Decentralized solutions backed by dependable code
Blockchain is a young technology, so we put time and energy into getting it right. When others were claiming to have the answers, we were researching better ones. Our blockchain development team has a firm grasp of the tools and frameworks that enable digital ledgers to succeed, allowing us to take clients through a clear and concise process that produces competitive applications with technology that truly works.
Simply put, a blockchain is a decentralized form of database that maintains a transparent ledger of data and transactions. It can be private or public.
Example: A blockchain application for car insurance.
If you could upload automobile insurance and ownership data to a blockchain application, you’d have a secure record of data that would link your vehicle back to you if it was ever stolen. Hypothetically, this record of data would be immutable, so no one could succeed in illegally altering it to sell the vehicle for profit; only authorized individuals would be able to conduct updates or changes to the records. This is just one simplified example of how blockchain can be used to increase data security and transparency. It’s having a tremendous influence on nearly every industry–from finance to marketing.
A blockchain keeps a permanent and transparent record of data and its transactional history. Unlike a traditional database, its security doesn’t rely on one central authority because all of the network’s authorized members receive a copy of the data, and any transactions attempted on the blockchain must be agreed upon by several nodes as proof of authenticity before the update is applied.
Since blockchain is a young technology, it’s important to acknowledge and understand the risk factors and benefits associated with its adoption. We’ve outlined a few below.
- Cutting-edge technology that lacks clear regulations
- Mainstream adoption is slow
- Data governance, scalability and network interoperability have yet to be properly addressed
- Blockchain development is not a widespread service
- Competitive advantage: solidifies brands as industry leaders
- Streamlines internal systems by removing intermediaries
- Increases security and data transparency
- Maintains a permanent record of data
- Supports notion of open data
Blockchain development isn’t for everyone. SpeakFeel uses an N2P test to outline clients’ unique needs and overall readiness for blockchain. N2P involves analyzing a project to establish its required Network, Asset, Transaction, and Participants. Below is a quick overview of the questions that are addressed throughout this test.
Network: What kind of network does the client need? Private or public?
Asset: What piece of data will be recorded on the blockchain?
Transaction: What is being done to the asset?
Participants: Who or what is participating in the transaction?
SpeakFeel doesn’t expect clients to have the answers to these questions outright, rather, our team communicates with clients to address these questions in order to better understand their individual needs. We’ll tell you whether or not your project is suited to blockchain technology, and we can work with you to optimize a project for blockchain.
While private and public blockchains utilize different frameworks, it is possible to create a blockchain system or application that uses a combination of the two. Below is a general overview of the differences between private and public protocols.
- Well-suited to private enterprise blockchain applications
- Hailed for increasing data security
- Popular Frameworks: Hyperledger
- Pros: Speedier than most public networks
- Downside: Not as inclusive as public chains, all members must be authorized
- Well-suited to public-facing blockchain applications
- Hailed for increasing data transparency
- Popular Frameworks: Bitcoin, Ethereum
- Pros: Inclusive and open
- Downside: Slower than private frameworks and scalability is an issue
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