total traffic of OpenSea comes from the United States of America 
• OpenSea generated total revenue of $365 million in the year 2021. 
• OpenSea currently holds a market value of $13.3 billion 
• The average trading value of OpenSea is more than $260 million 

Reasons Behind the Popularity of Open Sea

Content creators and users often use NFTs for representing any original artwork to earn big profits. Above all, OpenSea has been one of the first players to develop an NFT marketplace for the active trading of NFTs.

These are some important reasons why OpenSea is different from other NFT marketplaces; 

1. Multiple Wallet Support

OpenSea is known for supporting multiple wallets such as MathWallet, MetaMask, TrustWallet, etc. In fact, having an integrated wallet is one of the most important features of NFT marketplaces . 

2. Currency Support

OpenSea is known for supporting more than 150 cryptocurrencies like ETH, WETH, and many more.

3. Affordable Service Fee

Unlike other NFT marketplaces, Open Sea provides remarkably affordable services at a 2.5% commission and service fee. Moreover, this is comparatively low compared with other NFT marketplaces.

4. Better Security Standards

OpenSea uses robust Blockchain standards to secure the NFTs. Thus, users can ensure better security while buying or trading NFTs on the OpenSea platform. 

Important Features For NFT Marketplace Development

If you are planning to develop an NFT marketplace like OpenSea, then you have to hire marketplace developers who can implement the following features; 

• An Amazing Storefront 

A storefront of an NFT marketplace is like a homepage where you will have your NFT exhibition. Furthermore, to make it informative, you can include critical information such as owner information, token name, pricing info, description, and more. Above all, you can make the design incredibly appealing with the help of a prominent NFT marketplace development company. 

• Advanced Search Options 

Search options provide the most relevant search results to ensure better user engagement. Therefore, Thus, your development team must include advanced filters and customization options. Ultimately, the user experience will also be much superior when you have such advanced integrations. 

• Smooth Digital Payments 

Just like a traditional eCommerce website, an NFT marketplace should also provide multiple payment options to the users. For this reason, payment methods should include both fiat currencies and cryptocurrencies for added convenience.

• Easy Filtering 

Making the best use of filters helps users to easily categorize the NFTs on the marketplace. In fact, the shopping experience is much superior when you enable the users to categorize NFTs accordingly. In order to implement such functionality, you should hire Blockchain developers with proper certification and skills.

• Custom Notifications 

When you are developing an NFT marketplace like OpenSea, then it becomes important to implement custom notifications. Above all, these notifications are very useful for notifying users about the sale of digital assets, special offers, new bids, and other important updates. Ultimately, having the right NFT marketplace developers can help you implement such special features into your marketplace.

Different Monetization Strategies to Build an NFT Marketplace Like OpenSea 

When you are investing money in NFT marketplace development, you have to create a monetization strategy which will ensure ROI. These are some of the most prominent strategies that you should consider while building an NFT marketplace like OpenSea;

• Transaction Fees 
• Initial Setup Fees 
• Minting Fees 
• Listing Fees 
• Bidding Charges 
• And more!

The Development Process of NFT Marketplace

Working on the Blockchain itself is not an easy task. It requires extensive experience and skills for proper NFT marketplace development. Moreover, there are multiple technology stacks and tools required for creating an NFT marketplace like OpenSea. 

To simplify the development process, we have divided it into eight critical key phases; 

1. Defining the Niche of Your NFT Marketplace 

Every NFT marketplace focuses on a specific niche of digital assets. This helps the marketplace owners to fulfill the needs of specific communities instead of being a jack of all trades. Before starting NFT marketplace development, you have to determine the digital assets that you will be selling or trading on your marketplace; 

• Music 
• Images 
• Videos 
• Trading Cards 
• Domain Names 
• Games 
• Collectables 
• Social Media Posts 
• Digital Artwork 
• Virtual Fashion Items 
• Property Ownership Rights 
• And more! 

2. Working on the UI Design of the NFT Marketplace 

Even before you think about the core functionalities of your NFT marketplace, you need to focus on the UI/UX design. Above all, a beautiful and user-friendly UI is the key to creating a good first impression.

You have to think from a user’s point of view while designing the user interface of your NFT marketplace. For this reason, everything on your marketplace should be easily accessible and easy to understand. 

It would be highly advisable to hire a Blockchain development company to help you analyze every aspect and purpose of the NFT marketplace development. Moreover, they will be working with various wireframes and prototypes to provide the ultimate design suitable for your NFT marketplace. 

Some of the Best NFT Marketplace Designing Practices 

Designing the interface of an NFT marketplace is just like eCommerce app designing. In fact, you have to follow almost the same principles in NFT marketplace development. However, you should also pay some attention to the interesting design trends in the crypto industry. 

These are some of the current trends in the crypto and blockchain industry;

• The smart use of black backgrounds
• The right implementation of bright colors like yellow, pink, and purple 
•  The effective use of futuristic elements in the design, 

However, before going over the limits, you should know that the design can significantly impact the NFT marketplace development cost. Plus, it is also important to ensure that your platform meets the needs of every user, from novices to NFT gurus. Therefore, these are some must-follow practices in NFT marketplace development;

• Smooth and thoughtful user experience 
• Straightforward user navigation flows 
• Consistency of design throughout your NFT marketplace
• Responsive design to ensure scalability on various devices 

3. Choosing the Right Technology Stack 

Before starting NFT marketplace development, you must understand that your platform will cater to a large audience’s needs. Therefore, the technology stack must provide a seamless experience, fast page loading speed, and handle heavy loads. 

You can hire NFT marketplace developers to get complete assistance while choosing the technology stack to meet the quality standards and software requirements. 

These are known as some of the best technology stacks while building a typical NFT marketplace; 

• • Platform: Blockchain, Amazon Web Services (AWS) 
  • Programming Languages: JavaScript, TypeScript, Python, Solidity, etc
  • Libraries, Tools, and Frameworks: Django, Redux, React, REST framework, Docker, Kubernetes, etc. 
  • Database and Storage Solutions: Filecoin, PostgreSQL, IPFS 

The Architecture of The NFT Marketplace

These are some of the most important architectural components that you must include during NFT marketplace development; 

A Marketplace Application

Your NFT marketplace should have a mobile or web application to ensure the smooth trading of NFTs. 

– Wallet

You can hire Blockchain developers for integrating a cryptocurrency wallet that ensures storing, exchanging, and sending of digital assets. 

– NFT Metadata

Each NFT present on your platform must have the metadata (details). 

– IPFS

It is an InterPlanetary File System required for effectively storing from various distributed networks. 

– Smart Contracts

Each NFT present on your platform will require a unique identifier for verification. Thus, Smart Contracts are deployed to provide such unique identifiers. 

– Blockchain

This technology will create the foundation of your NFT marketplace to enjoy the benefits of decentralization and secure transactions. 

4. Determining the Features of Your NFT Marketplace 

You have to decide the features that you will be including in your NFT marketplace like OpenSea. This will help you target your customers with better offerings and assurance to engage them for long periods of time. Accordingly, these are some of the most prominent features that you should include during your NFT marketplace development for a seamless experience;  

There are some Critical User Side Features; 

• NFT Showcase 
• Online Auction 
• Search Engine and Filters 
• User Wallet 
• Popular Collections 
• Listing 
• Payment Methods 
• Notifications 
• Support 

These are some critical admin side features; 

• Information Panel 
• Website user Management 
• Platform Management 
• Automatization 
• Reports 

5. Hiring the Right Technical Professionals 

You’ve three options when it comes to building your NFT marketplace development team. Either you can build a dedicated in-house team, hire freelancers, or outsource your project to a top Blockchain development company. 

