ITConnectUS’s BlockChain Consultancy is a bunch of experts & enthusiasts about blockchain technology. We possess a top-notch understanding of Blockchain technology platform and can explain it in laymen terms. We at BlockChain council carry the best suitable approach and perspective according to the case with minimal and effective efforts.
With our end-to-end expertise to connect each and every dot, we are ready to go extra mile for our clients. ITConnectUS has a fantastic team of professionals who never get tired of coding and creativity. We work on various open source, the social good project as well as consultation for clients from various domains.
We offer advice on the strategic employment of blockchain technology based on a thorough analysis of your company’s profile whilst drafting along your ideas of development. We will assess the potential of Blockchain technology in your company and discuss possibilities of optimization. Additionally, we support you throughout the entire process of integration and adaptation of Blockchain technology into your already existing company network.
How we can help you
Blockchain being the next big thing we help in promoting and making people understand everything related to it. We are unbiased in particular technology or platform. Every solution varies depending on the unique nature of the problem. We carry the best suitable approach and perspective according to the case with minimal and effective efforts.
1. Components of a Blockchain ecosystem
- A node application – Each inter-connected computer must have the computer application installed they wish to work on. For example, if Bitcoin is the ecosystem then all the computers involved must have Bitcoin Wallet application running on them.
- Shared ledger – It is a distributed ledger which is managed inside the node application. Once there is a node application up and running, the respective ledger contents can be viewed for that ecosystem. For example, if Bitcoin client is running on the system, one can participate in the Bitcoin ecosystem per the rule setup for the programming code of Bitcoin node.
- A consensus algorithm – It means the method taken by an ecosystem to attain consensus. Every ecosystem has its own way of attaining consensus. It depends on the needs of the ecosystem. For example, Bitcoin arrives at a consensus of the ledger in a few minutes based on the features requiring consensus.
- A virtual machine – A virtual machine is an imaginary machine running on/inside a physical computer/machine. For example, Ethereum is a blockchain ecosystem that implements a virtual machine. The virtual machine lives in the Ethereum node application called a Wallet, and unlike Bitcoin, it can understand a wider range of instructions making it possible to manage the state of digital contracts aka smart contracts.
- Decentralized functioning – Blockchain functions on a distributed database. Imagine a spreadsheet that is replicated a thousand times across a network. It is also designed to update it automatically across all databases.
- Secure – It is free from scams. Having a decentralized database, it eliminates the risk comes with a centralized database.
- Transparency – The great promise of this technology is based on pseudonyms. The transactions are recorded and stored in a public ledger and approve of its Transparency.
- Authenticity – It is controlled by a single entity and has no single point of failure. Data is embedded within the network as a whole.
- Durability – Blockchain helps to guarantee the durability of transactions by storing them on a connected distributed system of registers rather than recording it on only a main register.
- Robustness – No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved.