Whenever we mention blockchain, the first thing that comes in our mind is Bitcoin- the first implementation of a cryptocurrency that was based on blockchains.

But what is blockchain? How does it work?

A blockchain is a list of records, known as blocks, that are linked together using cryptography. Every block has a cryptographic hash that contains the address of the previous block, and it also includes the transaction data.

Blockchains are nowadays considered as open, distributed ledgers that can record the transactions that are made between two companies efficiently and permanently. A peer-to-peer network manages a blockchain forming an inter-node communication between different blocks.

Blockchains are used because they are considered secure by its design, and the data stored in them cannot be altered. To change the data, a person will have to modify the subsequent blocks as well, which will require the consensus of the network.

Using the blockchain technology for the safekeeping of a record has widely increased over the years. Along with this, it also gives the full power of cryptography in the hands of individuals. The hype of using blockchains technology is unreal, and it easy for people to use it for high-level cases of application as well. They are often considered as “magic beans” by some of the brightest minds of the industry.

Blockchains are more than just storage houses, its where the digital relationships are being formed and get secured for two parties.

What are Smart Contracts?

Smart Contracts are considered as self-executing contracts that are stored using the blockchains on the server. The terms of the agreement between the buyer and seller are written in the form of a code. These terms of contracts are distributed across a blockchain network.

The best part of using blockchains for smart contracts is that it eliminates the cost of using a mediator to finalize the agreement. Blockchains are rated faster, cheaper, and more secure than the traditional systems, one of the reasons why banks and governments are moving towards blockchains.

Contracts can be coded on blockchains, but Ethereum is given preference as it’s considered a secure way to do so and it offers unlimited processing capability making it users’ first choice.

What is Ethereum Dapps?

Dapps are the platforms that provide services that enable direct interaction between the user and the provider for, e.g., the connection formed between a buyer and a seller in a marketplace.

Ethereum Dapps use HTML/Javascript application by using Javascript API to help communicate with the blockchain and provide the interface for the users.

What is Crypto Wallet?

When you work with cryptocurrencies, there is a need for a crypto wallet where you can store the currency and manage your profile. A crypto wallet is a device, a program or a service which stores all the public and private keys and allows the user to receive, spend, or purchase various cryptocurrencies and save them.

There are different types of wallets that are available on the web for users to choose from. A wallet can be either a hardware wallet, a software wallet, or a paper wallet. Depending on their needs, anyone can choose the kind of wallet they want.

Some cryptocurrency wallets are:

A. Ledger Nano X
B. Luno Wallet
C. Coinbase Wallet

What is Crypto Exchange?

Any exchange that is carried out using any cryptocurrency or digital currency for some assets or other digital currencies is known as a crypto exchange.

Crypto exchange is a process that anyone can carry out as long as they have a cryptocurrency and a crypto wallet of any sort. The crypto exchange has made business easier for many people in business as they can now send and receive payments in the form of cryptocurrencies and get them converted into cash through bank transfers.

What is Hyperledger?

Hyperledger is a project of open source blockchains and tools that are used to develop blockchain based distributed ledgers. The project was started in 2015 by Linux Foundation, and it received support from IBM, Intel, and SAP Ariba.

The objective of the project is to help in advancing of cross-industry collaboration by developing blockchains and distributed ledgers so that they can support global business transactions between significant technological, financial, and supply chain companies.

What is Solidity?

Developed by Gavin Wood, Christian Reitwiessner, Yoichi Hirai and several former Ethereum core contributors, Solidity is an object-oriented programming language used to write smart contracts on blockchain platforms.

Solidity helps developers to write applications that implement self-enforcing business logic in smart contracts to improve the user to keep an authoritative record of the transactions that take place.

Here is a list of top companies that can help you with your next big blockchain project:

1. Mind Inventory

With a product such as Fairswap- a currency exchange, money converter app, Mind Inventory is a leading company in providing solutions with app development and blockchain solution provider.

They offer solutions related to cryptocurrency and crypto wallets by using blockchains to build a personalized app according to the needs of the users.

To know more visit, applancer.com/profile/mindinventory

To know more about Fairswap and to download it, visit play.google.com/store/apps/details?id=com.app.fairswap

2. Fusion Informatics

Fusion Informatics is a company based in India that provides services for Leading AI, Mobility, Blockchain, and Cloud Solution Provider. There focus is to use high-end solutions and services for the customers.

To use their services, visit them at applancer.com/profile/fusion-informatics

Download Tingg to go cashless and pay online. Get it from here, play.google.com/store/apps/details?id=cellulant.com.ng.tingg

3. Mobiloitte Technologies

Mobiloitte Technologies is a digital platform that provides applications that are ready to be used and are made with blockchain technology.

Along with blockchain, these apps are already equipped with IoT, Bots, and Artificial Intelligence. Crypto Smart is a blockchain based product where the buyers and sellers can deal in Bitcoins.

To get your own personalized blockchain app, visit applancer.com/profile/mobiloitte-technologies-india-pvt-ltd

4. Steelkiwi

SteelKiwi is a full-cycle software development service providers that provide solutions based on the Ethereum blockchain platform.

Qravity, a decentralized content production and distribution platform where people upload their work to get monetary benefits are based on Ethereum blockchain.

To know more about the product visit, qravity.com

For personalized projects, reach out to them here, applancer.com/profile/steelkiwi

5. HashCash Consultants

HashCash Consultants is a global software company that provides solutions by making products based on the blockchain technology that help people to moves their assets and settle payments across wide regions.

HashCash runs two US-based digital exchange and asset payment processors named as PayBito and BillBitcoins.

To know more about the products, visit them at www.hashcashconsultants.com

To know more about their projects, visit them on:
a. PayBito – www.paybito.com

b. BillBitcoins- billbitcoins.com

With the introduction of blockchain, the transformation of a concept into forming a whole Bitcoin application based on it is a tremendous achievement. Soon, we can hope for more improvements in the performance and the scalability of the blockchains, making them easier to use and implement.

If you liked the article, leave a comment below to let us know.