Why Keep an eye on Blockchain in 2018 ?

Blockchain is not just about cryptocurrency ,but a lot more than that. 2017 has been about blockchain as it has been adopted by many companies and many use cases have been developed in various industries.

Bitcoin has made blockchain the most popular technology in 2017. The exponential rise in the bitcoin value does not seem to come down and specialists believe it is soon going to be implemented in all the industries all around the world. Blockchain application development, has moved beyond just cryptocurrencies, it is being adopted by the giants in the industries like banking, healthcare, finance, IT to transform old legacy business models to new disruptive and distributed ledger technology.

I am listing few reasons why every industry should keep their eyes on blockchain for in 2018 for better understanding the technology and incorporating it where possible.

• Growing Crypto Feasibility

Blockchain is being made robust and secure. Recently many cryptocurrencies have been attacked But have made blockchain more secure, smart contracts integration has gone stronger. The transparent and resilient nature of blockchain has made it more adaptable and is being incorporated in business models using distributed ledger system.

• Governments will adopt Blockchain

In the mid 2018 government will start using blockchain and start looking deeply in the technology blockchain has to offer. Governments are already testing its functionalities with current voting system. There are many more applications of blockchain like digital identity will soon be the only identity of every human being.

• Exponential rise of value of Cryptocurrency

Cryptocurrency will be the new way business operates and will be a part of the daily transactions across the world. Integration of custom software development services with blockchain based crypto tokens will make the crypto currency better reputation. Simply put Bitcoin buyers at this point have the asset which will keep on rising across the world. Its not just the value increase that is keeping the cryptocurrency or crypto assets lucerative but it the acceptance as an commercial and negotiable tender.

• Banks Will Incorporate Blockchain

Blockchain payment management systems are being incorporate by central banks for cross border payments for immediate settlement in a secure and timely manner. Distributed ledger network supports the banks in transactions and verifications across borders. Just thank that in your family that is spread across different countries, you donot have to pay conversion rates from Dollars to Pounds or INR to Yen and its just Crypto to Dollars, Pounds etc. You actually end up saving high in case of large volumes.

• Blockchain Will Disrupt Modern Commerce

Blockchain is bringing a new revolution in financial industry and there is a global impact of blockchain that will transform the way the world operates. Blockchain, will disrupt modern commerce inventing new paradigm as SCM systems seeks more value from value chain. The manufacturing, logistics, store and complete supplychain will run on distributed ledger ensure error and fraud free movement of goods.

• Fiat money utilization

Tokenization will give new value to fiat money . In 2018 the industries will recognize tokenization to manage their fiat currency. For not just physical currency blockchain will put light on how businesses can settle transactions immediately with more robust digital currency.

• Analytics

Blockchain is being incorporated in many companies and will facilitate new data analysis practice with highly protected and accurate data providing more value to businesses. Taking an example ; In the financial industry the loan approval can be streamlined . People can share their personal details on a much secure, robust and transparent network. The data can be used for analysis for more and more streamlined process completion. Also would deliver process and procedure insights enabling greater efficiency.

• New Use Cases

As a blockchain development company, we have found that there are many applications of blockchain presently implemented in various industries but the upcoming application would be in anti-fraud management, government in voting, travel industry with emphasis on loyalty programs, and digital identification. People, companies will be identified with this unique identification in banks, service providers, etc. Travel and music industry is another platform where blockchain benefits will be used. The information will be available on the shared network to the participants in a secure and transparent way. With the increase ransom ware attacks the cryptocurrency technology is fraud proof.

Netset Being the leading software product development company has also established itself as one of the top Blockchain development Companies. We have also developed our Blockchain Wallets as a POC and are open to partnerships on for solving real business challenges.  Drop us a line at Direct@netsetsoftware.com to know more.

Fundraising Then and Now

ICO is the hawk gliding quickly in fund raising industry as it creates liquid cash and equity growth without giving in any equity. Today ICO is replacing the traditional methods of fund raising like Bank loans and IPO`s. With ICO millions of dollars have been raised during the token sale in just a single day. The advent of ICO`s has been lead by blockchain application development, where smart contracts are used to validate an authenticate the transactions. Using open source software’s, to design your own currency, with real base value and making exchanges with investors; it is how businesses raise millions of dollars.

