Custom Blockchain Development: Changing the Face of Developing Countries

The Blockchain is indeed the leading technology of the era. First built as the foundation that supported Bitcoin, Blockchain has much more potential than serving as a platform for digital currencies mechanism. It has its role to play in many aspects of our life and very soon, it will proliferate in diverse industries as well.

There is significant competition in the market as small to big companies –both private and government are pushing hard to unveil the benefits of this incredible technology through custom blockchain development techniques.

What is Blockchain?

Before we discuss the benefits of the blockchain, it is essential to understand what it is? It was the technology, first introduced to the world as the foundation for Bitcoin currency. It is equivalent to the digital ledger that maintains the transaction log of bitcoin with the capability of being used on multiple networks.

Whenever a new transaction is updated, the entry is posted automatically in all the copies of the ledger across all partners on the system. The blocks in the chain have their timestamp and a reference to the previous block. The events of the blocks are visible to one and all in the network and are permanent.

Just because blockchain operates as a distributed database and not a centralised one, it becomes impossible to corrupt or tamper data. Many nodes are aligned to make any alteration in the blockchain or the database. So, openness and transparency of data are intact.

Benefits of Custom Blockchain Development In Developing Countries

There are many uses of this incredible technology in private as well as public sectors.

Some of the Possibilities Include:

Refining the KYC Checks

For those involved with financial dealings, blockchain offers excellent speed and ease of KYC verification for digital identities. It can boost the accuracy of some activities right from opening a bank account to applying for a loan or a closure.

Seize Corruption

Blockchain contributes actively to check corruption in the system. One can use it to track the distribution of government funds, subsidies and eliminate the chances of fraud. Developing countries are the primary sufferers on account of corruption and misuse of government funds. Blockchain comes up with an accurate solution to eliminate any chances of wrongful distribution of funds, thereby promotion holistic development.

Reduced Stock Trading Costs

Human errors are a prime reason why most of us have to bear losses in stock trading. It also results in slowing down of the process. With Blockchain technology, stock trading can be made more efficient. The estimates predict that it can enable traders to save billions in a year.

Smart Contracts

Smart contracts in blockchain are the recent entry and are directed to foster autonomous execution of transactions. They can be used to make budgets and distribute funds to an organisation without human intervention. They offer an efficient way to regulate corrupt practices in businesses.

These are some of the ways customer blockchain development can profiteer us in many aspects of the personal and professional setup.

Sofocle Technologies, the leading Blockchain solution provider, offers custom Blockchain development to aid different industries and businesses.