Lately, there has been many debates and discussions about Blockchain Technology and Digital Currency. The blockchain is the latest cutting-edge technology which has brought innovativeness in different industries. A Blockchain Developer usually implements Blockchain Programming to solve development related issues, and for the growth projections.
Furthermore, the Blockchain Technology enables peer-to-peer transactions which could be useful at any place where two or more parties require a common record. And the best part is, the database stored in blockchain network is protected by a large community, not an individual. This means, your data is stored securely at multiple locations, reducing the overall cost of data storage.
So an organization having a huge bunch of important data can hire Blockchain engineer to create new and more efficient business processes, in addition to ensuring that all transactions are properly conducted and recorded at low-cost.
Basically, the Blockchain Technology stores blocks of information which are chronologically synchronized. And these blocks cannot be controlled by an individual, making Blockchain technology highly secure to operate. In fact, there is no single point of failure, meaning security is guaranteed. For example, if two parties agree to share a common record in the Blockchain network, an individual cannot tamper with your record, unless the entire network agrees to change it. Moreover, even if data is lost at one point, it can be re-copied from other locations stored in the network.
If you want to change any information stored on blockchain server, you would need a huge amount of computing power to make those changes. Moreover, the information on Blockchain are stored within network as a whole. This means, the changes can only be made if the majority of network agrees to change the information, Making Blockchain technology as most transparent.
When you think of accountability, Blockchain is the latest technology that you can rely on today. The concept of Blockchain Technology is so well, providing zero errors in mechanism. In fact, every transaction you make in Blockchain, can only be altered when a number of computers in a network agrees to it.
IDecentralized technology operates on peer-to-peer basis. For example, today the stock brokers highly relies on Blockchain technology to help them keep records of money transactions, land registry, and similar information in a safe block.
The Blockchain Technology can revolutionise money transfer business by allowing to avoid financial errors. In Blockchain, the transactions are done without central authority, so it creates a direct payment flow between operation participants from anywhere in the world. In fact, transactions in Blockchain are carried out with minimum commission and at a very high speed.
Many innovations can be brought to finance industry with Blockchain technology. For instance, a Blockchain startup called Abra has already created a digital wallet app, using Bitcoin currency.
Today, the blockchain technology is taking the banking industry by storm. If banking industry is fully adopting this high-end technology, it will allow banks to process payments more instantly and securely. It will also reduce the transaction processing costs and the need for exceptions.
As banks process tons of transactions every single day; therefore, banking is the main industry industries to transform the most from this high-end technology.
Healthcare is another industry which can benefit greatly by using Blockchain technology. It can help to ensure the safety of important documents, clinical records, and doctor reports by allowing to track each transaction.
Recently, a healthcare startup named as Guardtime specializing in data protection has entered into partnership with Estonian eHealth Foundation to create and use blockchain based system to maintain millions of medical records safely.
Ethereum development platform is mainly used to build an app using blockchain technology that run exactly as programmed, without any downtime, fraud, or third-party interference.
OpenChain is another distributed ledger technology suited best for companies wishing to issue and manage digital assets in a secure, robust, and scalable way.
Eris is the most ideal development platform to build an application using blockchain technology. A blockchain developer can use Eris to build a secure, low-cost, and run anywhere app using Blockchain technology.
Today, the Blockchain technology is so well-spread that it is not only a network for safe transactions and data security, but it can also execute programs. These programs are known as smart contracts, which can be defined as a promise that both signing parties agree on specific terms written in the contract itself.
To give you a simple example, assume that you want to rent an apartment, so the loaner will ask you to pay a deposit before you move in. Here, instead of depending on notaries, you can both write and sign a smart contract, including mutually discussed terms about deposits and apartment. So if any event occurs where the terms aren’t being respected, the money will be returned to the legitimate owner directly, without any need of lawyers.
In simple terms, Blockchain eliminates all intermediaries needed in order to build trust.
That being said, let’s now look at the best blockchain developer tools that we use at Space-O.
This tool helps us to enable a wide range of capabilities from gathering read-only data to building innovative decentralized apps. In fact, Coinbase’s API also offers several client libraries and mobile SDKs which are quite useful to develop an app over the Blockchain.
Baas, or Blockchain as a service, was created by Microsoft Azure for expert blockchain developers to build decentralized Apps (dapps) in a safe environment. BaaS was actually created with the main goal of enabling the backend capabilities needed by Blockchain Technology so that you can launch the blockchain with just couple of clicks.
Tieron is a one such Bitcoin developer tool that enables to create a verifiable database of any data on Blockchain technology with its API to add data to the distributed ledger. In fact, Tieron has built an open standard known as Chainpoint to store data and generate receipts containing information needed to verify the data without depending on third-parties.
Mist is for Ethereum developer to store Ether and send transactions, in addition to deploying smart contracts. However, to execute your own smart contract, you’ll have to spend some Ether, as the fuel to run it on the Ethereum networks.