Why Blockchain / Distributed Ledger Technology (DLT)

PPrior to the advent of the Blockchain/ DLT, there was no way to secure and validate ownership in a digital asset or verify a transaction in a trustless, public manner. The Blockchain is the first technology that enables the transfer of digital ownership in a decentralized and trustless manner.

While technology and supporting platforms around the blockchain ecosystem are sure to evolve, to answer the question of which businesses will initially benefit from its use, are the ones which possess the following traits:

  • Transaction-based
  • Benefits from public scrutiny
  • Benefits from history that can’t be rewritten
  • Decentralization benefits to the end user or customer

What is Blockchain?

Blockchain is Collection of technologies that enables a distributed ledger technology (DLT) platform without a central authority. It helps in resolving the trust gap for parties in transactions that do not fully trust each other.

Key Features
  • Single Version : Single version of the truth held across network of untrusted participants
  • Transparency:Transparency of the platform. The smart contracts are visible to all
  • Data History: Immutability of data history
  • Authority: No central authority, increased control/influence to the participants
  • Access Control: Untrusted participants access control (private keys) without an intermediary
  • Delivery:Delivery vs Payment of transaction
  • Security: Cyber-secure –no single point of failure

Why is Blockchain important?

The most significant advantage of Blockchain's distributed ledger is reduced operational costs. By eliminating the middleman, or data gatekeeper, Blockchain allows companies to quickly and easily trace products and transactions all the way back to their roots. DLT based enterprise applications can be used in multiple areas, including government and business dealings, in addition to financial transactions. Experts believe digital ledgers can be used in tax collection, property deed transfers, social benefits distribution and even voting procedures. DLT can be used to process and execute legal documents and other similar exchanges. Individuals can use this technology to hold and better control personal information, and then selectively share pieces of those records when needed; use cases here include individual medical records and corporate supply chains. Digital ledgers can help better track intellectual property rights and ownership for art, commodities, music, film and more.

How we develop Blockchain/ DLT Solutions?

AltaFuturis team would carefully understand needs and objectives from client for Blockchain solution development before starting the project. Essentially for all Blockchain/ DLT solution projects AltaFuturis team would like to go through following aspects.

  • Type and number of Participants in Blockchain network
  • Which are the most important Blockchain/ DLT Features
  • What kind of functionality expected including workflow steps for Blockchain
  • Key smart contracts
Additionally, the capabilities of our Machine Learning services also help business gather insights across multiple data sources. This adds to the accuracy of the decision-making process and makes the outcomes more reliable.

Blockchain / DLT based Development Lifecycle

AltaFuturis has developed lean and efficient lifecycle for Blockchain solutions projects considering evolving technology and rapid changes in the Blockchain market.

Consulting and Documentation

  • Design and Documentation
  • UI/ UX

Solution Development (Agile Methodology)

  • Environment Creation and Set Up
  • DLT implementation
  • Microservices development
  • UI Integration
  • Testing and Fixes

Solution Deployment and Signoff

  • UAT and UAT support
  • Handover