How to choose the right blockchain service for your business
Tue, Sep 22, 2020 •8 min read
Category: Business Stories / Blockchain
The blockchain technology has been gaining traction over the last few years and today is on its way to disrupting industries such as financial services, healthcare, or supply chain. If you think that your business could benefit from a blockchain application, you're probably wondering what type of blockchain service you should choose. We have the answer!
In this article, we zoom in on blockchain services available today to discuss the most interesting options for business owners looking to leave their competitors behind with the help of this cutting-edge technology.
Here are a few advantages that businesses enjoy when they implement the blockchain technology.
Access to historical data - when you take a look at a regular database, all you can get is a snapshot of data that is up to date in this particular moment in time. This is something blockchain offers as well, but contrary to a regular database, it also maintains a record of all the information that existed before. That way, you can easily access a lot of valuable data in database history.
Top security - since blockchain offers a decentralized method for storing and accessing data, the entire system is incredibly secure. Contrary to a centralized database, hackers don't have a single point of entry. That's why blockchains are so useful for recording transactions that deal with very sensitive data.
Decentralization – blockchain is a decentralized system of records that is replicated entirely in multiple places. That's why you don't have to worry about taking care of a central administrator with the costs and infrastructure that come with it.
When to use blockchain?
When you would like to manage and secure digital relationships, data, and transactions for your business.
When you're looking to develop a decentralized and shared system of records to keep a long-term and transparent record of your assets.
When a middleman or gatekeeper function is too time-consuming or expensive. For example, the travel company TUI is implementing a blockchain to connect hoteliers and customers directly for completing transactions instead of using a centralized booking platform.
When you need to record secure transactions, especially if they're carried out between multiple partners. This is where a traditional database might not be enough because it works best for recording simple transactions. Blockchain, on the other hand, helps to reduce bottlenecks and simplify relationships when you're dealing with transactions between multiple parties.
When you're handling data that is constantly changing, but you would like to keep a record of your past actions. Blockchain offers a safe way to record the activity and keep your data fresh, all the while maintaining a record of its history, so get an instantly up-to-date record together with a historical data trail for full visibility. That record can't be interfered with by anyone or accidentally deleted.
Which industries stand to benefit from blockchain?
Banking and investment
Blockchain-based solutions are going to be the next big thing in the financial services sector. A decentralized investment platform based on a blockchain will be more cost-effective to maintain and secure, providing customers with excellent service.
Blockchain offers the possibility to build a platform for direct, fast, and secure payments realized on a global scale. These will come with minimal transaction costs thanks to blockchain.
Internet of Things (IoT)
Blockchain enables businesses to create decentralized networks of IoT devices where information exchange is fully secure, and all the smart devices smoothly work in unison.
Another sector that stands to benefit a lot from blockchain is real estate. Transparent transactions and information about properties can be stored on a blockchain, which will reduce the need for paper-based record keeping and speed up transactions.
The insurance industry can benefit a lot from blockchain - for example, in transactions where two high-value items are exchanged between two parties. Blockchain can be used to record the transactions and keep all the data up to date.
The healthcare industry stands to gain a lot from blockchain implementation - for instance, in storing and managing patient data or sharing it between different platforms. Blockchain promises better collaboration between different databases to result in more accurate diagnoses.
There is no denying that cryptocurrencies are a key use case of blockchain. Both decentralized and centralized platforms allow users to enter into the cryptocurrency world, and blockchain helps to build P2P cryptocurrency exchange solutions, trading bots, instant exchanges, wallets, and more.
The energy industry could benefit from blockchain in the implementation of decentralized energy management systems that allow peer-to-peer energy trading and reduce the overall costs
Key blockchain services you should know
Decentralized application (Dapps) development
These are blockchain-based applications built from scratch. You can also adapt an existing system to one that uses blockchain and smart contracts. At Rumble Fish, we help companies build solutions such as centralized investing platforms, trading tools, and many others.
Core blockchain development
This service focuses on building custom blockchains and their infrastructure. The solutions are often based on forks of all popular blockchains such as Bitcoin, Ethereum, Dash, and many others. At Rumble Fish, we have experience in building fully decentralized exchanges and mining platforms, as well as new blockchains and the infrastructure required for their operation.
We build custom blockchain-based systems that support industries such as trading, investment, energy management, healthcare, retail, and more. Our teams have experience in developing various platforms such as P2P trading systems, cryptocurrency exchanges, web wallets, and blockchain-based modern banking platforms.
Another way to benefit from blockchain is building self-executing contractual states that are stored on a blockchain - decentralized and under nobody's control. We help our clients take advantage of smart contracts that are trustworthy and help to build automatic contract enforcement systems based on Ethereum or other platforms.
Hot, warm, and cold wallets
To store any cryptocurrency or tokens securely, we need wallets. They allow us to use cryptocurrency safely and easily. At Rumble Fish, we build integrations with any type of system and deliver custom web wallets and cold storage applications with off-chain accounting.
Blockchain development with Rumble Fish
Helping MakerDAO in the development of their platform, DAI
Our client was MakerDAO, the company behind DAI - the first decentralized stablecoin cryptocurrency on the Ethereum blockchain. The company was looking to rewrite the platform using a modern technology stack. Our frontend developers carried out development work on the platform, as well as some lesser known components of the MakerDAO ecosystem: Oasis Direct and Eth2Dai.
At Rumble Fish, we have years of experience in building blockchain applications and have applied this cutting-edge technology in many different sectors, from energy to financial services. Blockchain isn't a silver bullet among technologies and doesn't fit every single project. However, if your project meets the criteria we described above, blockchain could help you disrupt your sector and stay ahead of the competition. Get in touch with us if you need some real blockchain experts for your project.