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The Fusion of Technologies: Exploring Blockchain in IoT

Posted on March 27, 2024 by deftsoft

The world has wrapped its head around numerous revolutionary technologies. Speaking of which, the Internet of Things and Blockchain are two of the most significant technological advancements reaching their peaks.

While Blockchain is a distributed ledger technology popular for its high security and decentralization features, the Internet of Things (IoT) is prevalent for its ability to digitize physical devices. Imagine a crossover between the two technologies that harness the power of Blockchain’s data integrity and IoT’s data connectivity. This ultimate fusion of the two technologies is often referred to as the Blockchain of Things (BCoT).

In fact, both of these technologies are autonomous, distributed, and mostly decentralized systems that can complement each other very well.
This blog discusses these two technologies, the applications of Blockchain in IoT, and the benefits of consolidating Blockchain and IoT.

What is Blockchain Technology?

Blockchain technology first came into existence in 2008 with the introduction of Bitcoin cryptocurrency. The exchange of Bitcoin was enabled with this technology. Later on, the technology started to exist independently.

Blockchain can be defined as follows:

Blockchain is a distributed or shared ledger technology (DLT) that refers to a shared database that stores any type of data in chronological order of transactions. This data is stored along with the transaction timestamps in a tamper-proof manner.

The transactional data is organized in blocks that are linked through the protocol through hashing and consensus, thus making a chain of hashes. One cannot delete or modify any of these existing blocks.
Known for its high data security and integrity, Blockchain leverages cryptographic asymmetric key encryption mechanisms and mathematical hashing for data security. It is an autonomous, immutable, decentralized (no intermediary), encrypted technology with a Peer-to-Peer (P2P) node-based consensus approach.

What is IoT Technology?

The “Internet of Things”, also known as IoT, was first introduced by Kevin Ashton, one of the co-founders of MIT’s Auto-ID Lab, in 1999. It refers to a series of electronic devices that can share and transfer data to each other, typically through the Internet.

Numerous Internet of Things devices are available. Smart toys, wearables (like watches and glasses), appliances (including TVs, speakers, and lightbulbs), smart meters (like thermostats), commercial security systems, and smart city technologies (such as those that track traffic and meteorological conditions) are few examples.

IoT technology is blurring the lines between the digital and physical realms. The connectivity between the two increases operational efficiency, automates processes, and allows for data maintenance via predictions.

Understanding the Importance of IoT-Blockchain Intersection

As discussed before, Blockchain and IoT technologies complement each other. IoT requires strengthening of its security features. On the other hand, Blockchain needs contributions from distributed nodes for its Peer-to-Peer (P2P) consensus model. This is how these two technologies can help each other foster and become more refined.

There are many applications of Blockchain for IoT and vice versa. The convergence of the two technologies offers transformative potential in various domains, such as supply chain management and healthcare.

Enterprises and business organizations can take advantage of this synergy between Blockchain and IoT to harness the power of intelligent and connected ecosystems.

To understand the convergence of Blockchain in IoT, let’s take a perfect example of a transactional application of IoT with Blockchain. If you’re a businessman who runs an expensive, well-bred meat business, you can track the location and temperature of the meat as it is transported from point A to point B.

Thanks to the secure database, which is based on blockchain, you can track the location, as the records are immutable. The IoT sensors can also inform you about the temperature at which the meat was kept while being transported. This application explains how middlemen can be eliminated in this process because of the IoT-Blockchain intersection.

What are the Applications of Blockchain in IoT?

Blockchain and IoT are emerging technologies that have already disrupted the industry as independent entities. Since IoT functions by using the Wireless Sensor Network (WSN), the technology is prone to privacy and security threats. Blockchain is considered a trust machine because of its P2P consensus methods and cryptographic techniques.

The highlighting applications of IoT with Blockchain are mentioned as follows:

Enhanced Security in IoT Systems

IoT devices work in a network of wireless sensors. The nodes in these IoTs are susceptible to malicious attacks, such as Distributed Denial-of-Service (DDoS) and other malware, injection attacks, etc. Also, IoT networks are mostly leveraged in cloud environments. Since cloud networks are centralized architecture, they can suffer from a single point of failure (SPF).

IoT devices also collect and generate large volumes of data over the Internet for informed decision-making. Data privacy and security are huge threats to IoT environments, and all these factors combined make IoT systems unreliable.

With the integration of IoT with Blockchain, IoT devices can be secured with decentralization with an immutable record of data.

Blockchain and IoT Convergence in Supply Chain Management

Goods can be tracked and managed more efficiently with the integration of the Internet of Things and Blockchain technology. IoT Blockchain devices that function on wireless sensors can monitor the location, movement, and condition of products in real-time.

The integration of blockchain technology allows the creation of an immutable and transparent record of transactional blocks. Therefore, the technology keeps stakeholders updated on the origin, authenticity, and location of goods and eliminates counterfeiting.

One great example of the application of Blockchain and Internet of Things (IoT) integration is how Walmat utilized a Blockchain IoT solution to track the journey of the products from suppliers to store shelves in collaboration with IBM.

Blockchain IoT in Healthcare Data Management

IoT and Blockchain integration have valuable applications in the healthcare industry. For example, wearable sensors and implantable devices help gauge patients’ health metrics, vitals, health histories, etc. This functionality allows the generation of valuable real-time data.

It is a significant application as it allowed the introduction of IoT-based configurable blockchain. It also enables the creation of personalized healthcare systems with secure data storage and analysis. Data integrity is indeed very important in the healthcare sector, and IoT in Blockchain ensures it.

Blockchain and IoT Convergence in Smart Cities

Urban landscapes can be converted into sustainable smart city ecosystems with the Blockchain IoT intersection. These smart cities will be interconnected through IoT devices equipped with Blockchain capabilities that provide high security, data integrity, transparency, and flexibility.

For instance, leveraging a Blockchain-defined network and a grey wolf-optimized modular neural network to enhance security in smart environments. The technology effectively eradicates confidentiality issues.

Another important application is the Blockchain-of-Blockchains (BoBs), which is a hierarchical blockchain-based platform created to address data management challenges. It ensures data integrity and interoperability in smart cities.

The city of Dubai is a real-life example of implementing Blockchain and IoT. The government is actively using blockchain in the city to empower various systems, such as security. It is ready to become the first blockchain-powered city.

Blockchain and IoT Aiding in Next-Gen Networks

Blockchain technology can also be utilized to strengthen IoT networks and move forward to adopt the transition toward next-generation networks, such as 5G and beyond. Technology can play a pivotal role in allowing efficient service orchestration in 5G multi-cloud environments and enhancing resource management in 6G upcoming networks.

The next-generation network systems can be made more solid and secure with the integration of IoT Blockchain.

What are the Benefits of Blockchain in IoT?

Now that you’re familiar with the peculiar applications of the Internet of Things and Blockchain let’s understand the significant advantages of Blockchain in IoT. The benefits are mentioned as follows:

Data Security

Due to the sensitive nature of the data, security, and integrity are the foundational needs of IoT networks. Blockchain addresses this problem through its cryptographic algorithms to ensure temper-free data sharing, transfer, and storage. Only authorized devices can access the data, as the Blockchain adds an extra layer of security that is missing in conventional IoT systems.

Facilitating IoT Reliability

A single point of failure can cause the whole IoT network to crash down. This means that typical IoT networks are prone to power outages and failure. Blockchain’s decentralized nature removes this risk and ensures the overall reliability of the IoT systems.

Ensuring Data Integrity

The immutability of the Blockchain ensures the data integrity of the IoT devices and networks. Every entry on the Blockchain is time-stamped and linked to the previous entry, making it a series of blocks that cannot be altered or deleted. No one can modify the data once stored in the network.

Bottom Line

The collaboration of Blockchain and the Internet of Things (IoT) is a revolutionary asset to the dynamic world that prioritizes security, confidentiality, and integrity. Blockchain now plays an indispensable role in fixing the drawbacks in IoT devices, networks, and systems.

The world is about to witness more refined versions of the integration of IoT Blockchain. From smart cities to supply chain management, the two technologies are multifaceted in transforming the way how the world works.
If you’re new to Blockchain and wish to build an immersive Blockchain application of your own, Deftsoft’s refined Blockchain Developers and Engineers can help you bring your vision to life. Reach out to get started!

FAQs:

What is blockchain in IoT?

Blockchain is a distributed ledger technology popular for its decentralized and autonomous nature. The technology’s integration with IoT helps in building secure IoT networks for data collection and sharing. It allows the building of an immutable record of transactions in the IoT networks.

What are the benefits of integrating blockchain and IoT?

One major benefit of integrating blockchain with IoT is enhanced security and data integrity in IoT networks. Other benefits include increasing the reliability of IoT systems, as the blockchain’s decentralization properties remove the risk of them crashing down.

What are the challenges of blockchain in IoT?

IoT devices can range from high to low-power devices. Since blockchain requires large energy resources to function, low-power devices may struggle to integrate blockchain into them. Another significant issue is related to the non-regulation of the blockchain technology.

How are IoT and blockchain used in Fintech?

Blockchain and IoT can be used in financial systems to secure transactional records. The technologies can also facilitate novel and innovative financial services, such as secure online payments with immutable records. It can also make the fintech services efficient, fast, reliable, and cost-effective.

What is the future of IoT and blockchain?

The two technologies can integrate well to build smart cities, revolutionize healthcare systems for better patient diagnosis, and be used in edge computing and upcoming connectivity systems, such as 5G and 6G.

Crypto Fundraising Mainstream Mania: ICO vs. IEO

Posted on March 20, 2024October 25, 2025 by deftsoft

The crypto crowdfunding landscape has been revolutionized since 2013, when Mastercoin held a token sale in July, also known as an ICO.

Let’s keep the details of an ICO for later. With the advent of blockchain, the world is escaping the traditional methods of crowdfunding for startups and business organizations. This is when we talk about Initial Coin Offering (ICO) and Initial Exchange Offering (IEO). These offerings are a form of token fundraising without the intervention of third-party beneficiaries, such as banks or other financial institutions.