The main reason why investors are interested in buying crypto currencies is during the initial coin offering are at a lower cost. When the ICO hits the marketplace and the product prospects are positive, then there is a positive speculation leading to rise in crypto currency value. Bitcoin was for one dollar in 2011 and now it has crossed 4000 dollars. This implies that a digital asset for the investors is created in exchange of cash money or fiat money. This digital asset has a value which is assigned by consensus of people in the business. This value depends upon the project one puts money in; it is other factors to take under consideration as well that define the value of a crypto currency.

How is ICO replacing Traditional crowd funding platforms?

• • • Fast method of fund raising – Bank loans and IPO`s are very time consuming and involve a lot of bureaucracy.
    • Best suited for risky ventures – It is better way of raising funds for risky ventures as banks and IPO`s may not give weight age to the modern ideas and may shrug away.
    • It minimises the risk of fund misuse – The blockchain development based database in ICO`s is managed on a distributed ledger and thus all the transactions are mutually updated in the blockchain making the fund use more transparent.
    • Huge ROI – Yes, quick profits interests investors. Not only bitcoin and Ether, many upcoming crypto currencies make huge profits.
    • Liquid Cash – As compared to traditional ways of crowdfunding ICO are much quicker when it comes to having funds in hand which further helps to elicit profits.
    • More Secure – It is far more secured as compared to its previous versions. There are research groups who analyse ICOs to make them more secure and compliant.
    • Digital asset – Unlike equity based IPO Shares, Crypto currencies can be transferred without additional cost of involving a 3rdparty.
    • Universal acceptance – Crypto currencies are universally accepted and can be converted in all currencies and can be used to sell and buy goods and services across border.
  NetSet is one of the Best custom software development services providers and one of the top Blockchain development Companies in India and has helped California, Singapore, Tokyo and Honkong in raising ICO`s as a stable platform for reliable investment. To know more drop us a line on direct@netsetsoftware.com.

Blockchain The future of Fintech Services

Blockchain as we know has emanated as the most transformational digital technology of this era. It is peer to peer distributed ledger that has the potential to manage business data, transactions and processes. This is the prime time to think of blockchain implementation in fintech industries to meet the expanding demands of customers. Every node in the network has the same ledger copy and it is updated and refreshed every second. Hence every updated node has the duplicate entries on the ledger containing the transactions, this way fintech industries will find blockchain providing more security as compared to traditional services. As Blockchain is tamper proof and every block is time stamped it has the proficiency to rift up the limitations of financial industries. Blockchain can store, record and track down every detail of the blocks of transactions, ownership’s of the data; be it tangible or intangible assets.

Pivoting points of blockchain :

1) Simple, secure and efficient

Blockchain consolidates and systematise the new business process model incorporated in financial industries. There was a lot of work put into reconciliation and conflict settlement. Blockchain eliminates the need of middlemen to settle the transaction overhead. It provides security and transparency as the transaction history is immutably available to the members involved in the network. Hence there is efficient monitoring of all financial transactions.

2) Re-modelling financial services

Distributed ledger technology is re-shaping banks and financial institutes in many robust ways. From cash to plastic money and now to electronic crypto money. Financial industry is going to be hit  by an unrest rumpus of potential game changer in fintech industry as Blockchain development costs are meagre in comparison to the benefits. Blockchain combined with clould, bio metrics, cognitive computing and machine learning will entirely change the infrastructure of so many industries.

3) Application based benefits

Blockchain is application centroidal i.e the benefits of blockchain depends how it is integrated with the existing or new application. For example Blockchain Wallet Development for trade would speed up the payments and track the ownership at various stages of the process.

4) Digital identity and IOT

With the help of Blockchain digitial identity system can be revolutionised by verifying the nodes/devices/users who they claim to be. Other big use case would be KYC and AML process.

5) Altering business models

Blockchain will change the infrastructure and the basic support system of financial services. There will be a lot of reconciliation work but the immutable distributed ledger will remove the information unavailability and make it easy to track  the ownership of records. Blockchain bring transparency which makes inter mediation unnecessary and enforce compliance. Trust will be based on internet level consensus which will avoid unnecessary disputes and no third party involvement.

Our team at NetSet software is leading in Blockchain application development   and we are open to partnerships with Industries across sectors for generating proof of concept to solve real business challenges. To know more drop us a line on direct@netsetsoftware.com.