Blockchain seems complicated, and it definitely can be, but its core concept is really quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is.

A database is a collection of information that is stored electronically on a computer system. Information, or data, in databases is typically structured in table format to allow for easier searching and filtering for specific information. What is the difference between someone using a spreadsheet to store information rather than a database?

Operations often waste effort on duplicate record keeping and third-party validations. Record-keeping systems can be vulnerable to fraud and cyberattacks. Limited transparency can slow data verification. And with the arrival of IoT, transaction volumes have exploded. All of this slows business, drains the bottom line — and means we need a better way. Enter blockchain.

To guarantee a high level of resiliency, flexibility, and scalability in our solutions, our blockchain experts apply the Hyperledger Fabric platform to create enterprise blockchain-based applications with modular architecture.

Due to its popularity, smart contract functionality, and security, Ethereum provides multiple benefits for businesses that are considering blockchain solutions. The advantages include advanced privacy, quick tokenization, low costs, high-speed deployment, and unparalleled performance.