The last option is always more cost-effective and efficient. In fact, it will provide you with better clarity on your budget and long-term goals. The hiring of tech professionals depends on the requirements and scale of your NFT marketplace. Therefore, the Blockchain development company should allow you to individually handpick professionals from their team. You will need developers, designers, QA professionals, and project manager/s. 

6 . Creating an MVP 

Before building the entire NFT marketplace, it would be if you are able to develop a functional MVP. Thus, by having minimum essential features, you can determine the viability of your NFT marketplace. Furthermore, this would also help you understand how your platform reacts to the features that you are implementing. 

You will be able to dodge potential risks and technical errors that might compromise the success of your platform. Moreover, you can take instant measures to eliminate the flaws and even reduce the NFT marketplace development cost. 

7. Core NFT Marketplace Development 

The core development process will include the implementation of features and technology stacks to develop your own NFT marketplace. Your development team should be following the Agile methodology to ensure a smooth development flow with adaptability to change. The NFT marketplace developers will be providing you with constant updates about each milestone of the development process. 

8. Testing and Launch 

Testing is a very important process to ensure that every function of your NFT marketplace is working properly as you had intended. Your NFT marketplace developers should organize multiple test cases to test the performance, integrity, reliability, security and resilience of your NFT marketplace.

It is also a good idea to release a demo version of your NFT marketplace to obtain some constructive feedback from real-world users. Moreover, you can also rely on user engagement metrics to improve and make alterations in your NFT marketplace. It will also help you to keep up with the changing market trends and user requirements.

Promising Niches for Your NFT Marketplace that You Should Consider

EdTech Industry

Education businesses can rely on NFTs to sell their lesson plans, courses, and lectures online on NFT marketplaces. Blockchain technology can greatly benefit content creators in effectively tracing distribution and usage.

• Investment Projects 

An NFT marketplace can also be used as a stock exchange trading platform for tangible assets and securities trading. For this reason, the owners have to tokenize the assets and gain permission from the regulators. 

• Authentication Keys 

We can also use non-fungible tokens as access keys for various products and content. Your NFT marketplace can work as a trading platform for these assets. 

• Luxury Items 

Counterfeiting is a huge problem for luxury goods such as shoes, clothes, jewellery, watches, etc. Using an NFT token for each item could be a great measure for providing authenticity and ownership rights.

NFT Marketplace Development Cost Like OpenSea 

There are multiple internet and external factors that might determine the total cost of developing an NFT marketplace. In fact, It is very hard to provide you with an accurate estimate of NFT marketplace development cost. Accordingly, factors like technology stacks, development timeframe, the scale of the marketplace, and features can have a huge impact on the total development cost.

Still, to provide you with a rough estimate about the budget to build an NFT marketplace like OpenSea, this chart will give a good clarification. 

How MobileCoderz Can Help You With NFT Marketplace Development?

If you are planning to develop an NFT marketplace, then you have to hire Blockchain developers from a prominent NFT marketplace development company like MobileCoderz. We have an expert team of developers, designers, QA professionals, and project managers who can streamline your development process with ease.

Our Blockchain development company has extensive experience with Blockchain technology, NFTs, Smart Contracts, edge computing, and more. These are some key benefits of choosing MobileCoderz for NFT marketplace development; 

• Military-grade security protocols 
• Complete transparency in development 
• Quick support and dispute solutions 
• Custom UI/UX according to your choice 
• Customizable features implementation 
• Cross-platform compliance 
• Ready-to-use integrations

Common FAQs Related to NFT Marketplace Development 

1. How are NFTs different from cryptocurrencies? 

NFTs are cryptographic assets present on a Blockchain with encryption and identification codes. Therefore, each NFT is different from the others with a unique identity. Unlike cryptocurrencies, NFTs cannot be duplicated or exchanged at equivalency. For this reason, you can just change the ownership of NFTs. 

2. What can I tokenize with NFTs? 

We can tokenize almost anything to an NFT. In fact, we can also associate NFTs with real-world assets such as real estate or gold. Thus, you just have to list your NFT on a marketplace for trading. 

3. What are the reasons behind the popularity of NFTs? 

These are some of the prominent reasons behind the popularity of NFTs; 

• NFTs give value to virtual assets like digital art or other media 
• They can have volatility 
• NFTs have become a good medium for trading among investors 
• NFTs are gaining popularity among the mainstream audience 

4. Can NFTs be replicated? 

No, unlike cryptocurrencies, it is not possible to replicate NFTs because each NFT is encrypted with a unique cryptographic code. The code of this NFT is stored in a Blockchain network in an immutable form. 

The post How to Build Your Own NFT Marketplace Like Opensea? appeared first on MobileCoderz.

The global mHealth market has already reached $38.2 billion in 2021. In fact, Blockchain in healthcare industry can have multiple benefits for both healthcare institutions and patients. From patients to doctors, almost everyone has started to rely on digital medical applications for convenience and precision.

In this blog, we are going to discuss how Blockchain technology can impact the healthcare industry. 

Before learning about the impact of Blockchain in the healthcare industry, we should learn about the technology first. 

What is Blockchain Technology?

People often associate the term Blockchain with cryptocurrencies like Bitcoin or Ethereum. However, Blockchain has a wider use than cryptocurrencies and the finance industry. It is a decentralized technology that facilitates distributed private and public ledgers to businesses or individuals. Therefore, in Blockchain development, the transactions are recorded across various computers. For this reason, no central authority or individual can alter the data retroactively. 

This makes Blockchain more transparent and immutable than other technologies. Many industries such as finance, entertainment, healthcare, education, and others are implementing Blockchain technology. For this reason, many emerging and innovative businesses are preferring a Blockchain development company to develop their solutions.

Breaking Down Blockchain Technology 

These are some important concepts and definitions that will help you better understand Blockchain development; 

1. Ledger 

A ledger is basically a digital record of transactions that helps individuals to track and analyze the data in real-time. Moreover, a ledger is also responsible for accounting for the transfer of ownership or proving ownership of an asset or currency. 

2. Block

A block is a large unit of collection of data that is responsible for storing a collection of transactions. Further, a collection of these Blocks arranged in an order completes the infrastructure of a Blockchain. 

3. Hash 

We can say that a hash is just like an equivalent of a fingerprint, it creates a unique impression and is very helpful in detecting any alterations in a file. In fact, it is the most important component to make a Blockchain secure. 

4. Consensus Mechanism 

It is a complex process used for defining an agreement about sets of data among various users and nodes. Proof of Work is one of the most popular consensus mechanisms around the world. 

5. Miner 

A minder is a Blockchain participant or a node responsible for solving complex cryptographic problems. They have to process data in order to validate a particular block to be added to a Blockchain. Ultimately, they receive a reward for their cryptographic efforts.

The Global Impact of Blockchain Technology 

Blockchain development is a rising trend in the IT and business world. In fact, it has led to the following impact; 

• It has been estimated that there are over 300 million cryptocurrency users around the world.
• DeFi (Decentralized Finance), a major component of Blockchain, has gained a market share of $20 billion as of January 2021. 
• As an emerging concept, Cryptoeconomics is now known as a recognized academic subject. 
• Non-fungible tokens (NFTs) have become major tokens for asset trading and are selling for millions of dollars. 
• Decentralized Autonomous Organizations (DAOs) are becoming more common in the global economy to provide better transparency and immutability. 