This blog introduces you to the concepts of ICO and IEO, their benefits, how to develop ICO and IEO, and their differences.

What is Meant by an ICO?

Expanded as an Initial Coin Offering (ICO), an ICO is a pioneering fundraising token that can be exchanged or traded through a holding company’s own platform. Until 2019, it was one of the most preferred methods for crowdfunding, and it started replacing the VC funding landscape.

Investors saw ICOs as a lucrative investment instrument, as they gave them a swift ticket for raising funds in a portfolio of companies. ICOs can be public or private. The simplest working model of an ICO is for companies to issue various tokens related to a utility, such as an app, service, or cryptocurrency. Interested investors can buy these tokens from the platform in the form of cryptocurrencies or tokens, which can either be spent on the platform or traded.

The Benefits of ICO

Startups preferred ICOs because of the following reasons:

It is a swift ticket to raise funds without any interference from third-party intermediaries or financial institutions.
Companies can raise money faster with less red tapes.
ICOs are a global passport for a large pool of investors.

Investors preferred ICOs because of the following reasons:

It gives them a front-row seat to invest in budding projects.
ICO gives investors an opportunity to invest in companies with high risk and reward ratios.

How Does an ICO Work?

An ICO works in the following series of steps:

Structuring the Coin

The first step to raising money through an ICO is to decide the structure of the coin. The company generating an ICO can choose any one of the following structures for a coin:

A preset price with a fixed token supply,
A flexible price decided by the amount of funds received but with a limited number of tokens, or
A flexible supply of tokens with a fixed price for each token.

ICO Listing on a Platform

The company can then list the specific structure of its ICO on its created listing platforms. Think of an ICO as a blockchain version of an Initial Public Offering (IPO) to raise money for a project.

Whitepaper Release

Releasing a reliable whitepaper is the very essence of raising money. Companies must be transparent about their goals and objectives. The whitepaper must also include the complete sequence of steps to achieve these goals.

Finding the Right Match

Interested investors can then trade their fiat or digital currency in exchange for company cryptocurrency tokens. These tokens represent owning a share in the company, just like an IPO.

The Downfall of ICO

One of the downsides of ICOs is that they are very unregulated. Over the years, investors have been victims of a large number of fraudulent activities on various blockchain platforms when investing in ICOs. Although ICOs became successful, a number of problems led to their downfall.

According to a recent study by icobench.com, the highest number of ICO failures occurred between 2017 and 2019, with an average downfall of 28.9% over the three years. The coin fell below 5% after 2019.

Some of the major reasons for the downfall of Initial Coin Offering (ICO) included the following:

Investors did not conduct a background check of the individual members before funding the project.

There was no exchange of whitepapers before proceeding with the project. It is crucial to read and analyze the whitepaper. To clarify, a whitepaper is a summary of any blockchain-related project with its goals, objectives, and participants’ information.

For example, a company named PlexCoin raised over $15 million through a scammy whitepaper that easily hoaxed the investors. It was only when the U.S. Securities and Exchange Commission (SEC) stepped in to shut it down.

What is Meant by an IEO?

An Initial Exchange Offering (IEO) is an improved version of an initial coin offering (ICO). Commonly considered ICO 2.0, IEO is an evolved version of ICO equipped with regulatory properties. It was introduced in 2019 when the entire ICO market witnessed its unfortunate demise.

IEOs function just like ICOs but act like a gatekeeper. One of the most highlighting features of an IEO is that it can be traded via trusted cryptocurrency exchange platforms, such as Ethereum, Binance, EOS, etc., for token sales.

After the downfall of Initial Coin Offerings (ICOs), IEO became the default choice of preference for both investors and companies seeking quick investment. IEOs can be raised through various IEO launchpad platforms, such as Binance and Ethereum.

The power of an IEO is evident from the fact that BitTorrent raised $7.2 million in just a few minutes through the Binance launchpad.

The Benefits of IEO

The benefits of IEO for the startup landscape are mentioned as follows:

They can potentially raise funds from a larger pool of investors.
Listing and trading are done via trusted blockchain exchange platforms, which adds an extra layer of legitimacy to the fundraising process.

The benefits of IEO for the investors are mentioned as follows:

IEOs are comparatively safer platforms than ICOs for investing in a company.
IEOs are exchanged on cryptocurrency exchange platforms. These platforms strictly follow KYC and AML rules and are restricted to a certain number of countries.
The process for token purchase is simple and straightforward.

How Does an IEO Work?

The working of a typical Initial Exchange Offering (IEO) follows the below-mentioned steps:

Developing a Whitepaper

Similar to an ICO, an IEO also requires you to create a whitepaper. The company seeking to raise funds must mention all the relevant details, such as the objectives and goals of fundraising, the architecture, and the technical features of the product. Startups must ensure that a whitepaper is written thoroughly along with reliable background information on the projects since the blockchain exchange platforms also go through the whitepaper.

Developing Tokens

The next step is to develop tokens for sale. Tokens can be created through various blockchain platforms, such as Ethereum, EOS, Ripple, NEO, etc. Once minted, they can be listed on a third-party exchange platform.

Listing on a Crypto Exchange

A company looking to raise funds must partner with a reliable launchpad to get listed on a crypto exchange platform. For instance, the Binance launchpad is one of the most popular launchpads. An agreement is signed with the platform.

Note: It is important to create a Minimum Viable Product (MVP) to get listed on a blockchain exchange platform.

What is the Difference Between ICO and IEO?

Let’s explore the main differences between ICO and IEO.

Level of Scrutiny

Since IEOs are exchanged via blockchain exchange platforms, they follow a high level of rules and regulations. Companies that want to raise funds need to sign an agreement with the blockchain exchange platform and pass Due Diligence. The process also includes screening the members through the whitepaper and ensuring that the project is attainable and realistic.

On the other hand, ICOs are not regulated and scrutinized because they are not listed on third-party exchange platforms.

Cost of Listing

The IEOs are comparatively more expensive than ICOs. The cost of listing an IEO on blockchain exchange platforms can go as high as 30 BT. Also, these listing platforms charge as much as 10% of the earnings from the sold tokens. Therefore, IEOs are not economical to raise.

Since ICOs are raised on an indigenous platform, no additional listing fee is involved.

Entry Barrier

ICOs usually happen in three stages: private sale, pre-sale, and main sale. The biggest investors buy tokens with the highest discounts, followed by medium and small investors. This creates disparity amongst investors.

On the contrary, IEOs are open to both public and private sales of tokens. Investors are not discriminated against.

Liquidity

IEOs are more liquid than ICOs. They can be listed immediately after the token sale, ensuring high liquidity and the ability to roll out in the market. ICOs are illiquid and take considerable time to list after being sold.

Looking for an ICO and IEO Development Company?

In the dynamic world of blockchain, companies, and startups are thriving to raise funds via ICOs and IEOs. Deftsoft caters to these emerging fundraising needs by providing top-notch ICO development services. We also offer custom IEO development services to help you get listed on the most popular blockchain exchange platforms, such as Binance and Ethereum.

Invest diligently in an ICO software development company to make your idea a reality.

FAQs:

What is the difference between ICO and IEO?

ICOs and IEOs are tokens for fundraising through cryptocurrency or other digital currencies. An initial Exchange Offering (IEO) is a successor to an Initial Coin Offering (ICO) since it is highly regulated compared to an ICO. This is because IEOs are listed on third-party blockchain platforms. Other major differences include the fact that IEOs are more liquid than ICOs; they’re open to investment irrespective of the size of the investor. One downside of an IEO is that it is more expensive than an ICO.

Name some third-party blockchain platforms for listing IEOs.

Some of the most popular third-party blockchain platforms for listing IEOs include Binance, EOS, Ripple, Ethereum, NEO, etc.

How do you find a suitable ICO software development company?

The foremost criterion for finding a suitable software development company is to look for a blockchain token development company that offers custom solutions. Deftsoft offers flexible ICO and IEO token development services to help you raise funds for your venture efficiently and economically.

What are the benefits of ICO?

The benefits of ICOs include the following: ICOs are economical and are a quick scheme to raise funds from whale investors. It can be launched through a curated platform or the company’s own website. Companies can raise money quickly with few red tapes or strict regulations. Investors can invest in hidden gem companies with high risk-to-reward ratios.

What are the benefits of IEO?

The benefits of IEOs include the following: IEOs are a safer bet on token sales because they’re highly regulated. Investors prefer IEOs because they’re listed directly on popular and reliable blockchain platforms. IEOs are more liquid than ICOs and offer more transparency.

How Blockchain Technology is Changing Real Estate?

Posted on March 4, 2024October 25, 2025 by deftsoft

The blockchain technology is profoundly transforming the real estate industry. The reason? High-level security, transparency and whatnot are what this technology encapsulates. The real estate industry is fascinated by the use cases of blockchain technology. The numbers say it all.

The real estate industry is growing rapidly at a CAGR of 66.27% currently. This trend is expected to grow at the same compound annual growth rate until 2027. Also, it is estimated that almost 50% of all transactions could happen via blockchain by the year 2025. Isn’t that surprising?

The solid indication of the real estate market disruption is challenging the market norms. Speaking of which, commercial real estate is about to reach new heights with the intervention of blockchain technology.

This blog is a gentle introduction to what is blockchain in the real estate industry, how blockchain can be used in real estate, and the benefits of blockchain in real estate.

What is Blockchain in Real Estate?

Blockchain is a distributed ledger technology (DLT) that stores data on a distributed network of nodes. The blocks of information are decentralized and offer end-to-end encryption. This is the reason why the blockchain technology is very secure and transparent.

Since every industry has been transforming through blockchain, how could real estate be left untouched? For ages, the real estate industry signifies in-person interactions to trade various physical assets. The advent of blockchain has enabled the industry to adopt a fresher perspective.

The real estate industry is going paperless with more secure, transparent and quick transactions through blockchain technology. As Alex Blackwood, the founder of Mogul Club, says:

“The supply chain of real estate, when you think about it from a capital markets, operational and transactional perspective, you can really start to apply blockchain throughout those different avenues operating what’s called or solving for what is called that kind of Oracle problem of blockchain.”

