February 26, 2024

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How to Pick the Right Blockchain Platform for Business

blockchain development services

A crackdown on fake drugs resulted in about 2000 arrests in China in June 2012. WHO issued a warning in February 2019 about a phoney version of the cancer-treating medication Iclusig that contains paracetamol instead. To make it difficult to pinpoint their origin, traders of these counterfeit or inferior versions of authentic pharmaceuticals bury them amid the unobservant cargo and set up a perplexing chain of custody.

Such risky manipulation of the pharmaceutical supply chain damages the public’s trust in public health initiatives.

Let’s first discuss what blockchain application development is and why it matters to businesses before continuing. Blockchain is a decentralised, immutable ledger that stores all network transactions. Unlike the previous system, the blockchain network is decentralised, and consequently, the information is incorruptible and open to all the network participants.

Blockchain Technology Benefits your Business Provenance

Blockchain technology ensures provenance by including accurate movement data, assisting every contractor in the supply chain to confirm authenticity at all levels on the blockchain. The original brand can also develop an app to assist customers in making sure at the time of sale.

To provide farm-to-store traceability for major food suppliers including Nestle, Walmart, and Dole, IBM is leveraging blockchain. It is a good idea to have a backup plan in case something goes wrong. This aids brands in regaining consumer trust that they had previously lost as a result of dubious branding and marketing strategies.

  • Blockchain-Based Marketplace

According to recent findings from PwC’s Global Economic Crime and Fraud Study, respondents reported an average of six fraudulent operations per organisation and had lost over USD 42 billion to fraud.

Blockchain technology solves this problem by establishing confidence by documenting all transactions in an unchangeable format. When fraud happens, the distributed ledger serves as the foundation for any legal actions. Between buyers and sellers, smart contracts provide a trust protocol and eliminate the need for an intermediary.

  • Blockchain’s Finality

Consider selling a product for $24.1 BTC, or around $1 million. The buyer submits a chargeback request right away once the transaction is finished, and you lose the money. By making sure that every transaction is final and irreversible, these situations can be prevented.

Consensus algorithms are used in high-value blockchains to guarantee transaction finality. These consensus protocols affirm that your transactions are neither cancelled nor arbitrarily modified once committed to the blockchain.

What Possibilities does Blockchain Technology have for Businesses?

A new “global corporate operating system” with a focus on trust and transparency is called a blockchain. Peer-to-peer (P2P) transactions are made possible by the use of smart contracts and fraud-resistant technologies.

Also Read: To know in detail about the mobile app design and development read the blog.

Consider the plan that the blockchain platform will help you execute before you install a blockchain. Your blockchain strategy will be largely influenced by the scale of the network, your ambitions for future expansion, and the desired level of secrecy.

Speak to professionals at Blockedge for end-to-end blockchain as a service if you’re unsure whether blockchain is the appropriate match for your company or if you need to use it to address a specific problem (BaaS).