Why Ecommerce Businesses Must Hire Indian Blockchain Development Companies? Top 4 Reasons
5 min read
If we pronounce the term “blockchain” now, can you tell us what would be “that” first thing to cross your mind? Hopefully, you will say, “Hey, are you talking about that cryptocurrency stuff, like Bitcoin and all, right?” But do you know that this advanced technology doesn’t just come in handy for storing cryptocurrency transaction history, but other things as well? For instance, if you are an eCommerce business owner, you can use Blockchain to keep legal contracts and product inventories “too.” And do you know what the best news about this technology is? If needed, you can also combine the inventory management, product descriptions, and payment processing with other activities of your business using Blockchain. The benefit? You will have to spend less on maintaining the IT systems usually required to facilitate these tasks. What else? You do not need to outsource IT experts “as well” to take care of the seamlessness of your data compilation. So, now you know about the dividends you can reap by partnering with Indian Blockchain Development Companies?
If yes, let’s get deeper into the details and find what Blockchain is all about:
What is a Blockchain?
A blockchain is not the typical database that you might have known about to date. Instead, it is an organized collection of data or other structured information distributed among various computer network nodes. If you don’t understand what nodes mean here, we must tell you they are servers or computers connected to “each other” whose main job is to verify every batch of network transaction’s that are known as blocks.
Since Blockchain is mainly famous for being a decentralized digital ledger that records all cryptocurrency transactions and makes them available to users through “connected devices,” there isn’t any specific location where you can store them. What’s more? As far as the role of its nodes is concerned, you know well that they are there to validate each block and transaction before adding them to the Blockchain. But do you know how it functions? They usually download every block and “transaction” and then inspect them by sifting through consensus rules of the cryptocurrencies, like Bitcoin. During the process, if they find that a block or transaction doesn’t agree with the consensus rules of the given cryptocurrency, a full node will reject it altogether. So, if you want to take advantage of such a terrific technology for your business, team up with the prominent Indian Blockchain Development Companies now.
What are the benefits of using Blockchain?
“Probably,” the best advantage of using blockchain technology is that they are the most suitable platform for maintaining secure and decentralized records of transactions. Thus, if you want to count on blockchain technology to meet your custom business needs, you can be rest assured about the accuracy and security of your data record, which will further translate into generating trust without deploying a third party for the same.
How does Blockchain work?
Before anything, you must know that the primary difference between an average database and Blockchain is how their information pieces are structured. We mean, in the former case, you will usually find the data structured into tables, whereas the latter organizes its information into “chunks”, or you can say “blocks” that keeps arranging in a long line. These blocks hold several sets of data, and when their storage capacities get fully utilized, it closes and links to the previous block. This way, a long chain of data starts forming, known as the “blockchain.”
Now, do you know what the most surprising part of this state-of-the-art technology is? It creates an irreversible timeline of data, and when each block gets filled, they become a part of the same timeline. Further, whenever the new blocks get added to the chain, “each” of them receives an exact timestamp for future reference.
With this, you must have got the “clarity” that the main aim of Blockchain is to record and distribute digital information but not edit it. Thus, if you are looking for a highly safe and secure solution for your database, don’t forget to speak to the most trusted Indian Blockchain Development Companies. Do you know why? It’s because they guarantee to provide you with unchangeable ledger systems or record-keeping of transactions that can’t get deleted, destroyed, or altered. And just to let you know, the Blockchain also has another name, “DLT or Distributed Ledger Technology,” which it received based on the “way” it functions.
What are the various steps involved in Blockchain?
- The user enters a new transaction into the system
- That transaction then gets distributed to a network of connected computers spread across the globe
- Then, the computers involved in that network solve some equations to verify the entered transaction
- Once they ensure that the transaction is valid, they get included in the blocks
- This way, whenever new transactions occur, it keeps validating and adding new blocks in the chain
- Hence, it creates a long history of all the transactions that occurred and makes sure they stay there permanently
- This way, finally, the transaction gets complete
Why do ecommerce stores must collaborate with Indian Blockchain Development Companies?
- Online businesses can make the most of the blockchain technology to reduce their IT operations costs and increase the accountability for each transaction
- You can stay assured about no tampering to the precious information you enter into the system
- Your every data chunk will get verified without the need to employ an external company
- You can leverage the protected data ledgers. Besides, your recent transactions will remain dependent on the “next” data block to execute the entire process smoothly.
What preventive measures do ecommerce agencies must take when choosing the right Indian Blockchain Development Companies?
1.Check the cost of their service
Many organizations out there tend to overcharge online businesses based on their “own” fame and resonance. So, it will help if you consider this seriously and research well before teaming up with a premier blockchain development company in India.
2. Verify the authenticity of the Service provider
Some blockchain development agencies also have malicious intent when it “comes” to offering reliable database solutions to clients. So, you must run a background check on your potential business partners before agreeing to sign the contract papers.
Last Note
Up until the “moment,” we hope you learned myriads of things in this blog that you perhaps didn’t know before, be it the definition of Blockchain, benefits, working, or the reasons to employ Indian Blockchain Development Companies. So, if you liked the information acquired through this post and want to obtain custom blockchain solutions for your firm, please feel free to connect to the highly acclaimed blockchain development agency in India.
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