One of the prime examples of blockchain applications in real estate is the application of leasing and payment processes. Smart contracts can automate various types of payments to encourage service providers, tenants and landlords. This is the major reason why real estate businesses have started relying on blockchain technology.

How Can Blockchain be Used in Real Estate?

The applications of blockchain in real estate are numerous. Some of the highlighting use cases of blockchain in commercial real estate are mentioned below:

Real Estate Asset Tokenization

Practicing asset tokenization is one of the most practical use cases of blockchain technology in the real estate industry. In simple words, asset tokenization refers to the digitization of real estate instruments, such as financial entities, securities, and land. Blockchain technology opens the door to a massive pool of investors since the real estate assets get tokenized.

This way, investors can sell fractions of their properties via tradable digital tokens. For instance, investors can list their properties for crowdfunding projects through asset tokenization.

Loan and Mortgage Security

Real estate deals involve hefty amounts of paperwork. This can make it difficult for the involved parties to verify loans, monitor transactions, secure data sharing, and ensure timely payment settlement. This is when blockchain technology comes into play and facilitates real-time reporting of payment settlements, loan updates, etc.

For example, investors can leverage smart contracts for mortgage agreements. They can use the technology to automate and apply the terms and conditions of a mortgage without any need for third-party intervention.

Urban Planning

Local communities often feel excluded from the real estate projects in their regions. Blockchain technology introduces an excellent solution to include them in these projects and, thus, seeks their acknowledgment for various initiatives. Investors can create blockchain-backed urban planning forums with local communities as the core members. They can contribute to the unanimous decisions leading to harmonious and sustainable projects.

Pre-Calculated Property Valuations

Blockchain technology can help gauge the perfect price for various properties. Blockchain platforms can improve transparency and provide an accurate real-time valuation for properties. It does so by analyzing the shared historical data on market trends, transactions, and previous sales. Buyers, lenders and investors can make more informed decisions by comparing a broad spectrum of data across a specific timeline through the blockchain platform.

Investor Background Check

Both tenants and investors can cross-check identities on the blockchain platforms with the help of KYC/AML processes. This process allows individuals to enhance security, reduce costs, and verify various personalities. Since the identities are verified, investors, borrowers and lenders can perform secure transactions.

Land and Properties Registries and Sales

Blockchain technology is easily deployable in the real estate industry to simplify and expedite land and property registries. This practice can reduce the risk of fraud, physical document mismanagement, and discrepancies. The distributed ledger technology can assist in enabling tamper-proof registries, reassignments and property/land sales.

What are the Benefits of Blockchain in Real Estate?

After exploring the real-life use cases of blockchain technology in real estate, it is time to address the proliferating benefits of the technology. Let’s discuss the major advantages of blockchain technology in real estate.

Transparent and Secure

One of the primary benefits of applying blockchain technology in real estate is that the technology offers transparency and security. It improves the operations of real estate as it keeps track of all the transactions and prevents potential frauds and double-spending, thus ensuring utmost security.

Fractional Ownership

Blockchain technology enables the tokenization of real estate properties and other instruments as digital assets. This allows investors to trade these fragmentized tokens to various parties. Investors can sell their ownership share anytime they want without any hassle involved. This method also opens the doors for individuals who cannot invest in a property independently.

Global Accessibility

Anyone across the globe can access real estate data and make investment choices judiciously through the decentralized network offered by blockchain. One can manage a large number of residential and commercial real estate stakeholders across the globe by harnessing the power of the investors present across the world.

Quick and Efficient

The intervention of blockchain in the real estate industry ensures speedy and efficient transactions. Thanks to the smart contract technology, the payments are automated according to the set rules. Therefore, blockchain ensures high accessibility, transparency, agility, and security.

Enhanced Liquidity

Since cryptocurrency in blockchain technology is less volatile and stable, it offers ease to the real estate stakeholders. Although real estate is considered illiquid conventionally, the intertwining of blockchain technology can enhance liquidity by tokenization of the properties. Individuals can readily sell, buy, lend and borrow these digitized tokens as and when needed.

No Intermediaries

The process of buying, selling and investing has become easier than ever since there are no intermediaries involved in the process. Blockchain technology has eliminated any third-party intrusion since smart contracts have dominated the market. It is imperative to say that smart contracts will facilitate more than 50% of the transactions in the upcoming five years.

What Does the Future of Blockchain in Real Estate Look Like?

Blockchain technology has introduced a life-transforming concept of decentralization. For ages, we have been dependent on centralized networks that are governed by single authorities, such as Meta, Bank of America, etc. Blockchain has unlocked the door to new possibilities, especially in the real estate sector.

Realtors no longer need to list their properties on various online platforms; all they need to do is upload their listings on a single decentralized platform, and the work is done. The world has already started inclining towards blockchain in commercial real estate. For instance, the UAE government launched the Emirates Blockchain Strategy in 2021 to push the blockchain technology and enable 50% transactions on it.

North Americans are also seamlessly embracing blockchain technology in real estate. As mentioned in the blog above, the founder of the Mogul Club discusses the potential of blockchain applications in the real estate industry.

How Can Deftsoft Help You?

Deftsoft is a premier blockchain development company that offers new-generation blockchain solutions tailored to your requirements. We have served a broad spectrum of industries, such as logistics, e-commerce, real estate, digital marketing, healthcare, etc.

Our experienced set of blockchain developers offer custom solutions to your problems and commit with utmost responsibility. If you’re an enterprise or business organization looking to expand your horizons in the real estate industry, let us bring your vision to life.

FAQs:

What is the benefit of blockchain in the real estate industry?

The benefits of blockchain technology in real estate are numerous. Primary benefits include high-level security, transparency, flexibility, and liquidity. One can also mitigate the risks of fraud and disputes with the integration of blockchain technology in real estate.

How is crypto used in real estate?

The introduction of crypto in real estate allows stakeholders to be more liquid with their investments and provides them the power of bargaining, unlike trading real estate for cash. Crypto transactions open up the gateway to smart contract implementation, which ensures sellers’ security. Therefore, they can settle down for lower offers.

How is blockchain technology used in commercial real estate transactions?

The blockchain technology has expanded the horizons of secure transactions in the real estate industry. Since the blockchain technology is decentralized, all the transactions occur on a public network. Therefore, a chain of transactional records is kept by the computer nodes. This process ensures high transparency of payments in the real estate industry.

What is meant by asset tokenization in the real estate industry?

Asset tokenization is the process of digitalizing real estate products, including securities, property, and financial organizations. Blockchain technology tokenizes real estate assets, opening them access to a vast pool of investors. This opens the door for a large pool of stakeholders with the minimum amount of investment.

How do you tokenize a real estate project using blockchain technology?

The first step to enable tokenization of assets in the real estate industry is to code a smart contract on any blockchain platform, such as Ethereum, Binance, etc. You can mention the rules and regulations in the smart contract that can be implemented when someone buys a tokenized digital asset in the corresponding real estate investment. Various management, transfer and ownership rules can be defined in the smart contract.

The Future of Digital Wallets: From Payments to SuperApps

Posted on February 1, 2024 by deftsoft

It was the last decade when we got introduced to the concept of cryptocurrencies, DeFi, and blockchain. Crypto was something that really thrilled us and became the market of $1.74 trillion. However, it’s not a hot topic today anymore, but we are imagining a big picture in the future.

Blockchain, A2A payments, decentralized finance (DeFi), and CBDCs are some of the latest Finance technologies that offer the possibility of strong and secure finance management. And Digital Wallets are one of them!

Let’s show you a cashless future. You don’t have to carry any cash or any credit or debit card. Just simply take your smartphone, snap with your scanner, enter your pin, and you’re done! This is how software development in fintech shows off.

This groundbreaking transformation has been only possible via digital wallets like Apple Pay, Amazon Pay, Google Pay, and PayPal. In 2022, Apple Pay shared that they have over 535.8 million users.

Digital Wallets Development: How Did We Come Here?

Logically, Coca-Cola was the one who arguably put the foundation of digital wallets by simply ignoring cash. So, if you were in Helsinki in 1997, you would be able to use the first vending machines that accept payments by text message instead of coins.

Soon super app development boosted up! This phenomenon has created too much hype in cashless mobile payments and badly teased most of the fintech companies like PayPal, Beenz, and Floonz.

In the 90s, eBay used to receive money via money orders and checks without any means of payment on the Internet. This was an opportunity for PayPal, and they launched an electric payments system in 1999 to allow users to send money by email money.

As we all know, the market is always rushed with competition. Soon, mobile payment services like Alibaba’s Alipay (2003) and Kenya’s M-Pesa (2007) got the lead among billions of users.

The further evolution was led by Google. In 2011, Google also joined the league, introducing its “Google Wallet,” which was considered the “first mobile wallet” by many. However, it wasn’t globally accessible as it was only compatible with Citibank. Now, we are using Google Pay, which is quite advanced today!

Talking about today’s landscape, we have advanced digital wallet-powered cloud solutions and near-field communication (NFC) technology. Anywhere at any time, pay or receive without any hassle! Over 75% of customers use digital wallets for their day-to-day transactions at physical and online stores.

How Do Digital Wallets Work?

With these virtual tools and super apps, you can easily make electronic transactions, whether it’s for online shopping, in-app purchases, or in-store payments. But do you know how it works?

Digital wallets are a replacement for traditional wallets, but they demand something extra. If you want to experience instant payments, you have to sign up for digital wallets and share your personal information and sensitive banking details. For high-end security, digital wallets store your data with complex encryption in their cloud repository.

So, whenever you make a purchase via these digital wallets, you don’t have to go through any hassle. (No need to manually fill in the details) All you need to do is approve the transaction by entering your password or PIN.

These payment apps can do bank-to-bank transactions instantly. Users can also load money into their digital wallets by transferring funds from linked bank accounts or credit/debit cards. This can usually be done through the wallet provider’s app or website.

All digital wallet development providers follow various security measures (biometrics or tokenization) to make it better. In tokenization, many Digi-wallet platforms replace your actual card number with a token. Commonly, they only remember the ending 2-4 digits to represent your card information.

