Ayrotek, with its competent team, can provide consultancy and support for the projects you want to develop using blockchain technology. Blockchain is generally of interest in the following topics:
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What is blockchain?
Blockchain, in short, is the distribution of central trust in the internet environment by allowing the removal of a central server or a trusted authority.
Blockchain in a chain structure consisting of blocks provides a distributed database system that provides encrypted transaction tracking. In money transfers, each step forms a block. These blocks created during the transfer process are encrypted, never changed and made unbreakable. These blocks are distributed to everyone on the network and everyone has the same encrypted information.
Blockchain's decentralized principle is based on this technology. The information on the block can only be processed by the buyer and seller specified on them. Blockchain simplifies business processes while providing a foundation for next-generation transactions that build trust and transparency.
Blockchain networks like Bitcoin are public and anonymous. Anyone can join these networks and view any transactions happening there. These networks require verification through proof of labor (PoW) method to help prevent fraudulent transactions.
LOW RISK, LOW COST
Blockchain technology is widely known as the technology under virtual currencies such as Bitcoin and Ethereum. However, this technology has a much wider range with the possibilities and diverse applications it provides. Blockchain provides you with benefits for many use cases you encounter in your business life. With cryptography, you can eliminate the risks involved in systems based on trust and running through intermediaries.
Fraud prevention and compliance
Challenges: Fraud, illegal database access, and similar cybercrime result in multiple versions of databases with multiple users in legacy systems and processes.
When multiple versions occur as a result of a cyber attack, trust and security can no longer be mentioned, as there is no way to distinguish between correct and incorrect entries.
Solutions: Blockchain creates a shared and reliable ledger with cryptographically secure data added sequentially. Only trusted parties have access to Ledger and assures everyone that they are working with up-to-date, accurate, and almost impossible to disclose data.
Challenges: We value our homes, cars, and more. We rely on various government agencies to protect, monitor, verify ownership of these assets and ensure smooth financial transactions. At this point, the importance of accurate and accessible records becomes evident in order to gain trust and transparency in the recording of assets. Despite these needs, we continue to rely heavily on slow, repetitive processes and error-prone manual data entry for log entries.
Solutions: Blockchain enables government agencies to increase the accuracy and efficiency of public records by linking the ownership of an asset to a single shared ledger without destroying existing registry data.
Digital Identity on Blockchain
Challenges: From licensing to passports to publicly funded medical services, creating and verifying identity is vital for both citizens and government agencies. However, the financial and personnel costs of providing rigorous identification services are very high.
The great need for identity documents and verification of existing credentials is partly due to the difficulty in combining verifiable personal data on which any government-issued identity will be based. While it may seem like a simple task, things get complicated with records that contain different formats, varying provenance, and sometimes conflicting data.
Solutions: Blockchain enables government agencies to create a single and reliable collection of digital ID documents. These documents make it easier for government officials to reconcile data conflicts and give citizens control over their identities.
Challenges: Whether it's replacing a street sign, emergency generator, or a vital engine part, the ability to track and track where an object is in the supply chain is vital during large-scale purchases.
Limited visibility, over-ordering, or unpredictability of deficiencies, along with late delivery issues, can lead to significant losses in all areas from municipal services to military operations.
Solutions: Blockchain makes the precise location of an object - and accompanying digitized documents - part of a traceable and permanent record that provides full visibility of the supply chain.
You can determine how cryptocurrencies can contribute to your business life and obtain business value.