Blockchain: The IT of the Future
In recent times, the development of blockchain has become very rapid because of its applicability, that is not only limited to the Bitcoin network but also in various other domains due to the features like being highly secure and robust. It has already received the attention of big companies and they have started implementing it in financial services and supply chain management. This technology can further prove to be a great help in areas like logistics value chain, banking, cryptocurrencies, healthcare, smart contracts, and voting as well.
Features of Blockchain:
- Increased capacity
- Decentralized technology
- Enhanced security
- Distributed ledgers
A Trusted Approach
Blockchain is known to offer a distributed ledger that exhibits tamper-proof transactions in a decentralized network. It can be rightly called a database in the decentralized network to validate and store all transactions in a consensus that is agreed upon by all nodes in the network, without any central authority. The complete and valid transactions are added to the distributed ledger with a timestamp and other details. Hence, the blockchain technology can exchange tangible and intangible data among the participants of the public ledger. Each stakeholder maintains a copy of the synchronized ledger, which prevents a single point of system failure or data loss. When changes are made, such as adding a new block, all copies in the network are simultaneously updated, and records registered. These changes thus create a chain. With many technologies and domains working to explore the blockchain, the technology is making a big name for itself. As a buzzword on the tongue of every other IT professional, blockchain stands to make operations more accurate, efficient and secure.
Build your Blockchain Project with ThoughtStorm
TSI offers a comprehensive suite of end-to-end blockchain services from advisory, implementation, change management, to operationalization and application maintenance. We help clients embark upon a blockchain journey based on their maturity in terms of people process and technology. Typically, our service offerings can be categorized as:
ThoughtStorm is helping clients create reliable, trusted and sustainable ecosystems for their businesses. We are driving enterprise wide adoption of blockchain-powered business networks across industries by building meaningful commercial/incentive models for all stakeholders in the ecosystem.
Unique Blockchain Technology Considerations
Alignment between customers and suppliers agree on business practices or data and infrastructure standards. Blockchain projects require robust master data governance nd alignment on standards.
Blockchains employ a concept of ‘gas’ within their design. Gas is a method of calculating a transaction fee for the data transacted on blockchain. Consider that how the layers of the system architecture impact transaction costs during design
Blockchain systems use more energy and require more data storage than traditional systems. Consensus mechanisms impact energy costs significantly.
Scalability vs Speed
Blockchain has, for low capabilities in transactions per second, originally 8-14 second transactions. Second generation protocols deploying alternate consensus methods can achieve significantly higher transaction rates.
The use of smart contracts has legal implications which must be considered as part of the design. A smart contract does not negate the need for the contract and the two artefacts must align.
Regulations around the use of cryptocurrency and blockchain is not formalized, and is ever evolving. Consider how blockchain architecture plays into current and future generations