This token will be shared with the merchant while making any process. You can also customize your wallet and use different finance tools within the platform. Some digital wallets also support the addition of loyalty cards, gift vouchers, and other types of payment methods.

Benefits You Should Know

A few years back, the daily use of digital wallets increased surprisingly in China (45%), India (35%), and Brazil (20%). Not only that, according to a report from Juniper Research, 60% of people will use digital wallets globally.

Well, the reason is simple: There are numerous benefits of using digital wallets that can result in profit. So, let’s talk about them.

1. Highly Convenient:

As we have discussed a lot yet, payments with digital wallets are the most convenient way to make transactions without the need for physical cash or cards. People can use these super apps or super wallets to make payments with just a few taps on their smartphones, which is particularly handy for quick and on-the-go transactions.

Whether it’s 2 AM or 2 PM, you can receive or send money, book online tickets, buy your favorite shoes, and much more without worrying about anything.

2. Speed & Profit of Transactions:

Digital wallets facilitate faster transactions compared to traditional payment methods. Contactless payments, especially those using Near Field Communication (NFC), are quick and efficient, reducing the time spent at checkout counters.

Also, you don’t need to pay any kind of transaction fees that you might face in debit or credit cards. It is a major advantage for those who are struggling with international or frequent transactions. Many services like MoneyGram and Western Union charge very high fees and can take days for international money transfers.

3. Security:

Digital wallets have advanced security measures, such as encryption, tokenization, and biometric authentication (fingerprint, face recognition) to protect users’ sensitive information.

The fresh Decentralized ID (DID) integration has also raised security standards. DID is a kind of digital identity created by digital wallets in decentralized finance to store their banking and card credentials with top encryption.

4. Integration with Loyalty Programs:

Many digital wallets allow users to integrate their loyalty cards and reward programs directly into the app. This means users can earn and redeem rewards seamlessly during transactions, consolidating their loyalty memberships in one place.

5. Accessibility & Multicurrency use:

With advanced finance custom software development, many companies are creating highly secure wallets. These super wallets can be accessed from various devices, including smartphones, tablets, and smartwatches. This flexibility enhances accessibility, allowing users to make payments from their preferred devices anywhere.

If we are talking about global use, currency barriers shouldn’t be the issue. Digital wallets can be more versatile, supporting cryptocurrencies and fiat currencies. Moreover, you can perform a real-time currency amount conversion in real-time.

6. Expense Tracking:

Digital wallets often provide users with detailed transaction history and electronic receipts. This feature helps users track their spending more effectively and manage their budgets.

7. Contactless Payments:

Digital wallets are well-suited for contactless payments, which have become surprisingly popular, especially in the context of the COVID-19 pandemic.

The pandemic has accelerated the adoption rate of contactless payments, with around 50% of consumers considering it one of the most important safety features in retail stores, according to a survey by Visa. Users can make payments without physically touching cash or card terminals, reducing the risk of transmitting germs.

8. Peer-to-Peer Transactions:

Many digital wallets support peer-to-peer transactions, enabling users to send money to friends, sellers, and family quickly. This feature is useful for splitting bills, sharing expenses, or sending gifts.

9. Cross-Platform Integration:

Some digital wallets are integrated with other apps and services, allowing users to make payments seamlessly within various ecosystems. For example, users can make in-app purchases, pay for rides, or order food using their digital wallet.

10. Reduced Fraud Risk:

Digital wallets often incorporate features like two-factor authentication and fraud detection, reducing the risk of unauthorized transactions. In addition, the use of virtual tokens instead of actual card numbers enhances security.

Improvement Areas for Digital Payments

1. Security Issues

While these virtual payments are often considered to be highly secure, they can also draw the attention of cybercriminals. A single fraudulent tactic and malfunction can let scammers steal our funds or sensitive data.

Also, what if you lost the phone on which your credentials are saved? It’s pretty sure that anyone can misuse it for unauthorized transactions. In such cases, wallets should have tight security from their end.

Today, 93% of people are scared of hacking and other cybercrimes. It’s important for all digital wallet providers and companies to perform regular security audits, updates, secure encryption, or authentication to protect customer data.

2. Absence of Standard and Accessibility

Today, all E-commerce platforms and Fintech companies are launching their own digital wallets. Even WhatsApp has its own! But why isn’t a significant population able to use it?

Users commonly encounter a lack of uniformity across various mobile payment systems and digital wallets. It can create a little confusion in selecting the appropriate payment option.

Also, not all merchants accept digital wallets, and you always need an internet connection for it. It may create trouble in some situations. Imagine you went on a vacation in a rural area without any cash, and there’s no internet connection.

In such scenarios, Fintech giants really need to enhance connections to promote broad use.

3. Technical Challenges

If you use digital wallets, you must have stumbled over issues with software compatibility, system crashes, and scalability. For example, you’re passing through a payment gateway, and you get stuck with endless buffering. Now, you can’t refresh the page or conduct a new transaction because of the fear of losing money and waiting for refunds.

Solutions should try partnering with experienced developers, thorough testing, and debugging.

How Digital Wallets Are Expected to Grow in the Future: Top Trends

1. Crypto Wallets

Crypto and investments are easy now! Digital wallets are also the future of Fintech, crypto, blockchain, and other emerging technologies. You can buy, store, invest, or trade your cryptocurrencies with some digital wallets like MetaMask and Trust Wallet.

The rise of super apps such as Google Pay, Samsung Pay, and Amazon Pay are also offering ways to invest your money. If there’s something you can do with real money, you can do the same with digital wallets!

2. Blockchain & Smart Contracts

Blockchain in digital payments allows the implementation of smart contracts. These smart contracts are self-executing, which means the whole agreement is directly written into code. This feature automates and enforces contract execution, reducing the need for intermediaries.

3. Buy Now, Pay Later (BNPL)

Buy Now, Pay Later (BNPL) simply means that you buy something today and keep paying it later in installments. It’s not a new concept, but it’s growing rapidly. Searches for “BNPL” have risen by 790% in the last five years, with one in three American shoppers likely using a BNPL program in 2022.

BNPL is projected to surpass $1 trillion in global spending by 2025, comprising 5% of worldwide eCommerce spending. Despite its popularity, regulatory bodies are scrutinizing major BNPL providers, including Affirm, Afterpay, Klarna, PayPal, and Zip.

4. Smart Speakers

The use of smart speakers and similar devices for making payments and conducting transactions through voice commands has seen a significant rise in recent years.

As of the latest estimates, more than 120 million smart speakers are owned by Americans, a substantial increase from just 20 million in 2017. Amazon Echo continues to dominate the market share among smart speakers.

Interestingly, even in 2017, 28% of smart speaker owners were already using voice commands to send money and make payments. With the increasing adoption of smart speakers for shopping purposes, the number of users making payments through these devices is expected to grow further, even more so with digital wallets.There are endless opportunities, mobile development, and emerging trends in the further evolution of digital payments. Virtual cards, predictive analytics, biometric authentication, crypto wallets, and more are coming this way to enhance your experience.

Top 5 Super Apps or Digital Wallets to Use in 2024

Software development has grown a lot with advancements to create super apps. Here are some of the 5 most popular super apps you should take a look at.

Apple Pay
Google Pay
Amazon Pay
PayPal
WeChat Pay

Bottom Line

Digital payments and super apps did such an amazing job in the world of finance. We expect we will soon be able to make investments with our fingertips in seconds. However, there are so many challenges, and we are still so far. It would be amazing to watch how technology grows with time.

For more such content, stay connected with Deftsoft.

How are Public Blockchains Different from Private Blockchains?

Posted on November 2, 2023 by deftsoft

Hey there, fellow blockchain enthusiast! Ever wondered if the technology powering Bitcoin and NFTs is a one-size-fits-all deal? You know, like trying to fit a square peg into a round hole? Well, you’re in good company because, just like choosing between streaming platforms for your next binge-watch session, deciding between public and private blockchains can be a bit of a head-scratcher, too. As a blockchain explorer, you must choose between public and private blockchains. (Doesn’t sound like something from a Sci-Fi Action movie?)

Remember in “The Matrix’ when Neo had to choose between the red pill and the blue pill? Well, consider this scene in your life, too. The only difference is instead of pills, there are public and private blockchains. Each holds its own unique powers and purposes, much like Neo’s choice to embrace the unknown or stick to the familiar.

But you don’t have to worry about anything; our blog post will act as your trusted guide to help you understand the key differences between private and public blockchain so that you can decide which option fits your business. Before exploring the key differences, it would be great to discuss public and private blockchains independently. So, let’s roll in!

What is a Public Blockchain?

Many people question what is a public blockchain since many of them interlink it with Bitcoin or cryptocurrency exclusively.

So, here is the correct answer to this question.

A public blockchain is a decentralized digital ledger that has open networks, allowing anyone to participate in it. It means public blockchain is non-restrictive and permissionless. This also serves as one of the main differences between private and public blockchain. They rely on a consensus mechanism, typically Proof of Work (PoW) or Proof of Stake (PoS), to validate transactions.

Key Features of Public Blockchains:

Decentralization:

Public blockchains are maintained by a global network of nodes, each participating in transaction validation and block creation. This feature plays one of the differences between private and public blockchains. The decentralized nature of public blockchains eliminates the need for intermediaries.

Permissionless Access:

Anyone can participate in a public blockchain network. Users can create wallets, make transactions, and even contribute to the network’s consensus mechanism.

Transparency and Immutability:

All transactions on a public blockchain are recorded on an open ledger, visible to anyone. Once recorded, transactions cannot be altered or deleted, ensuring transparency and trust. This is one of the primary differences between private and public blockchains.

Examples of Public Blockchains:

Bitcoin: Pioneered by Satoshi Nakamoto, Bitcoin introduced the concept of cryptocurrency and remains the most well-known public blockchain. It primarily serves as a peer-to-peer electronic cash system.
Ethereum: Ethereum revolutionized blockchain technology by introducing smart contracts, enabling the creation of decentralized applications (DApps) and non-fungible tokens (NFTs).
Binance Smart Chain (BSC): BSC is a parallel blockchain to Binance Chain, designed to support smart contracts and DApps. It offers compatibility with the Ethereum Virtual Machine (EVM) and boasts high transaction throughput.