Why Could it be a Game Changer?

Blockchain is an innovative and revolutionary technology that can help different industries in resolving critical challenges like; 

. Transparency Issues

Many industries have a huge problem with transparency when it comes to daily operations. When you hire Blockchain developers, you are able to achieve a high level of transparency with every transaction. 

. Issues with Immutability 

It is quite possible for an individual or a central authority to alter the data present on a centralized digital solution. However, Blockchain development makes the data unalterable by anyone present on the Blockchain. Therefore, this could be a remarkable blessing for critical medical data in the healthcare industry. 

. Security Issues 

A centralized database is considered a heaven for hackers around the world. When you hire Blockchain developers, you are able to distribute your data in a decentralized database. This type of database is more secure and least susceptible to hackers and breaches. 

. High Transaction Costs 

Online transactions are often expensive with the involvement of third-party intermediaries. Thus, implementing Blockchain removes these third parties and enables peer-to-peer transactions. Ultimately, this is very effective in reducing transaction costs.

. Guarantee of Innovation 

The traditional server technologies have been there for almost 3 decades. Thus, they might have reached their maximum maturity and potential. In contrast, Blockchain technology is relatively new and provides a great scope of innovation for businesses. In fact, it can help you develop an innovative healthcare business model and compete with traditional healthcare companies. 

The Role of Blockchain in Healthcare

The traditional healthcare companies have already understood the potential of Blockchain for the healthcare industry. In fact, the total revenue of Blockchain in healthcare might touch $1415.59 million by 2024. Thus, this astonishing figure gives us evidence that healthcare institutions will continue to search for the best healthcare app development services with Blockchain technology.

Let’s examine the potential impact of Blockchain in healthcare; 

• A Decentralized Healthcare System

Security and transparency have become major issues in the healthcare industry. Both medical institutions and patients want to protect their critical data. Blockchain in healthcare can provide an almost hack proof decentralized system. 

Since the data is stored in multiple nodes, it becomes almost impossible to hack or breach the data for cybercriminals. Moreover, healthcare institutions don’t have to rely on their in-house servers to store and process medical data. Everything can be managed from the cloud while maintaining complete decentralization. Thus, the scope of data being damaged by man-made or natural disasters also gets eliminated. 

Healthcare institutions can save a lot in power bills and invest in other important tasks like research or improving the infrastructure of their establishments. 

• Access Data from a Single Source 

All the transactions are stored on the Blockchain and any update can only be made by getting confirmation from the majority of the participants. Therefore, data cannot be altered unexpectedly without consent. This gives you the assurance of 100% authenticity and security on the data. 

Medical researchers can drastically improve their research and studies by relying on Blockchain technology. Above all, Blockchain in healthcare allows them to access medical data with ease. 

• Real-Time 24×7 Access to Data 

Unlike traditional databases and servers, there’s no downtime with Blockchain technology. Thus, medical professionals can use a Blockchain database for storing vital patient data like heart rate, blood pressure, blood sugar, vitamin count, etc. 

This critical data can be accessed instantly with the effective use of IoT and wearable devices. The robust architecture of a Blockchain server allows authorized personnel to access the data in real-time. Thus, medical professionals are also able to monitor patients 24*7 who are prone to high risk. By knowing the right healthcare app development process, you can ensure real-time access to this critical data. 

• Blockchain Makes Everything Cost Effective 

Third parties and intermediaries often charge a hefty price for providing specific services. Thus, you can instead hire a prominent Blockchain development company to build a Blockchain for cost-effective transfer and fetching of data.

The user of Blockchain for transferring data and making transactions removes the intermediaries to achieve more cost-effective services. For this reason, Blockchain technology is becoming a prominent technology in the healthcare sector. 

• Achieve Consistency with Smart Contracts 

It is true that every medical institution might have different guidelines and protocols for implementing something. Thus, it becomes important to bring consistency and uniformity in facilities and negotiations.

This could be a major step in creating a global healthcare system that works with uniformity and consistency. Blockchain for healthcare can help these institutions to develop consistent rules and processes for different organizations to gain access to patient data.

A Smart Contract is a digital contract that is enforced by an individual or an organization to digital verify, facilitate, or negotiate. Thus, these contracts could be very helpful in bringing some consistency to the healthcare industry across the world. 

What Could be the Most Innovative Use Cases of Blockchain in Healthcare?

So far, we have discussed the impact of Blockchain in the healthcare sector. However, it is also important to learn about the real-world use cases of Blockchain for healthcare. These could be the best possible applications; 

a. Effective Supply Chain Management

Many industries are already using Blockchain technology in their supply chain to streamline their processes. Interestingly, the supply chain in the healthcare industry is insecure and non-transparent. There’s a huge process of manufacturing to supply the drugs to the retailers which takes place without any real-time information.

Substandard and counterfeit medications are also a major problem for consumers and pharmaceutical companies. For this reason, many companies are reaching a prominent healthcare development company to develop effective supply chain management systems. Implementing Blockchain can resolve such issues in a single go. 

b. Verifying the Ingredients of Medicines

Drug manufacturers can implement Blockchain in healthcare to keep track of all the ingredients used in the drugs. Thus, they are able to ensure that the used ingredients are up to the quality standards and protocols. 

c. Traceability of Counterfeit Drugs 

The effective use of Blockchain technology in the pharmaceutical businesses can help to fight against counterfeit drugs. In fact, businesses can have better traceability of such counterfeiting and find the source as well. 

d. Medical Records Management 

Managing and maintaining millions of medical records has become really challenging with the traditional technologies. Thus, Blockchain development could be very effective in ensuring the proper management of medical records. Medical records stored on a Blockchain work as proof that they can’t be changed. Thus, medical institutions can be assured that their records have a high level of integrity for medical and legal purposes. 

e. Research and Treatment Methodology

Blockchain could be a great technology for research purposes. In fact, the researchers rely on transparent patient data to draw better conclusions for their research and studies. Thus, Blockchain in healthcare can have a significant benefit for medical researchers who dedicate hours to their research. Ultimately, the treatment methodologies can also be drastically improved for the patients.

f. Patient Identification 

In the healthcare industry, it is quite common to have errors or duplication of patient records. Moreover, each medical institution having its own EHR (Electronic Health Record ) makes the management of patient records even harder. 

Things are a bit different when you have the entire data present on a distributed ledger. For this reason, it won’t be possible to make alterations or duplicate records without the consent of all stakeholders present on the Blockchain. 

g. Claim Settlement 

Medical insurance is a billion-dollar industry. However, frauds and fake claims are quite common in the medical insurance processes. For this reason, many insurance businesses consider taking healthcare app development services to build effective smart contracts. These digital contracts are effective in defining and enforcing the terms and conditions between the insurance company and patients. Above all, Blockchain technology is very reliable in facilitating the processing of claims in real-time. You can also hire Blockchain developers if you want to make the claim settlement process less prone to fraud.

h. Assistance to Different Business Models 

Blockchain in healthcare can provide assistance to pharmaceutical companies, pharmacies, and healthcare professionals. In fact, this technology has the potential to create different business models by integrating with the various processes in the healthcare industry. 

• Assistance to Pharmaceutical Companies 

Proper Blockchain development will enable the pharma companies to gather real-time data to develop better products and improve the quality of treatments. Moreover, Blockchain in healthcare can also enable them to provide customized services to patients. 

