block chain applications

The Rise of Block Chain Powered Decentralised Applications

Recently, Bitcoin and cryptocurrency have been in limelight. People are slowly and steadily getting exposed to there terms. They are new to many of us. Block chain is the technology behind Bitcoin. Bitcoin was the first application which worked on the principal of block chain. 

Dogecoin was a result of a meme. Can you believe it? The meme of a cryptocurrency featuring a dog became so viral that engineers Billy Markus and Jackson Palmer decided to take the advantage of it’s popularity. They launched a cryptocurrency named Dogecoin. Isn’t that hilarious but genius at the same time. 

Block chain is the future of data storage and investment. So, if you don’t want to lag behind, educate yourself about it now.

Understanding Block Chain

When you first come across the word, it seems very technical. Many of us don’t even try to get into it’s details because we presume it to be related to finance and technology. We assume understanding these high level terms are beyond our capabilities. But there is nothing so complicated. In fact, block chain is very easy to understand. And it is not only for bankers or technicians, it is for the common man as well.

Block chain technology was invented by Stuart Haber and W. Scott Stornetta in 1991. Block chain is just a database. Now you will be curious to know what database is. A database is nothing but a collection of information stored electronically on a computer system.

Database generally stores information in the form of tables to make it more organized. The information is mainly the transitions that are made all over the world. Block chain stores information in units called ‘blocks’. To break it down, a block is just like a storage box. You store your books in a box. When the box gets filled completely, you take another box and start filling it. Then you keep the boxes one after the other in a sequence. This is how block chain functions.

block chain decentralized

Each block in a block chain is a storage device. Once it gets filled, data is stored in another block. Each block has a code called hash. It is equivalent to a digital fingerprint. The hash stores the information of the current block as well as the block present before it and the block that follows it. Any sort of changes in 1 block will result in change in the entire hash code. See, it’s so simple. 

This gives rise to another question. What is the difference between an Excel spreadsheet and a database? Both of them store information in tabular format. Both of them are used for organising data. Then how is block chain different from spreadsheet?

A spreadsheet is programmed to store small amount of data. It is accessible only by a few people. On the other hand, a database is designed to store a huge amount of information. It can be accessed by anyone from anyplace. While a spreadsheet is controlled by an allotted group of people. A data base has no such restrictions. Such an unimaginable amount of data is stored on servers. In a block chain, the servers are referred to as ‘nodes’.

How a Block Chain Powered Decentralised Applications Works?

When a new transition is to be performed it is transmitted to a network. The transition is verified and hooray, your transition is completed. These transitions are then stored in the form of blocks. They can be traced through any server on the network.

Decentralization

Now that you are clear with what is  Block chain?, How it works?, And how information is stored on a block chain, we should try to understand the term ‘Decentralization’. As the term infers de-centralization means without a centre. In the context of block chain, decentralization means that the data is not controlled just by an individual or a groups. It is not concentrate in one location. The serves are located all over the world and there are separate individuals to monitor them. 

Each node bears the entire transition history. If there is an error then it can be easily rectified by tallying it with others. Since, the information is not centralised, a single node doesn’t have the power to change it. If some modifications are to be made it is mandatory for all the server operators to agree and make the changes immediately. So, there is no glitch in further operations. Hence, the information is hundred percent correct and secure.

This way of storing information provides transparency and promotes trust. The updated transitions can be viewed anything and anywhere. The transitions can easily be traced back to their source. 

Why has there been an upsurge in decentralised applications?

Bitcoin, Dogecoin and other cryptocurrency have seen a massive up rise in the recent times. They are not as old as banking or stock market but have succeeded in making a place in the market. They have gained immense popularity in a very short span of time. The emergence of the pandemic has been a significant contributor towards the increased demand of block chain powered decentralised applications. 