Use Cases for Public Blockchains:

Cryptocurrency Transactions: Public blockchains like Bitcoin serve as a medium of exchange for digital assets, allowing secure and transparent peer-to-peer transactions.
Smart Contracts: Ethereum’s smart contract functionality enables the execution of self-executing contracts with predefined conditions without the need for intermediaries.
Decentralized Applications (DApps): Public blockchains provide a foundation for building decentralized applications that operate autonomously without a central authority. Moreover, this also serves as one of the differences between private and public blockchains.

Advantages of Public Blockchains:

Accessibility: Public blockchains are open to anyone with an internet connection, fostering inclusivity and global participation.

Security through Consensus Mechanisms: The consensus mechanisms employed in public blockchains ensure that malicious actors cannot easily compromise the network. Moreover, fundraising methods like IEO, STO and ICO also benefits from public blockchain’s mechanism.

Network Effect: Public blockchains benefit from a large and diverse user base, creating a robust ecosystem of developers, miners, and users. This also acts as one of the primary differences between private and public blockchains.

What is a Private Blockchain?

Unlike public blockchains, Private blockchains are centralized networks where access and control are restricted to a specific group of participants. This is the main difference between private and public blockchain. Permissioned access is granted to entities known as validators who authenticate transactions. Enhanced privacy and control are central to the design of private blockchains.

Key Features of Private Blockchains:

Centralization: Private blockchains are controlled by a predefined set of validators or participants. This centralization allows for greater control over the network.
Permissioned Access: Access to a private blockchain is restricted to authorized participants, typically selected by the network’s administrator or governing entity. This is one of the key differences between private and public blockchain.
Enhanced Privacy: Private blockchains often implement encryption and privacy features to restrict access to sensitive information, making them suitable for enterprise applications.

Examples of Private Blockchains:

Hyperledger Fabric: Developed by the Linux Foundation, Hyperledger Fabric is a permissioned blockchain framework designed for enterprise solutions. It provides a modular architecture and supports smart contracts.
Corda: Corda is an open-source blockchain platform tailored for businesses. It facilitates secure and private transactions between parties while ensuring regulatory compliance.
Quorum: Developed by JPMorgan Chase, Quorum is an enterprise-focused blockchain platform based on Ethereum. It emphasizes privacy and confidentiality in financial transactions.

Use Cases for Private Blockchains:

Enterprise Solutions: Private blockchains are well-suited for businesses seeking to streamline operations, reduce costs, and enhance transparency within a controlled environment.
Supply Chain Management: They are employed to track and verify the provenance of goods, ensuring authenticity and compliance with industry standards.
Government Applications: Private blockchains are utilized in government systems to enhance security, transparency, and efficiency in areas such as identity management and voting. This acts as one of the main differences between private and public blockchains.

Advantages of Private Blockchains:

Enhanced Privacy and Control: Private blockchains offer a level of confidentiality and control over data that may be critical for sensitive enterprise applications.
Scalability for Specific Use Cases: Since the number of participants is limited and known in advance, private blockchains can achieve higher transaction speeds and scalability for specific business needs. This also acts as one of the main differences between private and public blockchains.
Compliance with Regulations: Private blockchains can be tailored to meet regulatory requirements, making them an attractive option for industries with strict compliance standards.

Comparing Public and Private Blockchains:

The differences between private and public blockchain extend to various critical aspects, including governance, consensus mechanisms, security models, performance, and use case suitability. These factors play a crucial role in determining which type of blockchain is best suited for a particular application. Let’s start with private vs public blockchain.

1. Governance and Access Control:

Public Blockchains: Governed by a decentralized network of nodes with open access for all.
Private Blockchains: Governed by a centralized entity with restricted access to authorized participants.

2. Consensus Mechanisms:

Public Blockchains: Often employ energy-intensive mechanisms like Proof of Work (PoW) or more energy-efficient methods like Proof of Stake (PoS).
Private Blockchains: Utilize consensus mechanisms tailored to the specific needs of the network, such as Practical Byzantine Fault Tolerance (PBFT) or Raft.

3. Blockchain Key (Public and Private Keys in Blockchain):

Public Blockchains: Visible on the blockchain and serve as the destination for receiving funds. Anyone can see these addresses and send transactions to them.
Private Blockchains: Access is restricted to a specific group of participants. These participants are typically known and trusted entities. Each participant has a set of keys for authentication.

4. Security and Trust Models:

Public Blockchains: Rely on the collective computational power of nodes to secure the network, ensuring resistance against attacks.
Private Blockchains: Place trust in a predefined set of validators, providing a controlled environment with lower computational requirements.

5. Performance and Scalability:

Public Blockchains: May face scalability challenges due to the high number of participants and the need for consensus among them.
Private Blockchains: This can achieve higher transaction speeds and scalability since the number of participants is limited and known.

6. Use Case Suitability:

Public Blockchains: Ideal for applications requiring transparency, decentralization, and a large user base, such as cryptocurrency transactions and decentralized applications. This also serves as one of the differences between private and public blockchains.
Private Blockchains: Suited for enterprise solutions, supply chain management, and government applications where privacy, control, and compliance are paramount.

Critical Considerations for Choosing Between Public and Private Blockchains:

Factors Influencing the Decision:

Let’s take a break from private blockchain vs public blockchain and discuss some top factors to consider while choosing between public and private blockchains.

Security Requirements: Assess the level of security required for your application. If dealing with sensitive information, a private blockchain may be more suitable.
Regulatory Compliance: Consider whether your industry or application requires compliance with specific regulations. Private blockchains can be tailored to meet regulatory standards.
Use Case Specifics: Evaluate the specific requirements of your use case, including the need for transparency, the number of participants, and the level of control required.

Use Case Examples and Recommendations:

Supply Chain Management: If your use case involves tracking the provenance of goods in a complex supply chain, a private blockchain may be the preferred choice due to enhanced privacy and control.
Cryptocurrency Transactions: For a peer-to-peer digital cash system, a public blockchain like Bitcoin would be a natural choice, as it relies on a decentralized network for security.
Enterprise Solutions: Private blockchains are well-suited for businesses looking to streamline operations, reduce costs, and enhance transparency within a controlled environment.

Future Trends in Blockchain Technology:

1. Interoperability Between Public and Private Blockchains:

As the blockchain space evolves, we can expect increased interoperability between public and private blockchains. This will enable seamless data transfer and operations between different types of blockchain networks. Ultimately, the differences between private and public blockchain will also get narrower.

2. Cross-Chain Communication:

Efforts to facilitate cross-chain communication are on the rise. Solutions like blockchain bridges and protocols that allow different blockchains to communicate and transact with each other will become more prevalent. In this way, the differences between private and public blockchains will be shortened.

3. Evolution of Consensus Mechanisms:

Consensus mechanisms will continue to evolve, with a focus on energy efficiency, scalability, and security. New models may emerge to address the limitations of current mechanisms.

Deftsoft: A Trusted Savior for Blockchain-related Problems

Deftsoft emerges as the trusted savior for all your blockchain-related challenges. With an experience of 17 years of delivering innovative blockchain solutions, Deftsoft offers expertise that goes beyond conventional development. Whether it’s creating secure applications (public blockchains or implementing smart contracts, we lead the way. Our client-centric approach and commitment to excellence make us the go-to partner for navigating the complexities of blockchain technology. After understanding the differences between private and public blockchains, what may your final decision be? Deftsoft will help you develop a secure application that fits your needs.

Final Thoughts:

In the dynamic landscape of blockchain technology, the choice between public and private blockchains is a critical decision that shapes the trajectory of your project. With a clear understanding of the differences between private and public blockchain, you can navigate the blockchain landscape with confidence. But, to develop a blockchain, you may require years of experience, advanced techniques, skills, and resources. And many of you wouldn’t even have this. So, consider Deftsoft’s blockchain development services to achieve your requirements. Whether you choose a public or private blockchain, Deftsoft stands as a trusted partner, offering 17 years of expertise in crafting innovative blockchain solutions. With a client-centric approach, we are committed to helping you navigate the complexities of blockchain technology and develop secure applications tailored to your needs. Embrace the future of blockchain with Deftsoft by your side.

FAQs:

What is the difference between private and public blockchain?

A public blockchain is not controlled by any individual or group of individuals. Anyone can make use of the public block. For example, Bitcoin is a decentralized blockchain digital asset that can be used by anyone for online transactions. On the other hand, a private blockchain is a centralized network owned by a group of people. You need access to private blockchain transactions.

What are the types of blockchain?

There are four main types of blockchain: public blockchain, private blockchain, consortium blockchain, and hybrid blockchain.

Why is private blockchain faster than public blockchain?

The transactional speed of private blockchain is more because it is centralized only a few authorities have access to the network. Public blockchain networks are decentralized because of which the blocks take time to be created. This is why public blockchains are relatively slower.

What is an example of private blockchain?

Hyperledger Fabric, R3 Corda, Quorum, and Ethereum Enterprise are some examples of private blockchain. These are mostly blockchain frameworks or blockchain protocols.

Are Bitcoin and Ethereum private blockchains?

Both Bitcoin and Ethereum are public blockchains since they are decentralized. Anyone can join as a node (computer) on the network of these public blockchains and verify transactions.

Can someone hack a blockchain?

No, a blockchain cannot be hacked. However, if some malicious code is added to the chain with brute force, blockchain assets can be stolen. Blockchain transactions can also be altered.

Where are private blockchain used?

Private Blockchains are used in large-scale banks such as JPMorgan and Citi to secure transactions without compromising the transaction speed.

What are the features of blockchain?

The main features of blockchain are decentralization, top-notch security, immutability, and distributed ledger. These features make blockchain technology reliable, fast, secure, and efficient.