• Assistance to Pharmacies 

Blockchain in healthcare can certainly help pharmacies to better manage the flow of supply and demand. In fact, by getting real-time information about the inventory and deliveries, they can streamline their sales. 

• Assistance to Healthcare Professionals 

These professionals can take advantage of Blockchain technology to easily access and monitor accurate patient data. Moreover, wearable devices can also assist them to obtain real-time patient vitals and upload them directly to the Blockchain storage.

Blockchain and Telemedicine 

The Telemedicine business has become a major business in the healthcare industry. Thus, telemedicine businesses are also taking the best advantage of Blockchain development to innovate their services. In order to develop an innovative telemedicine application, you should take help from a healthcare app development company. These are some long-term benefits of implementing Blockchain in telemedicine applications; 

#. Data Sharing Will be Secure 

It doesn’t matter how many security protocols or encryption methods you are following if your data is stored on a centralized server, Blockchain can provide secure measures for data sharing. In fact, both patients and doctors can transmit personal data on the ledger with the power of decentralization. Thus, no single party has the control or ability to manipulate or steal the data. 

#. Advanced Healthcare Services 

The implementation of Blockchain in healthcare can innovate the existing healthcare services. In fact, you can expect remote patient monitoring, auto payments, effective data management, smoother insurance services, distant treatment and more. Above all, the right Blockchain development company can help a telemedicine business to digitally transform itself. 

#. Effective Data Management

Data is a very critical element for telemedicine businesses. In fact, heavily rely on real-time data to optimize their services, personalization, and marketing efforts. Data science with Blockchain can be super helpful for telemedicine companies to revolutionize their processes. Therefore, data management becomes more cost-effective, secure, and transparent with Blockchain in healthcare. 

#. Increased Transparency 

Telemedicine companies often face problems with transparency in their services and operations. Thus, Blockchain development can provide unrivaled transparency for telemedicine businesses. Moreover, using smart contracts also becomes possible in a telemedicine app when we implement Blockchain technology. Thus, it would be highly advisable to hire Blockchain developers to achieve this transparency for your telemedicine business.

#. Innovation Guaranteed 

These days people prefer businesses that embrace innovation with the latest technology. This helps telemedicine businesses to build trust and loyal customers. Above all, Blockchain is already a buzzword in the market with so many companies rushing to consult a Blockchain development company to build Blockchain solutions. 

Therefore, implementing blockchain in your telemedicine application can improve brand presence and give the impression of innovation to the users. 

Summing Up 

Blockchain in Healthcare is set to bring drastic changes to the healthcare industry. It would automate various processes, improve patient care, and help in revenue generation for medical institutions. Therefore, it could be the perfect time to consult a leading healthcare app development company like MobileCoderz. They have an extensive team of Blockchain developers, designers, QA professionals, and project managers. 

Apart from having a robust and skilled team, they also have an extensive portfolio of clients from diverse industry verticals. Thus, you can have the complete assurance of quality work with a world-class development team. 

The post How Blockchain Technology can Impact the Healthcare Industry? appeared first on MobileCoderz.

If not then probably you are ignoring a powerful combination.

Blockchain and AI are the two advanced technologies that have the potential to transform your business on a large scale. Blockchain is decentralized and distributed ledger technology that records information in blocks. AI or artificial intelligence leverages computation programming and data to enable a system to perform complex work combined with human and computer abilities. 

And when AI is used in blockchain, the capability of blockchain technology gets enhanced. Many blockchain development projects like IPwe, Numerai, SingularityNET, Matrix AI have used AI. By integrating AI in their blockchain development they have witnessed impressive results.

So if you are planning to implement blockchain technology to build business solutions. Then, you should know how using AI in blockchain can help you improve your business.

In this blog, we will explore and discuss what are the benefits of integrating AI and blockchain.

Understanding Blockchain and AI

Blockchain is a decentralized and immutable distributed ledger technology. It provides secure, transparent, shared, and immediate exchange of encrypted data across the blockchain network to several parties.

A blockchain-based application or software tracks data, orders, payments, accounts, transactions, production, and much more. Blockchain allows only permissioned members or parties to share a single network. So, it enables them to build trust and security in their data exchange or transactions.

Artificial intelligence (AI) is a computational system. It combines the power of computers, data processing, machine learning, and deep learning to build advanced scale solutions. AI leverages the computer and human intelligence to create a mimic or simulation of human-like capability in an application or software.

Top Blockchain development company uses AI in building custom blockchain-based software, web and mobile applications that require automation capability. And therefore, businesses are using this great combination in various industrial use cases. So, 

What is the link between Blockchain and AI?

Well, blockchain is a decentralized technology that stores information in blocks across a defined network. On the contrary, artificial intelligence is a centralized technology whose functioning is completely different from blockchain.

So you might find it difficult to understand how AI can be used in blockchain.

Well, it’s true. Integrating artificial intelligence into blockchain is indeed a complex process. It requires great programming and appropriate integration of both technologies to build perfect solutions.

Blockchain works as a distributed ledger network. It records data in the form of blocks that have unique encrypted values. A blockchain application allows transactions when each block verifies the data. Thus, a chain of connected peer-to-peer networks is created. As a result, it prevents data from external or unauthorized manipulation.

AI leverages the ability of different computational technologies to simulate the mixed ability of human and computer intelligence. Hence, AI here can assist blockchain in enhancing the ability and data processing of transactions. By using AI in blockchain businesses can improve the power of their applications with the following benefits

• Enhancing business data models
• Building smarter decentralized finance 
• Globalized verification systems
• Accurate adults and robust compliance systems
• Data monetization
• Data protection
• Building large-size data sets
• Intelligent computing power
• Secured digital intellectual property rights
• Advanced predictive analysis

Real-life examples of AI in blockchain

1. Botchain– A blockchain and AI-powered system that help developers leverage the power of AI solutions. 
2. Matrix AI– A renowned blockchain and AI-based application that is used for auto-coding, dynamic delegation networks, and more. 
3. SingularityNET– A full-stack AI-based decentralized protocol that helps companies leverage AI features. 
4. Numerai– An AI-based cryptocurrency project that solves critical data science problems.
5. FINALIZE– a fintech software that utilizes blockchain and AI to build fintech applications. 
6. BLACKBOX AI– It allows developers to build business solutions using AI and blockchain. 

How AI can enhance the ability of Blockchain Solutions?

AI and blockchain are two different technologies that have unique abilities. Artificial intelligence is dynamic and enables a system to work with automated capability. And when it is integrated with blockchain it enhances the ability of blockchain solutions. Let’s take a look at how AI helps you improve your blockchain-based business solutions.

1. Improve data encryption

AI can assist blockchain in enhancing the ability of encryption. Artificial intelligence enables a system to utilize high-end computation programming. Many software development companies have used AI in creating high-standard encryption algorithms for the use of AI in blockchain programming. This has helped them to build a robust web or mobile application with the combined power of AI and blockchain.

Some blockchain development companies are now using top AI trends in 2022 to build complex blockchain applications that offer great security in data exchange and transactions. Some blockchain startups have implemented AI in making smart data processing algorithms with AI in their blockchain platforms.

2. Easy blockchain management

Blockchain applications are built with different algorithms and methodologies. It uses high-level programming languages and coding to implement blockchain-based functionality. As a result, it requires an effective mechanism to handle the application properly and efficiently.

In this case, AI enables blockchain developers to manage blockchain-based applications flawlessly and seamlessly. By using AI in blockchain, managing blockchain applications becomes easy. It is because AI enables the application to process the data at a faster rate and execute the commands quickly.

3. Make well-informed decision

Blockchain is known for providing great transparency. It allows the parties and stakeholders to make secure transactions. It is because blockchain uses multiple layers of data processing and security layers. Therefore, it helps blockchain owners to make well-informed decisions. And by using AI algorithms, the ability of blockchain applications can be improved to help the stakeholders make well-informed decisions.

Blockchain and AI can work effectively in this case. Blockchain developers can implement AI to utilize the datapoint-to-datapoint approach for making documenting decisions. In this way, AI can help blockchain application owners to make decisions based on transparent insights.

4. Strengthen data authenticity

Data security is the top feature of blockchain technology. It stores information in blocks and permits transactions after verifying each block. As a result, it helps in building trust and integrity in the blockchain application. But I here boost the capability of data authenticity of blockchain.

By implementing AI in blockchain, the application can store and process highly sensitive information in high-level encrypted form automatically. It means businesses won’t need to hire blockchain developers separately to build custom functionality for data authenticity.

5. Improve efficiency

Blockchain requires mining processes in various cryptocurrencies which consume plenty of time and slow down the speed of processing. AI here can assist optimize the calculation to decrease the minder load. As a result, it lowers the network latency making faster transactions. AI also helps blockchain to decrease the carbon footprint of blockchain technology. In this way, AI empowers blockchain technology to improve efficiency. 

Use of AI in Blockchain for different industries

a. Healthcare

Artificial intelligence and blockchain can help the healthcare industry in improving the healthcare management system. With the implementation of AI in blockchain, the healthcare sector can create a highly secured and efficient EHR (electronic health record) system to store patient data.

They can also develop an automated application combined with AI and blockchain to understand the patterns and insights from large size patient data. Healthcare startups can utilize the ability of AI and blockchain to build innovative healthcare app development solutions.

b. Fintech

Fintech or financial technology is a hot emerging sector. It uses many different technologies to build software and digital solutions for banking and financial services. AI and blockchain here can assist the fintech industry in various cases. Banks and financial companies can use artificial intelligence to enhance the speed of transactions and delivery of services. By using AI in blockchain businesses can develop effective Defi and Cefi solutions.

They can use the duo combination to remove friction from multiple party transactions and establish trust and transparency. Blockchain helps in building complex solutions and AI gives automation capability to the application. As a result, fintech companies can improve their efficiency and generate better ROI. Therefore we see why top fintech app development company now uses AI and blockchain in some of their fintech solutions.

c. Supply chain and logistics

Blockchain is widely used in supply chain and logistics management. It provides great features to quickly and efficiently manage the supply chain and logistics. With AI and blockchain, companies and businesses can upgrade their supply chain to the next level.

For instance, a manufacturing company can monitor its carbon emission footprint at the production level. This could help them save necessary resources at the earliest stage And thus, improve accuracy and efficiency.

d. Life sciences

The combination of artificial intelligence and blockchain could prove to be a boon in the pharmaceutical sector. By utilizing AI in blockchain technology organizations and companies can enhance the visibility and traceability of their drug supply chain.

Medical professionals can use blockchain and AI-based healthcare applications for clinical trials with advanced data analysis capability. AI and blockchain can help the medical and pharmaceutical sector to improve patient tracking, consent management, data integrity, and automation of trial participation.

To Conclude

AI and blockchain both are advanced and high-level technologies that offer unique features and benefits. Blockchain is best when it comes to building great security, transparency, and efficiency in the existing or new system. AI is best for bringing automation capability. And when they are combined together it becomes a powerful technology solution. 

By using AI in blockchain you can enhance the speed, efficiency, security, transparency, and problem-solving ability of your application. But since AI and blockchain, both are complex and advanced technologies. To ensure you build effective AI and blockchain-based solutions, find an expert company that is expert in integrating AI in their blockchain development services. 

Why Choose MobileCoderz For Blockchain Development?

MobileCoderz is the top blockchain development company. We have the industry’s most qualified and expert blockchain developers, software engineers, AI specialists, and ML programmers who can build high-performing solutions. We have delivered many projects related to blockchain-based software, web and mobile applications to various overseas startups and enterprises.

The post How AI In Blockchain Can Improve Your Business Solutions appeared first on MobileCoderz.

However, with the rise of cryptocurrencies, there’s been a constant debate between decentralized finance (DeFi) and centralized finance (CeFi).

In this blog, we are going to draw a brief comparison between “DeFi vs CeFi” “centralized vs decentralized cryptocurrency” to understand their features and differences.

To understand the difference between these two mediums of finances, we have to understand both of them individually. 

What is Meant by Centralized Finance (CeFi)? 

Traditional financial institutions have been controlling the finance industry for hundreds of years. In fact, centralized finance was even used to trade cryptocurrencies. It provides strong control over the cryptocurrency industry to some specific authorities. In fact, all the funds are by a central exchange in CeFi. Thus, you don’t necessarily require a private key for getting access to your wallet.

The exchanges have the complete power to determine the coins that they list for trading and the fees required for trading from their exchange. In this form of Finance, you don’t actually own your cryptocurrencies while buying or selling from a centralized exchange. Moreover, there will be certain rules imposed by the exchange. Thus, you must abide by the rules to retain your holdings on the exchange.

What is Meant by Decentralized Finance (DeFi)?

Decentralized finance is all about openness and automation. In fact, no exchange or central authority is actually involved in processing the transactions in DeFi. Users can ensure complete automation in apps on a Blockchain platform. Moreover, DeFi provides better transparency and opportunity for users to participate in the network. Above all, decentralization is a great way of ensuring better financial inclusion for the people who are devoid of banking services.

DeFi allows us to create an open-source, transparent, and permissionless financial service ecosystem. Thus, users can expect services like borrowing, crypto lending, asset storage, yield farming, and more. Ultimately, the users have full control over their assets and get a key to access their choice of wallet. Above all, decentralized applications (dApps) are used by the users who want to take advantage of DeFi services and the power of a robust Blockchain platform.

DeFi vs CeFi: Comparison 

Both of the finances are quite different from each other. In fact, both of them are useful for different use cases. DeFi is more user-centric to provide diverse services. Whereas, CeFi is meant for businesses for managing funds and conducting business services.

Let’s discuss the features of DeFi vs CeFi; 

Features of Centralized Finances

• Centralized Exchange (CEX) 

CeFi works with a traditional cryptocurrency exchange like Binance, Coinbase, or Kraken. Here, the users are able to send or exchange funds with the help of an internal account. Although the funds are kept on the exchange the users actually don’t have access to their funds. Thus, cybercriminals are more vulnerable to security threats or exchange failure.

Centralized exchanges are often the common targets of security attacks and information leaks. For this reason, the large exchanges have to provide proper customer service to assist the customers throughout their financial trading journey. Ultimately, the customer is able to get some satisfaction and comfort to get the assurance their funds are in good hands. 

• Ability to Convert Fiat Currency

Due to the supervision of central authorities, it becomes possible to convert fiat currency into cryptocurrency and vice versa. Above all, the conversion of a fiat currency can only take place under the supervision of a centralized entity. Thus, it is not possible to convert Fiat currency with the help of DeFi. Above all, centralized finance becomes more convenient and streamlined when it comes to fiat currency conversion and customer experience. 

• Cross-Chain Services 

A CeFi platform is known for supporting trade in BTC, XRP, Ether, LTC, and other prominent coins issued on various blockchain platforms. However, it might not be possible to execute cross-chain swaps between these currencies due to the latency and complexity of these tokens.

