Blockchain
Niksla is helping organizations re-imagine their
businesses by design business models that exploit the
unique capabilities of blockchain.
DIGITAL
Blockchain
Blockchain: The IT of the Future
In recent times, the development of blockchain has become very rapid because of its applicability, that is not only limited to the Bitcoin network but also in various other domains due to the features like being highly secure and robust. It has already received the attention of big companies and they have started implementing it in financial services and supply chain management. This technology can further prove to be a great help in areas like logistics value chain, banking, cryptocurrencies, healthcare, smart contracts, and voting as well.
Features of Blockchain:
- Increased capacity
- Decentralized technology
- Immutability
- Enhanced security
- Distributed ledgers
- Consensus
A Trusted Approach
Blockchain is known to offer a distributed ledger that exhibits tamper-proof transactions in a decentralized network. It can be rightly called a database in the decentralized network to validate and store all transactions in a consensus that is agreed upon by all nodes in the network, without any central authority. The complete and valid transactions are added to the distributed ledger with a timestamp and other details. Hence, the blockchain technology can exchange tangible and intangible data among the participants of the public ledger. Each stakeholder maintains a copy of the synchronized ledger, which prevents a single point of system failure or data loss. When changes are made, such as adding a new block, all copies in the network are simultaneously updated, and records registered. These changes thus create a chain. With many technologies and domains working to explore the blockchain, the technology is making a big name for itself. As a buzzword on the tongue of every other IT professional, blockchain stands to make operations more accurate, efficient and secure.
Build your Blockchain Project with Niksla
Niksla offers a comprehensive suite of end-to-end blockchain services from advisory, implementation, change management, to operationalization and application maintenance. We help clients embark upon a blockchain journey based on their maturity in terms of people process and technology. Typically, our service offerings can be categorized as:
- Foundational
- Evolutionary
- Disruptive
Niksla is helping clients create reliable, trusted and sustainable ecosystems for their businesses. We are driving enterprise wide adoption of blockchain-powered business networks across industries by building meaningful commercial/incentive models for all stakeholders in the ecosystem.
Unique Blockchain Technology Considerations
Data Standardization
Alignment between customers and suppliers agree on business practices or data and infrastructure standards. Blockchain projects require robust master data governance nd alignment on standards.
Operating Costs
Blockchains employ a concept of ‘gas’ within their design. Gas is a method of calculating a transaction fee for the data transacted on blockchain. Consider that how the layers of the system architecture impact transaction costs during design
Sustainability
Blockchain systems use more energy and require more data storage than traditional systems. Consensus mechanisms impact energy costs significantly.
Scalability vs Speed
Blockchain has, for low capabilities in transactions per second, originally 8-14 second transactions. Second generation protocols deploying alternate consensus methods can achieve significantly higher transaction rates.
Legal Considerations
The use of smart contracts has legal implications which must be considered as part of the design. A smart contract does not negate the need for the contract and the two artefacts must align.
Regulatory Environment
Regulations around the use of cryptocurrency and blockchain is not formalized, and is ever evolving. Consider how blockchain architecture plays into current and future generations
HEALTHCARE
Niksla can use blockchain to store sensitive medical information of patients. Smart contracts can be used to establish the parameters of what data can be shared and between whom.
REAL ESTATE
Blockchain can be used to create decentralized registry systems to keep a track of properties etc.
FINANCE
Niksla can use Blockchain to help make ledger systems real-time and reduce third party fees for online money transfer etc.
INTERNET OF THINGS (IOT)
It is possible to create software and microchip hardware that lets connected devices operate on blockchain.
LOGISTICS
Niksla aims to overcome the issues of lack of communication and transparency due to crowding in the shipping industry. by using blockchain
MANUFACTURING
Blockchain has potential to revolutionize how manufacturers design, engineer, make and scale their products.