Basics of Initial Exchange Offering (IEO) Development: A Brief Guide

Posted on October 5, 2023 by deftsoft

Hey there, savvy entrepreneurs and investors! How’s your business going? All good! Well, as a well-informed business leader, you must have heard of the term ‘IEOs.’ No doubt, this sounds like something only rocket scientists would grasp effortlessly, but it’s not that difficult to understand. Above all, this term has the ability to elevate your startup or business forever. After all, who wouldn’t want to commence a cosmic journey to financial success? Curious about what exactly IEO development is, how it works, and what benefits it offers? Well, you’re in the right place. Our comprehensive guide will demystify everything about Initial Exchange Offerings. Since you all are busy people and must be having some meetings in the coming hours, we’ll not waste much time of yours. Without further ado, let’s discuss the Initial Exchange Offering. But, before that, it’ll be beneficial to know what, exactly, the Initial Exchange Offering is.

What is an Initial Exchange Offering?

An Initial Exchange Offering is a secure way to raise funds through a renowned cryptocurrency exchange platform.
Why is it a secure way? (This question must be revolving in your brain.)

The reason is clear: Initial Exchange Offering originated due to the failure of Initial Coin Offering (ICO).
Now, you must be wondering what this ICO is and how it was a reason behind the origination of IEO.
So, to know the answers to these questions, let’s delve into the small background of ICOs to understand the launch of IEO and its meaning.

A Small Background of ICOs:

If you’re a crypto enthusiast, you must have heard of ICOs (Initial Coin Offerings). It is like a special event where the company sells its digital tokens through its own crypto exchange platform to raise funds for its projects. Investors and startup entrepreneurs buy their tokens since, by doing so, they will get involved with the company’s project and may also have some additional benefits. The trend of Initial Coin Offerings was started in the mid-2010s with the aim to revolutionize fundraising models. But things didn’t go as well as it was thought. ICOs (Initial Coin Offerings) proved to be risky investments due to the high rate of fraud and scams involved with them. Therefore, the digital world was in need of a more secure alternative to ICOs.

Initial Exchange Offering: A Secure Alternative to ICOs

In January 2019, Initial Exchange Offerings originated with BTT (BitTorrent Token), launched by Binance Launchpad. Do you know the best thing? This initial offering raised over $7.1 million of funds and sold out within 15 minutes.

Okay, that’s a lot of history to digest. So, let us quickly answer your question: what is an Initial Exchange Offering?

An Initial Exchange Offering or IEO development is like an event where startup organizations raise funds by selling their digital tokens through an established cryptocurrency exchange platform. Then, investors and entrepreneurs buy these digital tokens with the aim to take benefits within that company and on their future projects, too.

For a better understanding of IEO development, go through this example.

Suppose there’s a new company that wants to make exciting video games for kids. Instead of asking for money in a traditional way, they consider an Initial Exchange Offering. By doing so, they create these special digital tokens and sell them on trusted cryptocurrency exchange platforms. Then, investors buy these tokens; in this way, they kind of support the company, and in return, they might get early access to their game or other additional benefits.

Why do you need IEO marketing?

By deeply grabbing the unique and secure concept of fundraising through an Initial Exchange Offering, you must be thinking,

‘I need to launch an Initial Exchange Offering soon to collect funds for the following projects.

But, my talented entrepreneurs, this isn’t as easy as it seems.

The world has become a small place, thanks to digitalization and globalization. Above all that, investors are more intelligent than ever, making them think twice before investing in any project. As a result, it is difficult for startups to convince investors to take part in their IEO development project. Moreover, the market is witnessing a heavy rise in startups, increasing competition in this field. It means your project has to be fresh, unique, and advanced to grab the attention of investors.

But wait a minute; having a unique and fresh idea does not assure that investors will be involved in your Initial Exchange Offering. So, what else you may need? IEO MARKETING SERVICES.

Consider professional IEO services including marketing, token development services, to elevate the online visibility of your project and Initial Exchange Offering among the general public and investors. Using expert marketing techniques, you can attract a lot of investors.

[Note: Managing the whole work during IEO development can be stressful, so consider Deftsoft, a trusted partner to make things easy. With years of experience, Deftsoft provides IEO development services, IEO marketing services, and token development services.]

How does an Initial Exchange Offering work?

Firstly, you need to choose a renowned or trusted cryptocurrency platform to sell your digital tokens. The process of initial exchange offering involves a series of steps, including a cryptocurrency exchange platform verifying your company and project. On top of that, verify the technical aspects of the project, its vision, and tokenomics. Moreover, cryptocurrency platform also looks for the background and history of a company that they are thinking of investing in. Some of the other things that a cryptocurrency exchange platform might consider are as follows:

Experience of project team members
Evaluating the technical infrastructure of the project or service the company intends to develop
Analyzing the market demand for the company’s project
Reviewing token distribution plan and utility

Assessing the company’s strategic partnerships or collaborations that the company has established

After the verification process by the cryptocurrency platform, the launch of the IEO development starts. The launch process includes registration of investors, token sale, trading, and promotional campaigns to attract abundant investors (the whole launch process is explained in detail in the next topic).

Launching an Initial Exchange Offering:

You must be having this question: why do investors find IEO development a more reliable way of investing than ICO? The answer is straightforward: Lack of frauds and scams.

Initial Coin Offerings involve no renowned cryptocurrency platform as a third party. Instead, the company sells its tokens on its platform only. This was meant to offer some sort of liberty to the holding company. However, many fraudulent companies took advantage of ICO to make extra profit by scamming investors. Unlike ICO, the Initial Exchange Offering is entirely different. Initial exchange offerings involve a popular cryptocurrency exchange platform to use their trust as a tool to attract a lot of investors. Besides capitalizing on the name of the cryptocurrency exchange platform’s name, you also need some extra things to consider to start your Initial Exchange Offering crypto project.

[ NOTE: If you lack professional knowledge or expertise in IEO development, consider Deftsoft. With years of experience, Deftsoft offers reliable IEO development services.]

The following are the steps you need to do to begin your IEO development project.

Step #1: Analyzing your Concepts and Market Demand

For any company that is looking to debut a new product or project, it is essential to follow market trends. In Gen-Z manner, ‘”Give the market what they want, and it should be given that nobody has ever taken a chance to give before.

Analyze the market trend and get deep insights to verify your ideas for new projects or services are fulfilling the needs of investors. For instance, e-commerce is a sector in which most investors are interested. So, make sure your next project or product is looking appealing to investors.

Step #2: Ensure Your MVP Ready

Many popular cryptocurrency exchange platforms prefer only those companies that already have MVP (Minimum Viable Product) ready or where development is underway. So, make sure you fulfill this requirement. For a better understanding, take the example of KuCoin Shares (KCS). Before their Initial Exchange Offering, KuCoin already had a functioning cryptocurrency exchange platform in development.

Step #3: Selection of Platform

After ensuring MVP is ready, it’s time to select an exchange platform. Make sure the platform you choose is reliable, established, and, most importantly, professional to help you attract investors in large numbers. Here are some of the top exchange platforms you can consider.

=> Binance Launchpad

=> OKEx Jumpstart

=> Huobi Prime

=> Bittrex

Step #4: Drafting a Well-Researched White Paper

What will make investors have a genuine interest in your project? A unique and fresh idea! It is, but on top of that, drafting a well-researched white paper does help to make your name being placed on every investor’s list. A white paper is similar to an academic paper, where you’ve to describe your project in detail.

Step #5: A Well-Engineered Website

How will investors get information about your company and services if you lack a well-organized website? Then, your dream of raising funds for your upcoming project will stay dream only. Sorry if it sounds rude.

Let’s come back to the main topic: develop an excellent website that perfectly represents your brand with a top-notch user interface and engaging content. By doing so, investors can easily access your services and the company’s history to make their final call.

Step #6: Token Sale Announcement

Before announcing your token sales, decide how many tokens you’ll be issuing. But, to make this decision, firstly, you need to develop your own tokens. To do so, you can use various blockchain platforms.

[ Note: If you don’t want to invest your time in developing tokens, you can consider Deftsoft. As a leading IEO development services provider, Deftsoft can create a well-functional digital token to make your Initial Exchange Offering a successful one. With years of experience, Deftsoft is the best IEO development company.]

After developing your tokens, announce a sale for your tokens. Use your social media platforms and website to make your token sale viral, the same as Doja Cat’s song does. Have a craving for attention.

Step #7: KYC/AML Verification

After making your token sale public through a renowned crypto exchange platform, interested investors need to go through some verification. Sounds shocking! A verification for investors. Yes, and why not?

What if they are fraud people? Or some unauthorized users. Therefore, maximum cryptocurrency exchange platforms make their visitors (interested investors) sign up or create an account, saving their personal information, such as name, contact number, Gmail, etc.

Step #8: Token Sale Period

To resist any loss or mishappening, it’s best to designate a specific timeframe during which investors can purchase tokens at the predetermined price, typically with limits on individual contributions.

Step #9: Post-IEO Development Promotion

Many companies often ignore this step. How can you expect your project to reach more investors if you’re acting lazy in post-IEO development promotion? So, try expert marketing techniques to make sure your project is a trendy one.

Step #10: Press Release & SEO as Marketing Techniques

After a successful one-time Initial Coin Offering, get as much attention as you can on social media. The best way to do so is to write press releases about your product (project) and submit them to field-related websites. Moreover, you can also come up with engaging and well-researched articles to attract more traffic from investors.

Step #11: Regulatory Compliance

During this whole IEO development thing, make sure you’re fundraising through Initial Exchange Offering as per relevant regulations and legal requirements to maintain the integrity and respect of your company and project.

Deftsoft: Your Ultimate Partner for Initial Exchange Offering Success

When it comes to turning your Initial Exchange Offering project into a resounding success, look no further than Deftsoft. As a premier provider of IEO development services, Deftsoft has the expertise and experience to make launching your Initial Exchange Offering a breeze. We are aware of the complexities and intricacies of the Initial Exchange Offering landscape. That’s why our experienced team of experts is here to guide you through every step of the process. Choose Deftsoft, the top IEO development company, as your ultimate partner.

Why Choose Deftsoft for IEO Development Services?

Comprehensive Expertise:

We have a professional team of well-known experts with a deep understanding of the regulatory environment and Initial Exchange Offering-related technological innovation.