CeFi is effective in getting the custody of funds from various chains. This provides a big benefit to the investors who want to bank on the highest market-cap coins. In fact, the coins can exist on multiple independent blockchains and don’t implement with interoperability standards.

Features of Decentralized Finances

• DeFi is Permissionless

Unlike Centralized Finances, DeFi is completely permissionless. In fact, the users can directly access the services with the help of a wallet without even providing their personal information. Whereas, in CeFi, the users will need to fulfil a KYC process to gain access to services. Moreover, they are also required to share their personal information or deposit funds to their accounts. 

DeFi allows the users to participate and openly access the services in the Blockchain without any barrier or discrimination. Thus, DeFi takes full advantage of Blockchain technology. The users are able to freely conduct their activities without worrying about restrictions and privacy issues. Moreover, they are able to get a higher degree of accessibility and have better collaboration opportunities with the community. 

• Trustless

This is a major benefit of using Decentralized Finances in a Blockchain network. In fact, the users don’t have to trust the service will perform as claimed. Users can just authenticate a DeFi service to perform as intended by analyzing its code and with the help of external tools. Ultimately, tools like Etherscan are very effective in identifying if a transaction was executed in the right way. 

• Better Innovation

We all know that a restrictive environment creates a hindrance to innovation and change. For this reason, DeFi is known for being suitable for faster innovation. A Decentralized Finance ecosystem is highly relevant for experimenting with new capabilities and features. In fact, traditional financial institutions like banks have also realised the potential of the robustness of the DeFi space. It has been a more cost-effective way of delivering alternative ways to solve a problem. 

Problems with CeFi

Unsustainable Yields 

CeFi is known for providing high yields to investors. This is achieved by encouraging the investors to make investments in risky protocols. However, if these protocols are collapsed, the CeFi lenders might not be able to keep up with the yields. 

Lack of Transparency 

Transparency is a major problem with CeFi because it has been controlled by private companies and government authorities. Thus, there’s anyone in higher authority can alter or manipulate the data present on the blockchain.

Under-Collateralized Lending

CeFi lenders might offer customized lending terms. However, they might be under-collateralized or even non-collateralized lending. Thus, the investor might land higher financial risks. In contrast, borrowing in DeFi is usually over-collateralized. 

Problems with DeFi

Scalability is Limited 

DeFi is certainly a better option for improving financial inclusion in our economy. However, DeFi projects tend to face difficulties in scalability. It becomes quite challenging to scale the host Blockchain from different perspectives. Moreover, it might take a longer period of time for processing DeFi transactions. 

Huge Uncertainty 

The high uncertainty with DeFi could provide both advantages and disadvantages to the end users. For instance, if you are building a DeFi project, it will automatically inherit instabilities from the host Blockchain. Suppose you are building your project on the Ethereum blockchain, then your solution will also inherit the problems associated with the Ethereum platform. 

Shared Responsibilities

A Blockchain mechanism works with shared responsibilities. In fact, every participant on a Blockchain is responsible for its proper functioning. A DeFi project won’t be taking the responsibility for mistakes and there won’t be any customer support. In fact, DeFi is just meant to remove the intermediaries who usually take commissions.

The users themselves are responsible for their funds and assets. Thus, you will need the right tools to prevent the possibility of human mistakes and errors. A FinTech app development company can assist you in finding and implementing the right tools. 

To draw a more understandable comparison between CeFi and DeFi, we can take the help of this chart. 

Comparing Individual Properties of DeFi and CeFi 

These are the common attributes which will help us to understand the difference between “DeFi vs CeFi”.

• Public Verifiability

CeFi is not known for being transparent. In fact, it doesn’t allow the users to check and verify the execution of changes on the ledger. In contrast, DeFi is non-custodial, which means anyone present on the Blockchain can verify the integrity and genuineness of the data. This high level of transparency in DeFi technology creates better trust among the participants. 

• Atomicity 

A Blockchain network allows users to have multiple sequential actions. These actions might include various financial transactions. The combination of actions is known as atomic, which means that either the transaction will complete successfully or fail collectively. This atomicity is not present in CeFi but we can use some expensive legal agreements to implement atomicity in CeFi.

• Deploying and Developing Anonymously

It is a well-known fact that centralized finance provides less anonymity than decentralized finances. The majority of the DeFi projects are built and managed by anonymous individuals. In fact, Bitcoin’s founder/s still remain unknown to this date. Moreover, DeFi applications can even work without a front-end, making people directly interact with the smart contracts. In contrast, this is not possible with CeFi because of regulations and restrictions. 

• Custody of Funds and Assets

DeFi users are able to directly control their funds and assets anytime without being monitored or affected by a central authority. Thus, the users don’t have to wait for any bank or financial institution to open its operations. Users just have to be technically literate to understand the technological hazards associated with DeFi. In traditional CeFi exchanges, the business owners are responsible for keeping the cryptocurrency assets. 

• Trading with Cryptocurrencies

The centralized exchanges are built with traditional protocols of financial services. Thus, there are certain limitations when it comes to trading with cryptocurrencies. Whereas, decentralized exchanges function in an entirely different way. They work by matching the counterpart in a transaction with the help of automated market-maker, protocols.

• Transaction Costs

Financial institutions depending on CeFi would often charge extra for providing transaction services. The transactions are often organized by a business or a government authority. In contrast, DeFi transactions on a Blockchain take place without the need for an intermediary. Moreover, DeFi also supports Anti-Money Laundering (AML) verifications for users. 

• Market Hours

CeFi solutions are highly susceptible to experiencing outages. In fact, they operate for limited hours and only for certain days of the week. Thus, this creates latency in moving funds and showing real-time insights from the market. In a dynamic economy, it becomes important to have non-stop market hours to enable a smooth flow of funds and information. For this reason, DeFi markets are open throughout the day and seven days a week. Thus, users are able to have more flexibility when it comes to playing in the market. 

• Privacy Measures

It is a known fact that CeFi solutions require user data to operate. Thus, there are always some chances of privacy compromise with CeFi. Whereas, DeFi protocols provide better privacy preservation protocols to help users to secure their personal data and go anonymous. No central authority can intrude into your privacy when you are relying on DeFi.

• Inflation

Inflation is often understood as the loss of a currency’s purchasing power. In Centralized Finance solutions, the banks have the power to print fiat money and inflation is often valued against the value of consumer products.

In Decentralized Finance solutions, the supply chain of cryptocurrencies might change anytime. Moreover, the majority of cryptocurrencies have a hard cap on their production. Therefore, there’s always some scarcity of cryptocurrencies. Moreover, cryptocurrencies with DeFi are less susceptible to inflation.

• Cross-Chain Services

Despite being decentralized, major cryptocurrencies would need a CeFi exchange for effective trading. DeFi services usually do not support the trade between multiple tokens due to the complexity and delay of exchanges.

CeFi services are effective in resolving this problem by storing funds from various chains. Thus, CeFi is better when it comes to abiding by the interoperability rules.

• Flexibility of Fiat Conversion

As we have discussed before, it takes the presence of a central authority to convert fiat currencies or vice versa. Thus, centralized finances are more flexible than decentralized finances for the effective conversion of fiat currency. 

DeFi as an Extension of CeFi

We shouldn’t consider DeFi as a replacement for traditional CeFi. Instead, DeFi should be recognized as an extension of CeFi. It could not only just mimic CeFi services but also amplify them to the next level.

