Some of the top benefits of blockchain are:

• Facilitates trust between the parties and eliminates intermediaries.
• Enables real-time data sharing.
• Creates an inalterable record of transactions with proof.
• Creates efficiencies in processing transactions.

• Smart Contracts: These are blockchain-based contracts that are enforced in real-time. Created as an agreement between two or more parties that do not involve any intermediary.
• NFT: It is a digital token that described the ownership of a unique digital or some physical item. Creation of NFT is powered by a smart contract which is stored on a blockchain.
• Logistics: With blockchain, data sources are acknowledged and processes automated, thus enabling greater trust and high transparency within the logistics industry.
• Cryptos: Digital assets that enables secure trading and ownership. They are used as a substitute for fiat currencies, makes buying and selling assets cost-effective, transparent, and quick.

1. For blockchain development, leveraging a blockchain platform varies on your product’s requirements. Hence, it is crucial to know about the top blockchain platforms.
   • Ethereum: Known for its scalability and affordability. Allows rapid deployment that saves a lot of time, has a decentralized architecture. Mostly preferred by all enterprises.
   • Corda: Has superior security features, ideal for finance industry. Popular amongst insurance, healthcare, capital markets, and government sectors.
   • Hyperledger Fabric: It is a framework for permissioned networks and used to develop solutions with a modular architecture. It is highly useful for Fintech and healthcare businesses to restrict access to sensitive data
   • Tron: It is the world’s fastest-growing blockchain. Highly beneficial for content creators. Offers high scalability and multi-language extension functionality.
   • Stellar: It is a decentralized and open database platform. Ideal for companies that involve in international trade due to its high transaction speed and minimal charges.

Understand the blockchain development process that consists of the following steps:

Identify problems that you want to solve with Blockchain
Select the right blockchain platform and right framework
Assess the governance and privacy issues
Draft the business requirements and brainstorm ideas
Do a proof-of-concept
Assess smart contract security
Create the visual and technical designs
Develop

For your blockchain development related requirements, you would require a dedicated team of blockchain architects, tech managers, blockchain developers, project managers, QA engineers, and UI/UX team.

To launch a basic blockchain solution, it can take around 2-6 months. This time frame can vary depending on the complexity of your product’s requirements and availability of team of blockchain expert.

Smart contracts are like simple programs that are self-executing contracts stored on a Blockchain. In smart contracts, the contents of the buyer-seller agreement are inscribed directly within the lines of code. It is used to:

Automate an agreement and workflow execution.
Trigger the action.
Make transactions traceable, transparent, and irreversible.

NFT stands for non-fungible token, representing a digital asset that stands for real-world objects like art, music, in-game items and videos. They can be bought or sold online, usually with cryptocurrency or fiat currencies.

Check out our blog explaining the use case of NFTs in car rentals.

Crypto is a form of currency that exists digitally or virtually and is created using computer networking software. With Cryptos, you can transfer value online, thus eliminating the need of a middleman like bank. You can transfer values globally, instantly, and 24/7 for less amount