Tailored Solutions:

Deftsoft believes every IEO development project is unique and requires different strategies for each to make it successful. That’s why we offer customized solutions to fulfill the specific needs and goals of your Initial Exchange Offering project.

Strategic Planning:

Can we ask you one question? What is the necessary thing required to make a successful Initial Exchange Offering project? It’s probably strategic planning. Isn’t? That’s why Deftsoft crafts strategic plans and techniques related to tokenomics, marketing, community engagement, and more. You just need to have trust in us, since Deftsoft takes responsibility for making successful Initial Exchange Offerings.

To Wrap Up:

So, that’s it, our talented entrepreneurs. If you have some creative idea for your next project or service but lack capital, consider an Initial Exchange Offering to raise funds. It is the most secure and effective way in the modern world to elevate your startup or emerging business. On initial listen, this may sound very easy. But, to launch a successful Initial Exchange Offering demands expertise and precision. Since many companies don’t have the professional knowledge and resources to launch a successful Initial Exchange Offering, it’s best to consider Deftsoft. As a leading provider of IEO development services and IEO marketing services, Deftsoft can transform your idea into reality by raising funds. With over 17 years of experience, Deftsoft is a trusted companion ensuring seamless IEO token development services. So, look no right and left, choose Deftsoft’s cryptocurrency development services and IEO development services to take your business to new heights.

Blockchain for E-Commerce: Transforming Your Business

Posted on September 29, 2023 by deftsoft

Blockchain technology is spreading like wildfire and the world is its oyster. The technology is developing at a staggering CAGR of 70.6% and is expected to hit $29.35 billion in revenue by 2024! No wonder that the e-commerce industry is already harnessing the power of the blockchain technology.

Blockchain technology has brought a revolution in the e-commerce industry. This technology has transformed the way of working worldwide. This article will walk you through the intricacies of Blockchain, exploring its core concepts, applications, pros and cons, and highlighting how it’s reshaping the way businesses operate.

What Blockchain Is and How It Works?

Before we get into the intricacies of the Blockchain in e-commerce, let us understand what it is. Blockchain is a decentralized digital locker that provides a secure and transparent record-keeping system that works across a network of computers. Unlike conventional forms of record keeping, Blockchain works on a distributed ledger model that enables participants to hold a copy of the entire ledger.

All the transactions are bundled into blocks and linked together in chronological order, forming an unalterable chain. This chain of blocks is known as blockchains that ensures data integrity and immutability.

How Blockchain Works?

Blockchain follows cryptographic techniques to ensure data. When a transaction is initiated, it goes through a verification process by a network of nodes. Once verified, the transaction is added to a block and sealed with a unique cryptographic hash. This block is then linked with the previous one, creating a continuous chain of blocks.

The decentralized nature of the Blockchain means that no single individual has control over the network. Transactions are transparent, where any changes are done only through a consensus mechanism agreed by the network participants. This is one of the strongest security mechanisms that makes Blockchain resistant to fraud and tempering.

Relevance of Blockchain in Various Industries

The impact of Blockchain is far beyond cryptocurrency. Its impact extends to various industries like healthcare, retail, finance, smart contracts, energy trading, e-commerce and more industries. As most businesses look for innovative solutions to streamline operations, improve trust, and enhance security, Blockchain emerges as a game-changer.

When it comes to e-commerce blockchain, it promises to address critical issues, including data security, supply chain transparency, and payment process efficiency. It builds trust and fosters an environment where consumers have full confidence in the products they have bought and the businesses they engage with.

Commonly Used Blockchain Technology in eCommerce

There are specific e-commerce blockchain platforms and technologies that have gained significant fame. Let’s explore the reasons behind their preference with real-world examples of e-commerce businesses using them.

1. The Smart Contract of Ethereum

Ethereum has a ground-breaking concept of smart contracts that has become a keystone of blockchain applications in e-commerce. Smart contracts are self-executing agreements with predefined rules. They automate various processes like payment and product deliveries, reducing the need for intermediaries. Recently, e-commerce industries have shown a great interest in the adoption of Ethereum due to its strong ecosystem and developer-friendly ecosystem.

Real-life example: OpenSea, a popular NFT (non-fungible token) marketplace, is built on Ethereum, allowing users to buy, sell and trade digital assets.

2. Speed and Scalability of Binance Smart Chain

Binance Smart Chain (BSC) is gaining traction for its focus on speed and scalability. E-commerce platforms include fats and cost-effective transactions, and BSC addresses these needs. Its compatibility with the Ethereum Virtual Machine (EVM) allows easy migration of existing Ethereum-based projects, making it an attractive option for e-commerce businesses.

Real-life example: BakerySwap, an automated market maker, works on Binance Smart Chain, providing users with efficient token swapping and liquidity.

3. Supply Chain Transparency of VeChain

VeChain is solving one of the greatest concerns in the e-commerce business- transparency in the supply chain. This platform is designed to enhance the task of tracing the product along with authenticity verification. E-commerce companies utilize VeChian to build trust by letting customers track their product till the time it reaches their doorsteps.

Real-life example: Walmart China has partnered with to implement a food traceability system, ensuring the safety and authenticity of products on its shelves.

4. Cross-Border Payments through Stellar

E-commerce businesses with cross-border services rely heavily on efficient and cost-effective payment solutions. Stellar offers cross-border transactions, making it an appealing choice for most e-commerce businesses. Its network enables fast and low-cost international payments, making it a preferred blockchain for e-commerce companies catering to a global customer base.

Real-life example: SatoshiPay, a micro-payment platform, utilizes Stellar to enable quick and inexpensive cross-border payments for digital content.

Benefits of Blockchain in E-Commerce

Blockchain offers a plethora of advantages that help businesses and consumers alike. Here are some key benefits of Blockchain in e-commerce, showing its capacity to bolster security, transparency, and trust for a better consumer experience.

Enhanced security: Blockchain’s security features are the strongest points that have made it the best choice for e-commerce businesses. Transactions on a blockchain are cryptographically secured, making it secure from all the malicious activities that can tamper with the data. This kind of security ensures that customer’s personal information, including payment details, remains protected, reducing the risk of data breaches and cyberattacks.
Transparency: Transparency is the basis of trust in e-commerce. With Blockchain in e-commerce, every transaction is recorded in an immutable Transparency is the cornerstone of trust in e-commerce. With Blockchain, every transaction is recorded in an immutable ledger that’s accessible to all authorized parties. This transparency means that customers can verify the authenticity of products, track shipments in real-time, and even view the origin of goods. Such transparency builds trust and loyalty, which is crucial for repeat business.
Trustworthiness and Authenticity: Blockchain’s ability to verify the authenticity of products is a significant boon for e-commerce. Counterfeit goods have long plagued the industry, eroding trust among consumers. By enabling consumers to trace a product’s journey from the manufacturer to their doorstep, Blockchain ensures that they receive genuine, high-quality items.
Cost Savings: One of the most compelling advantages of Blockchain in e-commerce is cost reduction. The elimination of intermediaries, such as banks or payment processors, streamlines financial transactions, leading to lower transaction fees. Additionally, smart contracts automate processes like order fulfillment and payment, reducing administrative costs.
Reduced Fraud: Blockchain’s transparency and immutability serve as powerful deterrents against fraud. Fraudulent activities like chargebacks and false claims become more challenging to execute when every transaction is verifiable on the Blockchain. This reduction in fraud not only saves money but also preserves the integrity of the e-commerce platform.

Current Challenges in E-commerce and Blockchain Solutions

Challenge 1: Data Security and Privacy Concerns

Challenge: E-commerce businesses face persistent threats to customer data security and privacy. Data breaches and cyberattacks can result in substantial financial losses and erode trust among consumers.

Solution: E-commerce Blockchain’s cryptographic security measures safeguard customer data and transaction records. By decentralizing data storage and encryption, Blockchain mitigates the risk of data breaches and ensures customer privacy.

Challenge 2: Lack of Supply Chain Transparency

Challenge: Ensuring supply chain transparency remains a challenge in e-commerce, as consumers demand to know the origin and authenticity of products. Counterfeit goods and opaque supply chains undermine trust.

Solution: Blockchain in e-commerce comes with traceability capabilities that enable consumers to track a product’s journey from production to delivery. This transparency assures consumers of product authenticity and origin, combating counterfeit issues.

Challenge 3: Payment Processing Inefficiencies

Challenge: Traditional payment processing methods are often inefficient, involving multiple intermediaries, high transaction fees, and delays in cross-border transactions, impacting both businesses and consumers.

Solution: One of the prominent benefits of Blockchain is its streamlined payment processing by removing intermediaries. Smart contracts automate payment settlements, reducing fees and processing times, resulting in cost savings and improved payment efficiency.

Challenge 4: Counterfeit Products

Challenge: Counterfeit products flood the e-commerce market, deceiving consumers and damaging brand reputations. Identifying genuine products can be challenging.

Solution: Another benefit of Blockchain is its product verification system, which enables customers to verify the authenticity of products through immutable records. This authentication system builds trust by ensuring that consumers receive genuine goods.

Challenge 5: Lack of Trust in Online Reviews

Challenge: Trust in online reviews is eroded by fake reviews and paid endorsements. Consumers struggle to distinguish between genuine feedback and fraudulent endorsements.

Solution: E-commerce blockchain can create a transparent and tamper-proof review system. Reviews stored on the Blockchain are immutable, making it difficult to manipulate or delete feedback, thus ensuring the integrity of reviews.

Challenge 6: Cross-Border Trade Complexities

Challenge: Cross-border e-commerce transactions are often encumbered by complex regulations, currency conversions, and lengthy payment settlement times.

Solution: E-commerce blockchain’s borderless nature simplifies cross-border transactions. It offers fast, secure, and cost-effective international payments, reducing complexities and enhancing the global shopping experience.

Most Foolproof Practices to Deploy in E-Commerce

Blockchain technology has revolutionized the way data and transactions are handled in the e-commerce industry. Some of the profound best practices for blockchain in e-commerce are as follows:

Identify Pain Points: Blockchain cannot be deployed in all use cases. Identify the processes in your e-commerce business that require the application of blockchain. For instance, if you want to secure client transactions from various manufacturers, you can utilize blockchain-powered crypto exchange platforms to do so.