In fact, a prominent FinTech app development company would often rely on both DeFi vs CeFi while developing FinTech applications. Many financial institutions are linking DeFi and CeFi together to boost their efficiency. 

Summing Up: DeFi vs CeFi

We have learned that both DeFi vs CeFi have their own advantages and disadvantages. However, businesses can significantly benefit by combining the best features of CeFi and DeFi. It would significantly help businesses to get started in the crypto world with their own special offerings.

Thus, you can also invest in FinTech app development and develop remarkable solutions with DeFi and CeFi. MobileCoderz is a prominent Fintech app development company with years of experience in developing both centralized and decentralized FinTech applications. Moreover, we have an extensive portfolio of clients from diverse industry verticals. 

The post DeFi vs CeFi: Features and Differences appeared first on MobileCoderz.

Blockchain has not only revolutionized industries but also brought drastic transformations in consumer life. From preventing fraud to securing transactions and improving the supply chain to easing government operations, blockchain technology is solving the biggest problems which were not possible by any other technology before. 

It is a powerful next-gen technology that has diverse capabilities to solve various real-world problems. If you haven’t realized what blockchain technology can do for your business or real-life problems, then you must read this blog where we will tell the top 10 real-world problems that blockchain technology solves. 

But before that, let us understand

What Is Blockchain Technology?

Blockchain is primarily a chain of blocks where each block stores data with a certain protocol. These blockchains are linked to each other based on cryptographic hashes. Therefore, it is regarded as distributed and decentralized ledger technology since it doesn’t require a central authority. 

Blockchain was launched in 2008 as the public distributed ledger for bitcoin and cryptocurrency transactions. It was introduced as the P2P transaction solution which eliminates the need for middle-man involvement in the transactions. And due to this unique ability, this started expanding its legs across different industries and multiple use cases to transform traditional operations and working methodologies. 

It facilitates the process of storing or recording transactions and digital assets in an immutable decentralized network. It stores information across its entire network with pre-defined security protocols and prevents the system from any kind of data manipulation and external threats. 

Therefore, blockchain technology is highly useful in various use cases. Today, businesses now look for top blockchain development companies for creating business-oriented solutions with blockchain technology.

How Blockchain Solve The 10 Real-World Challenges

As we discussed, blockchain is a distributed and decentralized technology that empowers a system with advanced capabilities. So, let’s know what are the top real-world problems that blockchain solves

#1. User identification for theft prevention

Blockchain’s sophisticated features have the potential to protect sensitive data against malicious activity. Its transparent nature means that anyone can view your public records. But it also offers concrete security because no one can alter your data. This ensures data remains secure.

It contains a decentralized blockchain that stores digital assets. These assets are secured by cryptographic keys. Hackers can’t manipulate this data. The government & the public have a wonderful opportunity to protect against identity theft by using cryptography, which is a reliable validation technique.

#2. Food safety

Ensuring the safety of the food is one of the biggest concerns we are facing today. Food is produced in factories. It goes through a complicated manufacturing process before reaching us. Apart from this, there are many ways food can get contaminated or changed.

Blockchain here helps food manufacturing companies improve their production speed and ensure food safety and quality standards. Through this technology, they can identify the potential sources or stages of food contamination and then effectively prevent, and control the possible outbreaks. 

Its food traceability allows transparency, which can help to validate and authenticate food origins. This transparency also improves brand credibility. Other benefits include fraud prevention. Its ability to accurately tackle outbreaks using prevention methods. This can help reduce food testing expenses and increase margins.

As a result, it offers a huge benefit to the end consumer since they will receive fresh, ready-to-eat food all the time. Because of these reasons, many food production and delivery companies use blockchain development solutions to track and monitor their production and supply chain management to ensure the quality and safety of the food. 

#3. Secured transactions

Currently, almost all payments in any industry are made via banks or third-party financial institutions. Many businesses are now making payments more efficient with a decentralized payment system. When a company allows blockchain-based system to process payments, it can eliminate payment delays and the tedious old payment system. 

Blockchain allows real-time auditing of transactions, protecting them from modifications. This improved the efficiency of compliance-intensive industries. Smart contracts, which run exactly as designed without any third-party interference or downtime, can be used by businesses to create unbreakable regulations regarding financial transactions.

For example, Slock.it is an IoT platform based on Ethereum that uses smart contract software to provide a bike rental service. Once both parties have reached an agreement on the terms, the smart lock unlocks the bike so that the user can ride it.

#4. Voting

Blockchain-based voting options are available to ensure anonymity. It can store every vote using complex mathematical algorithms, which makes them impossible to alter or hack. Only citizens with legal voting rights will be allowed to fulfill their civic responsibility.

This decentralized and distributed platform records every vote and allows them to be tracked in real time. This method can prevent election manipulation. This is the most efficient way to conduct online voting for various election purposes. 

#5. Supply chains

Blockchain technology is one of the most promising technologies to improve supply chain management. It can dramatically improve asset tracking, assignment & connections. So helps companies enhance the efficiency of supply chains due to its superior security features and transaction transparency. This could be used to track every product’s supply chain, ensuring greater transparency and security at all stages.

It could replace and modify existing trading processes. Blockchain has the potential for boosting trade volumes and changing the global economy. It can make it possible to eradicate illegal and unethical acts from supply chains across the globe. With efficient supply chain management, it is giving rise to the businesses of blockchain development services. 

#6. Copyright & privacy Prevention

Blockchain can be used to verify ownership and trace the use of a copyrighted piece online. It allows creators/artists to safely place their content on immutable ledgers. There are major concerns here. As privacy is today’s serious concern, this will enable them to determine if a copyright infringement has occurred, and then take legal action.

This empowers an application with transparent, real-time monitoring, and records every access to content. Additionally, this technology is designed to allow for the payment of artists via cryptocurrency so it paves the way for cryptocurrency-based transactions too. 

#7. Insurance claims

Despite the industry’s existence for hundreds of years, many of its processes are now outdated. Many policies are still being processed on paper, many consumers still call the phone to purchase new policies, and so on.

It offers great features to improve the functioning of the insurance sector from all angles.  It has been pioneered by some start-ups. In 2018, Fidentiax launched a digital leger product for insurance policies, a blockchain-based insurance platform that offers insurance policies.

Fidentiax’s ISLEY is a name that Fidentiax uses to describe it as the “insurance buddy” of consumers. They can view, manage, and receive alerts about their insurance portfolio through it. To help with beneficiary payouts, policyholders can share their portfolios with the designated loved ones using the ledger.

#8. Government operations

This technology could be also useful in the government sector. It can make voting & receiving government benefits much simpler. It can help make taxation more efficient by automatically verifying tax records to prevent fraud. 

As a result, it can help government bodies to save expenditures and improve service delivery and accuracy. For instance, Tax evasion has cost the US government millions of dollars annually. Blockchain solutions will ensure that no tax records are stolen or altered. 

#9. Pharmaceutical industry

Pharmaceutical industry has to deal with various strict privacy policies, laws, and global regulations. These laws and regulations hamper the speed and delivery of the products and services in the sector. Here, blockchain can solve these problems by helping companies ensure compliance. 

Besides this, blockchain technology also helps the pharmaceutical industry by enhancing supply chain management. Many healthcare institutions currently use decentralized software or applications for keeping safe storage of patient health data, faster clinical trials, and lowering drug development & management costs.

#10. Real estate

Blockchain technology is essential in real estate. The ever-increasing value of real estate has made it clear that the industry can utilize new technology to cope with this growing demand. 

it has many uses in the real estate sector. 