Following are the reasons:
  • Once you get familiar with the mechanism of block chain you can easily operate it by yourself. 
  • Investing through block chain powered decentralised applications is safe and transparent. 
  • Not being able to move out made investors restless. Investing in property became almost impossible. Not being able to go to the site for inspection, delayed registration, and unbelievably high prices made people look for alternatives.  Investing in property is not so easy. One has to visit the site, study the papers, and then struggle to find a good price for reselling. But investing through block chain applications made it easy. 
  • Block chain is not only limited to finance. It can be used to store other important data like legal information, a company’s data, etc. Storing information on block chain is safe. It cannot be altered. It is accessible from any place and it is stored on different systems so there is no scope of losing data. Automatically generated pre-existing data is omnipresent.
  • With the ever increasing price of gold and silver, the old school way of investment also failed. Investing in previous metals requires spending generously, which is not feasible for the middle class. Investing through block chain applications is easy and affordable. You can start investing with a minimum amount of Rupees 100. So, every class of the community can try their hand in investment. Even students with limited allowances can start investing for their future. The only disadvantage is the absence of physical form. The ornaments can be used but the cryptocurrency can’t even be touched.
  • I agree with the fact that investing in Mutual funds is safe. It doesn’t requires huge capital investment but the process is slow. It requires patience. One needs to wait for long time until they get to reap the fruit of their labour.
  • With so many banking frauds taking place, your money isn’t completely safe in the bank lockers as well. Why let your money rest in a safe when you can rest and let the money work instead? You can invest your money in block chain applications and wait for it to grow. Unlike bank transactions, you need not reveal your details to anyone. It can be done round the clock.
  • Storing information and making transitions through block chain applications is quick and easy.
  • Companies can track the location and deliver of their products using block chain. 
  • Nobody wants their medical records to be revealed to anyone except the doctor. Medical records are highly personal. Even then they are mishandled. Hospitals can use block chain applications to store these records. If a patient is recommended to another branch of the hospital in any other state, the medical history can be traced by the staff beforehand and prepare for any emergency situation. This can prove to be life saving. 
  • The process is entirely mechanical. There is very less human interference. This assures accuracy.
  • Not just the users but creators have made ginormous profits from block chain powered decentralised applications.
  • The transitions are easily traceable. You can monitor your transactions conveniently. 
  • Hacking a block Chain network is not at all easy. The power and resources required to hack a block chain application are not available with the hackers. 
  • There are many tutorials available online through which you can learn block chain applications. If you want to know more visit your website. 

What’s stored in for future?

Block chain powered decentralised applications may be an ecstasy for many. Many companies and individuals have been benefitted colossally through the technology of block chain. It is safe, transparent, time saving and easy to operate. Still, one need not get blinded by the stupendous glamour of block chain applications. They are not controlled by any government or national bank.

For banking frauds the government may compensate some of your losses but you can’t rely on anyone for a failure in investment through cryptocurrency.  Many of the applications may not be even legit or completely legal. Therefore, you need to have complete faith before taking the first step. In-depth study is essential. Although storing information on block chain applications is safe but investments aren’t.

Like every other investment options out there, even investing through block chain is risky. There are fluctuations. There was a time when crypto saw its peak. But good days are followed by bad ones. Nothing is constant. A small delay may cost you a fortune. So, make your choices wisely.

By not taking interest in block chain applications you may loose on a chance to make progress. Denial is not the solution. It may lead to regret later. If the world is putting a step forward, why should you remain in a state of oblivion?

We provide world-class custom software development services to start-ups, small-to-medium-sized businesses (SMBs), and enterprises. So, if you are also looking to implement block-chain solutions, then connect with our team today.

App development

Worried About Software Development? Check How to Successfully Outsource It!

Before diving in the topic  let’s first understand software development. It is a process of writing the source code. It includes designing, programming, testing and fixing applications. Tremendous amount of research and skills are required for software development.

Software Development Outsourcing

Software development outsourcing is the activity of employing a software development task to an external source. One can hire a team or an individual for the entire operation of bits of it.

To do or not to do?

Why is there a need to outsource software development?

With things moving online with a tremendous pace it is imperative for business to step online. 

A company doesn’t necessarily has a  team with software developers. Also, the process is tedious and expensive. Therefore, it is better to outsource software developers.

  •  You get the expert’s opinion.

By outsourcing you are putting your project in the safest hands. The work will be accurately done.

  • You get to lay hands on new and creative perspective.
  • Aids in connecting the missing links.
  • It helps your company to meet international standards.
  • In times of emergency outsourcing is like a blessing in disguise. When your team is preoccupied, outsourcing is what you need.
  • It reduces the risk factor. With an expert undertaking the process, scope for mismanagement is reduced significantly.
  • It is the best way of dividing labour. Your team can focus on other aspects while the software developers do their tasks.
  • It takes less time for the project to attain completion.

Facts to consider before outsourcing software developers.

  •  If you already have an in-house software development team then there is no need to hire people from outside. These people are already aware of the company’s needs. They know the working style of the  company thoroughly. Assigning them this  task will save you from briefing others. 

You can completely rely on your team and wouldn’t have to waste time searching for genuine people out there.

  • There are several domains associated with software development. Even if you already have a software development team, ensure that they master in the field related with the project. 

For instance, you may have a team that expertise in JavaScript but not in app development.

It is vital that you specifically know what you are looking for.

  •  Hiring additional people will   cost you a lot. Before digging in, check your accounts. 

For good quality output one needs to spare no expense. If you hesitate to do so, the results may not be up to the mark.

  •  Decide whether you want to outsource the entire project of parts of it.

Steps to successfully outsource software development.

Now we shall discuss how one can successfully outsource software development.

  1. Pre-plan

You first need to pen down what you are desiring for. If you yourself don’t have a idea, then how do you expect others to understand. Hence, laying down your goals and conveying the same to the software developers is better.

