Top Blockchain Development Company

A blockchain is a chain of blocks that contain records of transactions. Block is the most secure part of a blockchain. The record of a blockchain is protected through a cryptographic hash algorithm. Each block is connected with all other blocks before and after it through a distinctive hash pointer which adds more security to the block. If the value within a block is modified, the hash value will also change. This hash is a security identifier which provides a reasonable level of security to the whole blockchain.

Some of the popular platforms for developing blockchain are Ethereum, Hyperledger, Sawtooth, Quoru, Ripple, R3 Corda, Qtum, IOTA, EOS etc

The essential properties of a blockchain are:
1. Decentralized Systems
2. Distributed ledger
3. Safer & Secure Ecosystem
4. Fast
5. Low Transaction Fees
6. Fault-Tolerant
7. Minting

Below are some of the benfefits of Blockchain technology.

Settlement in real-time: In the financial industry, blockchain can allowing the quicker settlement of trades. It does not take a lengthy process for verification, settlement, and clearance because a single version of agreed-upon data is available between all stack holders.

Cost-saving: Blockchain allows peer-to-peer transactions to be completed without the need for a third party such as a bank which reduced overhead costs for exchanging assets.

Security and Resilience: Blockchain uses very advanced cryptography to make sure that the information which is going to lock inside the blockchain is secure against hacking attacks and fraud. It uses Distributed Ledger Technology where each party holds a copy of the original chain, so the system remains operative, even the large number of other nodes fall.

Immutability: A blockchain register transactions in chronological order, which mean every transaction happens after the previous one. The chronological order certifies the unalterability of all operations in the blockchain. It means when a new block is added to the chain of ledgers, it cannot be removed or modified.

Blockchain is a trusted approach due to the following reasons:
- It is easily compatible with other business applications due to its open-source nature.
- It is safe, hacking proof and encrypted.
- There is no central authority to control it.
- All participants agreed to how a transaction inserted into the blockchain.
- The transaction are immutable means once the transaction inserted into the blockchain, we cannot change it.

A ledger is a file that is constantly growing. It keeps a permanent record of all the transactions that have taken place between two parties on the blockchain network.
There are three common types of a ledger that can be considered by users in the blockchain:
- Centralized Network
- Decentralized Network
- Distributed Network

The DAO stands for Decentralized Autonomous Organization. It is an organization that is both autonomous and decentralized. It is represented by rules encoded as a computer program that is transparent, controlled by shareholders, and not influenced by the central government.

Cryptocurrency is a digital asset(currencies) which can be used to exchange value between parties. It uses strong cryptography to secure and verify the financial transactions as well as control the creation of new units of that currency. As we know, it is a digital currency, so it doesn't exist physically. Some popular cryptocurrencies are Bitcoin, Litecoin, Z-Cash, Monero, Dash, etc.

NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent digital or real-world items like artwork and real estate.