For example, it can be used for land title and deed records, tokenization, real property funds and asset management, investors, tenant identity, real accounting, leasing, payments, etc. Tokenization could be the most disruptive of all possible use cases. It will allow issuers the ability to control distributions according to a set of conditions.

Additionally, it will lower costs through faster execution, innovation, better administration, etc. As Blockchain is immutable, it allows customers to securely access deeds through distributed ledgers. Consequently, information cannot be altered or hampered without proper access.

The Bottomline

Blockchain is an advanced technology that comes with various capabilities. It has made it possible to record, disclose, and secure data in the most protected ways. And due to its immense benefits, businesses today now significantly use this technology to enhance their operations and thus generate high ROI. 

But since it is a complex technology it requires great expertise and intelligence to successfully build a blockchain-based application. 

Hence, you need assistance from a professional blockchain development company that can assist you to develop an effective application for your real-life use cases or any other business requirements. And for this purpose, MobileCoderz stands out as the best option for businesses that want to intelligently utilize the benefits of blockchain technology. 

The post Top 10 Real World Problems Solved by Blockchains appeared first on MobileCoderz.

The role of crypto wallets in crypto trading is crucial. The wallets utilize Blockchain technology, making transactions fast and safe. Taking advantage of cutting-edge technologies, MobileCoderz has already prepared itself for wallet development.

What is a Cryptocurrency Wallet?

Blockchain wallets enable users to receive and send digital currency and keep track of their balances via software applications that store private keys and interact with different blockchain techniques. Crypto wallets serve to store crypto tokens used for transactions.

You can add reliable and safe transactions to your wallet by developing a multi-crypto wallet. Also, if you intend to use bitcoin (or some other cryptocurrency), a digital wallet is required. In addition, when logged in, users can view the transaction status at any time.

Types of Crypto Wallet

Desktop Wallet –

With a desktop wallet installed on your desktop computer, you can store your private key on that device.

Mobile Wallet –

The newer, more technology-savvy mobile wallets utilize features such as the camera and NFC to scan QR codes for transactions.

Web Wallet –

Having a Web wallet allows you to access your cryptocurrency from anywhere on the internet through your web browser, whether you are on a mobile device or a computer.

Hardware Wallet –

Hardware wallets provide the most secure means of storing cryptocurrency details. Users can access their coins on any computer with this device.

What makes MobileCoderz a cutting-edge Cryptocurrency Wallet Development Company?

Solutions developed by MobileCoderz, an established Blockchain Development Company, provide a range of features relating to cryptocurrency wallets, including:

• Generating private keys and managing them securely
• The generation & management of mnemonic phrases
• Wallet address creation
• Importing private keys & mnemonic phrases associated with other wallets
• Creating addresses for digital assets
• Ability to create digital asset addresses
• Check balances & transaction histories

Key Features Added by MobileCoderz Making Crypto Wallet Secure

• Multi-currency Integration
• Two Factor Authentication
• Reject Duplicate Payments
• Security Login Protocols
• Cross-Platform Compatibility
• Wallet Backup
• Speedy Transactions
• Merchant Services
• Inflation Free Investment
• Updated Conversion Rates
• Transaction History
• Optional Session Logout

Cryptocurrency Wallet Development Services

# Bitcoin Wallet Development

MobileCoderz develops Bitcoin wallets for you that store private keys for your private transactions in a secure environment.

# Multi-Cryptocurrency Wallet

The crypto wallet developers at MobileCoderz provide innovative crypto wallet development techniques so that you can use virtual currency to buy and sell anything on the blockchain.

# Crypto Coin Creation

The Blockchain technology used by MobileCoderz allows it to build crypto coins that are in demand and will work on Blockchain networks around the globe.

# ICO Development Services

We at MobileCoderz specialize in creating optimum cryptocurrency token models and preparing them for ICOs launch.

# Wallet Transactions

Using blockchain technology, MobileCoderz creates secure crypto wallets for performing financial transactions and for valuing information.

# Crypto Coin Mining

By using cryptography techniques, crypto currencies (entries of tokens stored in the centralized database) are protected from fraud.

Crypto Wallet Development Process Followed By MobileCoderz

In order to meet the client’s requirements, the wallet development process at MobileCoderz goes through several stages. MobileCoderz is a leading cryptocurrency wallet development company that provides transparency with its wallet application development services.

In developing a cryptocurrency wallet, the following stages are typically followed:

• Gathering Requirements

MobileCoderz’s development & designing teams collaborate to determine the features the wallet should have and to decide the tech stack you should use.

• Blueprint for your Project

Our proficient team creates a blueprint based on the information we gather during the first phase and receives the client’s approval before providing further suggestions. We only go forward after we receive the approval of the client.

• Development & Design

The real work of developing NFT starts after curating the final design. Our Blockchain developers build customized code based on the designed prototype and execute it accordingly. The process is clearly defined, & the product contains advanced features.

• Testing

The testing process is an important part of the crypto wallet development process. Using multiple phases of rigorous testing, we hand it over to the client’s internal team for final assessment. We fix all errors and bugs throughout this phase.

• Deployment

Following its deployment and availability, the wallet is distributed to users. Developers at MobileCoderz deploy it with the best industry standards to drive optimum client satisfaction. In addition, we train clients’ staff members so they can use it on a daily basis.

• Post-Deployment Phase

This phase is client-side testing and any bugs found during this phase will be handled with full quality assurance without incurring any overhead.

• Support after Delivery

Despite the fact that the project is complete, our work does not stop at the delivery of the final product. We will make sure that any problems or downtime you experience after downloading the crypto wallet mobile application is resolved as soon as possible by our support team. MobileCoderz delivers quality-driven digital solutions in a timely and cost-effective manner, focusing on your enterprise requirements.

What Makes Us Your Best Option for Cryptocurrency Wallet Development Company?

As crypto wallet developers, we are experts in developing highly secure apps.

# High-quality, Customized Solutions

We specialize in the development of cryptocurrency exchange platforms that can be integrated quickly and easily. These platforms help to ensure error-free transactions and prevent fraud.

# Team of Expert Professionals

Our team of proficient Crypto wallet developers is on hand to address the latest market trends. For many businesses, they’ve built fast, secure, & robust cryptocurrency wallets in the past.

# Fast Response

The crypto wallet developers on our team are talented and enthusiastic. They respond well to issues and resolve them as soon as possible. This allows businesses to reach their goals more quickly.

# On-Time Delivery

Our reputation for completing projects within a set time frame has grown over the years. For great results in less time, our crypto wallet developers work in a systematic way according to the project’s specifications.

# Excellence in Technology

Hire Crypto Wallet Developers with expertise in cryptocurrency work for us. We keep up with the latest Bitcoin wallet app trends. The team has gained an advantage over the competition.

# Economical

Using our wallet development services, you can develop your own cryptocurrency wallet for a reasonable price. There are different pricing models that we offer clients based on the nature of their business.

Last Thoughts 

We, being a top Cryptocurrency wallet development company, have been developing cryptocurrency wallets since 2017. Our expertise is in the development of web and mobile crypto wallets, including both custodial and non-custodial ones. Additionally, we can provide wallet and crypto payment integration. We have developed 10 or more non-custodial wallets with access recovery on different projects.

Alternatively, we can also develop relayers that can sponsor transaction costs or pay them in native tokens. As well as Guardian implementation, we can also help with social recovery in other ways. Wallets are now more user-friendly and accessible due to these solutions and the removal of UX obstacles.

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