v2stech solutions pvt ltd logo

09 August, 2018

BLOCKCHAIN

Introduction

This application developed for tracking the insurance Policies which will remove all manual work in insurance system, increase security, data consistency, data integrity and give many other benefits.

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet.

The blockchain is a simple yet ingenious way of passing information from A to B in a fully automated and safe manner.

FEATURES


Transparency

Blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies.

Decentralization

This removes the need for powerful central authorities and instead hands control back to the individual user.

Security

The fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data.

CHALLENGES FACED :

1. Inefficient Technological Design.

Even though blockchain technology has a lot of perks, still it lacks in many technological ways. A coding flaw or loophole is one of the significant points in this.

2. The Criminal Connection.

The anonymous feature of the blockchain technology attracted not only experts but also criminal personals. Why? Well, the nature of the network is decentralized so that no one can know your true identity.

3. Scalability.

Blockchains work fine for a small number of users. But what happens when a mass integration will take place? Ethereum and Bitcoin now have the highest number of users on the network and needless to say, they are having a hard time dealing with the situation.

SOLUTIONS :

  • Our Integrated Blockchain offerings enables financial firms to explore and exploit blockchain potential
  • The offering is based on a set of core guiding principles, with a ‘reference’ implementation.
  • A sponsorship model offers controlled onboarding of member participants and defines governance mechanisms.
  • Trusted and verified processing nodes, instead of public nodes, ensure solution integrity.
  • A distributed flat ledger with digitally signed information with controlled role-based access to the ledgers ensures privacy of information.
  • A simple, ready-to-use version of the platform is available for use. A number of PoCs across the business domains of value transfer, information registry, and digital notary have been built on the platform.

Uses


You're probably wondering what this potentially game-changing technology can actually do in the real world. Well, wonder no more. Here are 20 potential uses for blockchain technology. Average components are testing out some of these uses in small-scale projects and controlled demos right now.