Get the blockchain technology and programming integrated into your business
Blockchain has rolled in, and at Eagle Net group, we believe in this technology. The best way for businesses to start looking into immutable, the distributed ledger is by learning the importance of blockchain and how to integrate it into their business case.
What is blockchain, is it the new internet?
The blockchain is a new type of internet rendering created by Satoshi Nakamoto. The whereabouts of the individuals who created this genius tech remain unknown, but their technology lives on.
Blockchain in simple words means an incorruptible digital ledger that handles financial transactions and anything of value. These digital records are public and do not belong to one server; instead, they are duplicated across several computers connected to the network.
What are the attributes of blockchain technology?
- The database is distributed: a central authority does not withhold the information in a blockchain; there is no single location where the data are stored. They are shared and updated across the numerous computers in the network the moment they happen.
- The blockchain is durable and incorruptible: with the blockchain running a decentralized system, it eliminates the ability for a single person to control its data, and the ability for hackers to exploit the usual point of failure experienced in the norm centralized internet.
With this huge benefit, the future of the blockchain technology is bright. Every member is accountable for his actions on the system; every transaction performed are public knowledge and can be revisited for verification; it has a secured validation process by recording operations on the distributed register across the network the moment they occur. Also, no event of human or system errors.
- Blockchain technology is transparent: the system is built on a consensus platform that runs a check on itself every ten minutes and reconciles every transaction that goes on within its network. The operations are grouped in blocks and made available for every user connected to the network irrespective of location. By doing this, Blockchain tech eliminates the ability for any set of individuals to corrupt the system, and ensures there is absolute transparency of trade.
The information in the ledger cannot be altered. Before an individual can change a data block in the record, he or she must have a computer powerful enough to override the number of systems integrated to the platform. It is clear how slim the possibility of insecurity is.
- The blockchain is made up of Nodes: The computer of clients who join the blockchain network gets a copy of the blockchain the moment they become a member. The blockchain is downloaded into the PC and gets used to validate and relay transactions. Now each node in the Network is an administrator: an operator of the blockchain; and as a member of the blockchain, each participant has the chance of getting cryptocurrencies.
- The blockchain is decentralized: The network runs as a peer-to-peer system. Every action taken within the community is an agreement of all computers connected.
What are the advantages of blockchain technology to businesses?
- Enhanced security: when businesses utilize the blockchain tech they are freed of the possibility of losing their data; of it being held by the central authority. Also, their transactions and secured by the network’s encrypted technology.
- Direct communication: through the mechanism of peer-to-peer, businesses can have direct contact and payment with their clients. Customer services like Uber are an example of firms making breakthrough through the sharing network community.
- Smart contracts: business can benefit from the availability of Smart Contracts. With this option, users can set a deal that will be implemented once their specified condition is met, be it time or actions of their client.
- The supply chain can be audited: the blockchain technology allows transparency. With the business ledger working in a distributed medium, customers can discern if your products are as accurate as you claim. It helps encourage trust and promote the brand.
How to get the blockchain technology for your business?
Eagle Net IT consulting group is here for you if you will like to get your business running on the blockchain technology. Our team of programmers is well-experienced in the field of computing and finance. Also, they are updated on the occurring events in the Crypto world. We aim to provide a platform for our clients which reflects their goals and principles. Through us, you will have your business ready to accept transaction through fiat and Crypt currency in no time.
We handle your Blockchain programming from start to end. Our team engineers have extensive experience in Cryptocurrency, Data Management and cloud computing, which can help your company leverage the Blockchain technology and it’s benefits.
- Coin Offerings (ICO)
- Smart Contracts
- Front-End integration
- Get you introduced to the right legal and audit teams.
What is ‘Initial Coin Offering (ICO)’?
An coin offering means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, such as Bitcoin, Litecoin, Ethererum or so many other coins.
What is ERC-20?
ERC stands for “Ethereum Request For Comments”. This is the official protocol of proposing improvements to the Ethereum network. ERC20 is the technology that tokens on the Ethereum Network can meet, and tokens that check all the necessary boxes are deemed ‘ERC20 Tokens’. These tokens are bockchain assets that have value and can be traded like Bitcoin, Litecoin, Ethereum or any other cryptocurrency.
The difference between those tokens and the standalone currency like Litecoin is that the ERC20 tokens piggyback on the Ethereum network, hosted by ethereum addresses and sent by Ethereum transactions. This is why to execute a token you must pay a fee to Ethereum to the network.