Blockchain Technology – Uses, Benefits, and Top Companies

Blockchain technology, the core framework behind cryptocurrencies like Bitcoin, is gaining popularity. As per estimates, there are 170 million blockchain wallets worldwide and counting. Blockchain technology is expected to see an annual growth of 56.3%, which should increase its value to over $163 billion by 2029. However, these are only projections, and there is a lot for one to understand before trying out the features of such a complex technology.
Understanding blockchain
A blockchain is a distributed database that maintains a growing list of records, called blocks, linked together using cryptography. Each digital block contains a timestamp, transaction data, and a cryptographic hash of the previous block. In other words, the blockchain is a decentralized public ledger. Since the same data is duplicated across multiple computers in real-time, the records are nearly impossible to alter without changing them on another system.
Uses of the technology
The implementation of blockchain stretches far beyond recording and storing cryptocurrency transactions. Developers are gradually testing the technology’s uses across other avenues. For instance, blockchain can help monitor business supply chains in real-time to eliminate errors and check the quality of products. It can also help organizations process payments and make money transfers within minutes. Further, the technology can allow people to protect their digital identities, letting them pick who has access. Similarly, business data can be securely shared and stored. A decentralized database ensures various artists, open-source developers, and creators get the required copyright and royalty protection. In addition, blockchain helps wirelessly identify and manage multiple devices, such as smartphones, cars, and other electronics. Even healthcare professionals can use the technology to manage electronic health records and clinical trial data in compliance with existing guidelines.
Benefits
Completing transactions with blockchain helps save time. The technology is also more secure from potential tempering, fraudulent account creations, and scams, so transactions require minimal oversight. Further, people can exchange items of value directly, saving money.
Top blockchain development companies
With cryptocurrencies gaining traction, several businesses have started exploring and developing the technology. A few top companies are:
LeewayHertz
This promising blockchain development company specializes in the internet of things (IoT), artificial intelligence (AI), cloud services, and virtual reality. LeewayHertz is also famous for providing end-to-end blockchain solutions. These include blockchain development, blockchain consulting for user experience and design, deployment and upgrades, and maintenance solutions.
ConsenSys
ConsenSys is another top development company for Ethereum. They build developer tools, blockchain-based applications, and solutions for enterprises on the Ethereum blockchain. Moreover, ConsenSys offers blockchain-based solutions for institutional capital markets, payments, asset management, decentralized finance, and global trade and commerce. Some of their products with millions of users include Quorum, Codefi, Diligence, Truffle, and Metamask.
MLG Blockchain
The developer caters to enterprises dealing with capital management, ITO liquidation, and drawing up SAFT investment agreements. MLG Blockchain is experienced in developing blockchain applications on platforms like EOS, Ethereum, Hyperledger, and Neo. These applications can be used immediately after integration with business software.
Coinbase
Coinbase is well-known for providing financial infrastructure globally with the help of its transaction services and curated technology designed for the cryptocurrency economy. The company offers institutions a deep liquidity pool, enabling them to transact in crypto assets. They allow crypto users to invest, save, spend, earn and utilize cryptocurrencies. Coinbase also enables crypto-ecosystem developers to create crypto-based applications while securely accepting crypto assets as payment.
Innovecs
Innovecs specializes in blockchain application development, distributed money transfer solutions, enterprise cryptocurrency platforms, loyalty programs, and distributed document management. These services are offered to various industries, including healthcare, e-commerce, and retail. Work across such avenues has enabled the company to understand blockchain technology better and improve its services.
Requirements for becoming a blockchain developer
Many individuals aspire to develop a custom blockchain. If you are also interested in learning and creating such technology, you should:
Learn a high-level programming language
To become a blockchain developer, one must be proficient in at least one high-level programming language. A few popular examples are C#, Java, JavaScript, Python, C++, Golang, Ruby, and Solidity.
Understand blockchain technology well
Blockchain developers must understand how a decentralized network works. They should also be able to answer questions about multiple blockchains, as each blockchain application is different. To start, one can study core blockchain development concepts, such as security for peer-to-peer networks, consensus algorithms, and distributed ledger technology.
Study cryptography and security principles
Since blockchain technology is based on cryptography, one must understand the concept and its security principles. Cryptography is a method of keeping information on a blockchain secure without requiring a third party to manage and handle its security.
Get experience with peer-to-peer networking
The blockchain network is decentralized, so there is no central control or point of failure. A custom blockchain developer or someone who works for a blockchain company must be well-versed in such peer-to-peer networking and distributed systems to ensure the blockchain functions smoothly.
Learn about smart digital contracts
Smart contracts are an essential element of blockchain technology. They contain the terms and conditions between two or more parties in the agreement. Once this contract goes live, it runs autonomously without the involvement of a third party. A developer will need to write and execute smart contracts to ensure the blockchain functions without hiccups.
Gain knowledge about algorithms
A blockchain algorithm is used to execute tasks and solve problems. A few popular algorithms in the industry include Delegated Proof of Stake (DPoS), Proof of Stake (PoS), and Proof of Work (PoW). As a blockchain developer, one should be able to write algorithms for purposes like balance confirmation and digital signature verification. They should also be able to validate and process new transactions written to the blockchain, implement consensus protocols, and write applications that utilize stored information on a blockchain.