The Advantages of Blockchain Technology: IdeaSoft and XION Case Study

Today everyone’s talking about Blockchain technology. Some call it a breakthrough, while others say that it’s just another trend. IdeaSoft has been successfully working with Blockchain for 5years now, so our specialists know all the pitfalls of this technology. Our latest blockchain project is connected with Xion, a one-stop subscription shop to create, manage, and scale any type of subscription business model. It was a real pleasure to work with this company and bring their great idea to life. So in this article, we decided to tell you about our shared project to show how businesses can benefit from blockchain in practice.

The Main Advantages of Blockchain

First, let’s remember the main well-known advantages of blockchain. Here they are.

1.Decentralization and security

In Blockchain, here’s no single information center. Data is stored on users’ computers, and not in one place, which makes the system resistant to cracking. This improves system security. Since each user has a copy of the database, any malicious actor can make changes in the transaction history. Because at the verification stage, the system will reject these changes.

2.Transaction transparency

Blockchain provides both openness and data security. It’s all about cryptography. Blockchain makes use of 2 keys for encryption and decryption: a public key and a private key. A sender encrypts a message with the recipient’s public key, and only the recipient with the corresponding secret key can read this message. Each network member has access to the entire transaction history, which makes this system transparent.

Read our recent article Where to start implementing blockchain

3.Increased speed of transaction processing

In the bank, a transaction can be processed for several days. In Blockchain, transactions are carried out much faster due to the lack of intermediaries. With the help of Blockchain technology, you can carry out payment directly and it takes only a few minutes.

4. Reduction in transaction costs

We mentioned that Blockchain helps to avoid intermediaries, so you don’t need to pay them. Inside Blockchain, you can get a lower commission than in banks and intermediary companies. You can also make payments between different countries without the need to convert currencies. This is a great solution for trading companies that want to avoid problems with international payments.

XION Platform

Blockchain has enormous potential for many industries. Among them are the financial sector, business administration, banking, insurance business, government, retail, real estate transactions, education, healthcare. And in our case, we’ll show you how blockchain can solve the problems of the financial industry using an example of the Xion application.

Client background

Xion provides reliable subscription management software for companies of any size. After several years of working in this business, our client found out that companies need some kind of subscription software to manage their subscribers, and subscribers need easier ways to purchase. So Xion came up with a great idea of developing a subscription billing platform that could give more freedom to both a vendor and a customer.

Xion was conceived as a platform where vendor and customer can

• manage subscriptions
• interact with customers and peers
• make and receive instant global payments
• track all transactions made in Xion
• build a community

IdeaSoft Solution

Together we created a simple and user-friendly platform with great functionality, where merchants can create an account, generate a button, put it on their websites, and start to receive revenue in cryptocurrencies. Buyers, for their part, have the ability to subscribe to buying products or services, manage their subscriptions, and make payments easily.

From the technical side, we chose the GoLang language for the backend. Since it was developed for server software and can solve “Google-sized problems”, it’s a great language for cloud computing. And of course, we used AWS to keep the Xion platform there.

Xion is powered by Blockchain. All transactions are carried out through the Metamask extension, which is already known for its security and usability with cryptocurrency. We made Metamask customization, added functionality, and automatic redirection from the platform.

With the help of blockchain technology, we have achieved our goals.

• Created a functional and secure platform for subscriptions.
• Introduced a fast and transparent billing system for payment without intermediaries.
• Implemented the possibility of making and receiving payment in cryptocurrency.

If you have any questions or suggestions, don’t hesitate to contact us. You can find more IdeaSoft case studies on our website.

Written by Julia Soloshenko, Project Manager at IdeaSoft