With use cases ranging from identity management, proof of ownership, anti-counterfeit protection, and self-executing contracts, blockchain has grown beyond fintech where it originally took shape. For creating and guarding value transactions, blockchain’s cryptographic technology is regarded the perfect fit.
What cumbersome paperwork and manually intensive interventions struggled to achieve in the past, blockchain delivers much more efficiently. With our sound grounding in blockchain and wide domain expertise, we can help you make headway with a technology that is very much on the cutting edge.
Replacing costly third-parties in contract enforcement, smart contracts make it possible to have self-executing contracts. Solidity, a contract-oriented high-level programming language developed by Ethereum, eases the development of smart contract-based solutions. Smart contracts for automating crowdfunding, automated auctions, voting, and so on can be implemented in Solidity, which runs on top of the Ethereum Virtual Machine. Leverage QBurst’s capability in Solidity for rapid development, prototyping, and testing of smart contract applications.
On a blockchain, data is distributed across participants over a peer-to-peer network, and not on a single server. Each node in the network continuously records, time-stamps, and stores transactions chronologically in a blockchain.
In a blockchain-powered network, participants authenticate the accuracy of the ledger and approve transactions through consensus. Consensus is achieved by means of different algorithms, and not by trust in an intermediary.
Entities in a blockchain can draw up virtual contracts and automate their enforcement through computer protocols. These smart contracts can be applied for transacting any kind of value without the risk of tampering.
Blockchain addresses the risk of tampering through proof of work—a piece of data that is computationally difficult to produce but easy to validate. Proof of work replaces the trust of a central authority with trust by computation.
Unlike public blockchains, such as bitcoin, which are accessible to any user, private blockchains restrict access to a few approved users. As private blockchains do not require proof of work for participation, the computational overhead is lower compared to public blockchains and are suitable for internal use by organizations.