Many private business are finding their way to digitalization. The e-wallet is gaining importance daily as digital coins are becoming the preferred form of payment for goods and services, but not all chains are suitable for all businesses. Single-chains are professional and targeted with more potential for platform service. Developing a chain that works to suit the specific needs of your business can build trust with customers by constantly providing efficient and swift, transparent and secure transactions.

Blockchain for business is built on a shared, immutable ledger that has permission to increase efficiency among trusted partners.

Blockchain for business is valuable for entities transacting with one another. With distributed ledger technology, authorized participants can access the same information at the same time to improve efficiency, build trust and remove friction. Blockchain also allows a solution to rapidly size and scale, and many solutions can be adapted to perform multiple tasks across industries. Blockchain for business delivers these benefits based on four attributes unique to the technology:

Consensus: Shared ledgers are updated only after the transaction is validated by all relevant participants involved.

Replication: Once a block — the record of an event — is approved, it is automatically created across the ledgers for all participants in that channel. Every network partner sees and shares a single “trusted reality” of the transactions.

Immutability: More blocks can be added, but not removed, so there is a permanent record of every transaction, which increases trust among the stakeholders.

Security: Only authorized entities are allowed to create blocks and access them. Only trusted partners are given access permission.

Smart Contracts
A smart contract is a computer code that can be built into the blockchain to facilitate, verify, or negotiate a contract agreement. Smart contracts operate under a set of conditions to which users agree. When those conditions are met, the terms of the agreement are automatically carried out.

Supply Chains
As in the IBM Food Trust example, suppliers can use blockchain to record the origins of materials that they have purchased. This would allow companies to verify the authenticity of not only their products but also common labels such as “Organic,” “Local,” and “Fair Trade.”

Efficient Transactions
Transactions placed through a central authority can take up to a few days to settle. If you attempt to deposit a check on Friday evening, for example, you may not actually see funds in your account until Monday morning. Whereas financial institutions operate during business hours, usually five days a week, blockchain is working 24 hours a day, seven days a week, and 365 days a year.

Transactions can be completed in as little as 10 minutes and can be considered secure after just a few hours. This is particularly useful for cross-border trades, which usually take much longer because of time zone issues and the fact that all parties must confirm payment processing.

Private Transactions
Many blockchain networks operate as public databases, meaning that anyone with an Internet connection can view a list of the network’s transaction history. Although users can access details about transactions, they cannot access identifying information about the users making those transactions. It is a common misperception that blockchain networks like bitcoin are anonymous, when in fact they are only confidential.

Secure Transactions
Once a transaction is recorded, its authenticity must be verified by the blockchain network. Thousands of computers on the blockchain rush to confirm that the details of the purchase are correct. After a computer has validated the transaction, it is added to the blockchain block. Each block on the blockchain contains its own unique hash, along with the unique hash of the block before it. When the information on a block is edited in any way, that block’s hash code changes—however, the hash code on the block after it would not. This discrepancy makes it extremely difficult for information on the blockchain to be changed without notice.

Most blockchains are entirely open-source software. This means that anyone and everyone can view its code. This gives auditors the ability to review cryptocurrencies like Bitcoin for security. This also means that there is no real authority on who controls Bitcoin’s code or how it is edited. Because of this, anyone can suggest changes or upgrades to the system. If a majority of the network users agree that the new version of the code with the upgrade is sound and worthwhile, then Bitcoin can be updated.

The single-chain wallet is designed and developed for a public-chain platform. It is professional and targeted and has great potential for platform service. A public-chain often contains members of many different roles, such as developers, traders, miners, DAPP users, etc. Their activities are mainly around this public chain, and the digital assets of the public-chain are generally used. Therefore, single-chain wallet can be used as an entrance to the public chain to meet the needs of different members of the chain in the operation of the public-chain, providing them with the convenience of storing and circulating public-chain digital assets.
A single-chain wallet is usually designed and developed to serve a public-chain platform. Such a wallet is professional, targeted, and has great potential for the platform it targets. Members with different roles such as developers, miners, dApp users, and traders are part of a public chain.

Thinkium is a platform that offers small, early-start businesses the opportunity to make the most of blockchain by offering a wide variety of customization options for them to develop their own single-chain at a low cost and with maximum ease, taking into account the peculiarities of the business and it’s potential customers.

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Content writer, blockchain enthusiast, designer,etc

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Abraham Effiong

Abraham Effiong

Content writer, blockchain enthusiast, designer,etc

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