2. Research

Once, you are clear about your requirements, you need to look for experts. Make sure that you look for people who are knowledgeable about the field your project belongs. 

One also needs to look for people who fall in their budget. Straight away don’t go for the first company that comes in your view. Look for the best deals. It may be exhausting but will definitely benefit later. 

If you opt for people from outside your country, keep in mind the time differences. You working hours and theirs must synchronize. Otherwise there will be trouble in working together. Language is another barrier. Not able to communicate properly and interpret what the other person is speaking is quite irrigation. We also must have faced this situation sometimes in our life. Don’t let it happen now. You won’t be able to convey your thoughts if you don’t speak the same language. So, before looking for people in different countries, check out for the language they speak.

Researching guarantees that you will find the most suitable group of people. It can be done by simply searching on your browser.

  1. Keep backups

Don’t depend on just a single team. Keep backups. The team you choose may afterwards not meet your expectations. Or worse, they back out at the last moment. In order to avoid this, shortlist at least five to ten companies.

Do a thorough research of the team you are planning to hire. Examine their portfolios, go through their previous work and check for reviews. Remember what suits the needs of one may not suit the other. Read all the reviews carefully. May be what others don’t prefer is wanted by you.

  1. Contact the companies you want to work with

Obviously, you can’t start working without contacting the outsourcing companies.

If you were not able to comprehend things just by viewing the companies online, talk to them. Make a list of the questions you have regarding them beforehand. Disturbing people again and again may seem unprofessional. Get all your queries sorted. 

  • Ask them whether they have prior experience in the domain. 
  • Also, ask them if they are free during the time span you are planning your project. 
  • Get the knowledge of the equipment they work with. 
  • Note the number of their team members.
  • Number of years of experience they have.
  • Which parts of the project will be accessible by you?
  • Their charges and what all expenses will be covered?
  • Does their package include consultation, design, development, legal aspects and quality controls?
  • Inquire about the duration of time they will take to accomplish the task.

You can add more questions according to your preference.

Once this is done and you are fully satisfied, describe your side of the story. Tell them your desires. What you are expecting the outcome to be should be discussed properly. Tell them about your company and its work. Discuss your consumer background and the category of people you target. 

Then take their feed back. Whether they understood about your project and are ready to take the task. Verify with them if they had done similar work in the past. This will make things easier. Clarify if they will be able to deliver good quality work. Both of you must come on the same page before starting any project.

  1. Note the response you get

If you have an urgent project lined up and the software developers don’t respond on time, then what’s the point? Keep a track of their replies.

Attentively measure the time they take to solve your grievances. 

You should consider selecting the one from  which you get replies instantly. Prompt replies depict their interest towards your project. They are the one’s who are eager to work with you. 

With so many deadlines, punctuality is prominent. Working with a team who receives your word immediately, infers that your work will be done on time. You won’t have to panic and rush at the last moment. This will also insure that the quality of work will not be hindered by working on it the last minute. You also need to keep some time at the side for any corrections, insertions, deletions or improvements.

  1. Now it’s time to select the winner

After all this researching, investigation, communication and negotiation finally it’s time to choose the best one.

This is done by signing the contract/ agreement. The agreement may be in softcopy or in hardcopy. 

Ascertain to mentioned all the points in the agreement to avoid conflicts afterwards. If any changes are made, don’t forget to put them in the contract. Exchange all the documents and check them prudently.

And Walla you are all set to go.

  1. Communicate and monitor

Your work doesn’t get over by just selecting the best of the lot. You need to constantly communicate with them. Monitor the work. Keep a check on the progress. Take updates regularly. 

Handing the work to others doesn’t mean you are free. The project is yours and you are the one to be held responsible for it’s success or failure. You cannot hold others responsible if you yourself didn’t look after it cautiously. 

Software outsourcing models

Staff Augmentation

In this model, the client hire a few software developers for a limited period. The hired individuals work only on the allotted tasks in association with the core  team. With this mechanism, the entire control remains in the hands of the client and not with any third party.

Dedicated team

This is in between a staff augmentation and an entirely dedicated team. The team works independently of the clients team. They are assigned a particular task to work with.

development outsource

Project-based outsourcing

In  Project based outsourcing a team is hired for a particular project. The entire responsible lies with the outsourcing company.

Software Development : Whether to Outsource or Not?

Outsourcing is the requirement of several businesses. It is a worthy investment. Outsourcing software development ensures work efficiency. It also uplifts your burden. The only con is that you won’t be present all time to monitor the progress. It is, therefore, advised to choose the correct outsourcing company in the preferred location. The number of frauds associated with outsourcing are increasingly alarming. Step back if things seem fishy. It is crucial you select the best and foremost the right one. 

Looking for software developers, contact Satva Design Studio.