Blockchain – Mega Software Technology Pakistan

BLOCKCHAIN

What is Blockchain

What is Blockchain?

We are sharing the information through the internet that is a decentralized medium. But when it comes to money, we have to rely on old fashioned methods like banks. Their records can easily be tempered and changed. Blockchain provides the solution to this problem elimination the middle man.
Blockchain stores the data in the blocks. It is an immutable and secure way to store the information. It decentralized all the information and gives them access to everybody. But no one can temper the records without the consensus.

Blockchain Development

Blockchain is growing rapidly and has the potential to spread in almost every business. It is estimated that it would reach the critical adoption by 2020 and by 2025 it will be generally accepted almost everywhere. We at Mega Software develop websites, software, games, and applications using Blockchain technology. We also offer Business Solutions in Blockchain.
Blockchain technology is mainly used for Security purposes. We develop security software for Banks and various other organizations. We are developing games using Blockchain technology. We have also developed a freelancing portal called Masters in Blockchain. Masters in Blockchain or MIB mainly focuses on the Blockchain development.

Our Freelancing Portal

Benefits of Blockchain

Almost every business now using Blockchain technology. It is much safer and has a lot of benefits. Visionaries are looking into new ways to use Blockchain and to get rid of old methods of business. From tourism to border control, fine arts to journalism, national security to mobile payments, Blockchain is being used everywhere. Here are a few of the benefits of using Blockchain technology for your businesses:

01 Clarity & Passive Registry

Blockchain is considered as an electronic ledger to store information. Bank transaction has become more transparent with Blockchain.
Everyone related to the network has a complete copy of the ledger. They have access to all the information but they cannot change it. Once the records are stored they cannot be changed. This is the static registry of Blockchain.

02 Identity & Increased Security

Blockchain is way more secure than the old track keeping system. Once any information is stored in the Blockchain, it is connected with the rest of the network making it more difficult for the hacker to get the data. Any industry that has identity-related data like Government, healthcare and Police records, Blockchain is creating more secure ways to store sensitive information.

03 Advance Traceability

This feature of Blockchain is good for the companies that work with the supply chain. It can be really difficult to keep track of the goods. Blockchain provides all the information about the origin of the asset and where it made stops along the journey.

05 Faster Processes

Blockchain can speed up the process execution in multi-party scenarios and allow for faster transactions that aren’t limited by office hours.

06 Automation

Blockchain is programmable – which will make it possible to automatically trigger actions, events, and payments once conditions are met.

04 Cost Effective

Reducing the cost is the main agenda any company works on. Blockchain eliminates the third parties and middle man to reduce cost. It keeps all the records so you do not have to review massive documentation.


Types of Blockchain

Public

Anyone can read a public Blockchain, send transactions to it, or participate in the consensus process. They are considered to be “permission less.” Every transaction is public, and users can remain anonymous. Bitcoin and Ethereum are prominent examples of public Blockchains.

Private

Private Blockchains are controlled by a single organization that determines who can read it, submit transactions to it, and participate in the consensus process. Since they are 100% centralized, private Blockchains are useful as sandbox environments, but not for actual production.

Distributed

In a Distributed Blockchain, the consensus process is controlled by a pre-selected group – of corporations, for example. The right to read the Blockchain and submit transactions to it may be public or restricted to participants. Consortium Blockchains are considered to be “permissioned Blockchains” and are best suited for use in business.