Start Small First, Scale Up Later: It is important to allocate definite capital for deploying a blockchain project for your e-commerce since blockchain is a money-intensive industry. You can, therefore, start with a smaller project and then gradually scale up after measuring the outcomes.

Look for Reliable Service Providers: It is crucial to collaborate with an industry-recognized blockchain service provider that understands your vision immaculately. Deftsoft is one such service provider that offers a plethora of services focused on expanding your business.

Educate Your Customers: You need to disrupt your users’ habits and push them to use blockchain-powered services. This is only possible by educating the users and helping them navigate through the new technologies. The users need to be guided to use blockchain-dependent e-commerce services.

Blockchain Applications in E-commerce

Blockchain technology offers a myriad of applications that are reshaping the landscape of e-commerce. Here are some key blockchain applications in the realm of online retail:

Supply Chain Management: Blockchain in e-commerce enhances transparency and traceability in supply chains. Retailers can track the movement of products from manufacturer to customer, ensuring authenticity and reducing the risk of counterfeit goods.
Product Authentication: Blockchain in e-commerce enables customers to verify the authenticity of products. By scanning a QR code, consumers can access a product’s blockchain record, confirming its origin and legitimacy.
Secure Payments: Blockchain streamlines payment processing, reducing fees and settlement times. Cryptocurrencies and stablecoins offer customers secure and efficient payment options, particularly in cross-border transactions.
Loyalty Programs: Blockchain-powered loyalty programs create transparent reward systems. Customers can trust that their loyalty points and rewards are secure and can be easily redeemed.
Decentralized Marketplaces: Blockchain in e-commerce facilitates the creation of decentralized e-commerce platforms. These marketplaces eliminate intermediaries, enabling direct peer-to-peer transactions, reducing costs, and increasing trust.

Getting Started with Blockchain with Deftsoft

Are you ready to embark on a transformative journey into the world of blockchain technology for your e-commerce business? Deftsoft, a trusted blockchain development company, is your strategic partner in harnessing the power of Blockchain to enhance security, transparency, and efficiency in your digital retail operations.

Why Choose Deftsoft for Your Blockchain Development Needs?

Expertise in Security: Deftsoft’s team of seasoned blockchain developers and service providers are well-versed in the intricacies of network and hardware security. We prioritize safeguarding your e-commerce ecosystem against vulnerabilities and data tampering.
Durable and Robust Solutions: We thrive on creating Blockchain in e-commerce that stands the test of time. Our commitment to durability and robustness ensures that your blockchain implementation delivers long-term value.
Comprehensive Support: From the initial ideation phase to the final project execution, Deftsoft stands by your side. We provide end-to-end support to seamlessly integrate Blockchain into the e-commerce ecosystem.

Our Wide Range of Blockchain Development Services

IEO, STO, and ICO Services: Whether you’re exploring Initial Exchange Offerings (IEO), Security Token Offerings (STO), or Initial Coin Offerings (ICO), Deftsoft has the expertise to guide you through the process.
End-to-end dApp Solutions: We specialize in developing decentralized applications (dApps) tailored to your e-commerce needs, ensuring you harness the full potential of blockchain technology.
Smart Contracts Development: Smart contracts automate and secure processes, from payments to supply chain management. We create smart contracts that streamline your e-commerce operations.
Crypto Exchange Development: Deftsoft can build custom cryptocurrency exchanges, facilitating seamless transactions and enhancing your e-commerce platform’s capabilities.
Custom Blockchain Solutions: Your e-commerce business is unique, and so should your blockchain solution. We craft customized blockchain solutions tailored to your specific requirements.
Blockchain-based Market Platforms: Transform your e-commerce marketplace into a blockchain-powered hub of trust and transparency, fostering customer loyalty and trust.

We kickstart our collaboration with a comprehensive analysis of how blockchain technology can optimize your business, ensuring you’re on the path to a secure, transparent, and efficient digital retail future.

Future Trends in Blockchain for E-commerce

The future of Blockchain in e-commerce promises exciting developments. Expect increased adoption of Blockchain for sustainability and supply chain transparency, allowing consumers to make eco-conscious choices. DeFi (Decentralized Finance) integrations will expand payment options, and NFTs (Non-Fungible Tokens) will revolutionize product ownership and digital assets. Cross-platform interoperability and blockchain-based AI will enhance customer experiences. Moreover, governments may implement Blockchain for taxation and regulatory purposes. As Blockchain in e-commerce continues to mature, it will be an indispensable tool for e-commerce, reshaping the industry with innovation, trust, and efficiency.

Conclusion

As the future unfolds, Blockchain will drive innovation and efficiency, empowering businesses to thrive in an increasingly competitive landscape.

To seize these opportunities and navigate the blockchain revolution effectively, partner with Deftsoft. Our expertise, commitment to security, and track record in blockchain development make us the ideal ally for your e-commerce journey. Don’t miss out on the future of digital retail—take the next step with Deftsoft today!

How Blockchain is Transforming the Healthcare Industry?

Posted on July 22, 2022 by deftsoft

Blockchain is an increasingly widespread technology that has made it possible for many industries to view and share data securely. However, the vast majority of people associate blockchain technology with cryptocurrencies.

However, the scope of its use has expanded greatly, and today practically every industry—including the healthcare industry—uses blockchain technology.

What is Blockchain?

Blockchain, a core component of the digital currency “Bitcoin,” was created in 2008. It is a distributed and decentralized “write-once, read-only” record of digital events exchanged via a peer-to-peer network in chronological order.

Blockchain for business records database exchanges and transitions that can be distributed and shared among authorized users. What makes Blockchain distinct from other technologies is that users cannot remove or add any records. In addition, not even a single transaction occurs without the validation of all required users.

Blockchain in Healthcare

The present-day healthcare infrastructure system is often known as inadequate to handle information exchange, requiring specific tweaks.

Blockchain has completely changed how data and healthcare can be viewed together, going beyond the “innovation trigger.”

Since the healthcare industry deals with confidential medical data and demands private access to information, blockchain may simply streamline medical records and enable sharing in a secure way. Therefore, scalability, security, and data privacy are all provided solely by technology.

This is undoubtedly the main factor why the global Blockchain in the healthcare market size is increasingly growing. Of course, to run a healthcare organization, you don’t need to have first-hand technological experience; this is where Blockchain development services can be useful. But you need to be aware of what Blockchain can do for you. So, let’s look at some significant Blockchain use cases in the healthcare sector.

Blockchain Healthcare Uses in Digital Health

A major challenge in the healthcare industry, as in many other industries, is verifying the provenance of medical goods to confirm their legitimacy.

Using a blockchain-based system to track items from the point of manufacture and at each stage along the supply chain allows customers to have complete visibility and transparency of the products they are purchasing.

This is a major problem for the industry, especially in developing markets where counterfeit prescription medicines cause tens of thousands of deaths each year. In addition, as more remote health monitoring is implemented, it is becoming increasingly important for medical devices as well, which are expanding quickly and drawing the attention of dishonest actors.

Advantages of the Blockchain (Paired with AI):

Customer confidence: The customer’s ability to track each package’s end-to-end provenance, with integration, with manufacturers, wholesalers, shipping, etc.

Compliance: Manufacturers of pharmaceuticals and medical devices face high reporting burdens to maintain patient safety. By combining supply chain data into one system, compliance can be made easier. For instance, FarmaTrust’s blockchain-based system sends automated alerts to law enforcement when it detects a problem.

Supply chain optimization: Companies utilize AI to more precisely forecast demand and modify supply when all the data is in one place.

— Patient-centric electronic health records:

Healthcare systems around the world struggle with data silos, which only give patients and their medical professionals an incomplete picture of their medical history.

One solution to this problem is to create a blockchain-based medical records system that can be connected with current electronic medical record software and function as an overarching, single view of a patient’s record. Every hash function is unique, and only the data owner—in this case, the patient—can decrypt it with their consent.

In this scenario, each time a patient record is modified or they agree to disclose a portion of their medical information; a transaction is recorded on the blockchain. A leading example of a business collaborating with healthcare providers to implement blockchain-enabled EMRs is Medicalchain.

— Medical staff credential verification:

Blockchain technology is also used to track the experience of medical professionals, similar to tracking the provenance of a medical good. Reputable healthcare organizations and institutions can log the credentials of their staff, which streamlines the hiring process for these organizations. ProCredEx, a US-based company, developed such a system for verifying medical credentials using the R3 Corda blockchain protocol.

The blockchain system’s main advantages are:

— Quicker credentialing during the recruiting process for healthcare organizations

— A chance for medical facilities, insurers, and healthcare providers to monetize their current credentials data on past and current employees

— Transparency and assurance for partners, such as companies using locum tenens as a subcontractor or new virtual health delivery models that let patients know about the qualifications of the medical personnel

— IoT security for remote monitoring:

One of the biggest trends in digital health is the usage of remote monitoring solutions, where different sensors recording patients’ vital signs are used to help give healthcare practitioners more visibility into patients’ health, enabling more proactive and preventative care.

Security, however, is a significant problem in health IoT, both in terms of ensuring that data of the patient is private and secure and that it is not altered to create incorrect results. In some cases, when a connected device may be needed in an emergency, such as alerting an old person’s care provider that they have had a heart attack or fallen, it is also crucial that the supporting systems be extremely resilient to DDoS or other attacks disrupting service.

How Blockchain Technology Could Help Secure IoT Devices Used for Remote Monitoring?

Blockchain cryptography protects personal data saved on the blockchain as a distinct hash function so that only authorized parties can access it.

Once patient data is stored as a hash function on the blockchain ledger, it becomes nearly impossible to alter because doing so would need access to all previously stored copies.

The decentralized nature of blockchain allows IoT devices to communicate directly with one another, which makes man-in-the-middle and DDoS attacks more difficult because the majority of IoT connections now go through a central server.

How Deftsoft Can Help You?

If you’re looking for blockchain solutions in the digital health industry, you can contact Deftsoft for the best results. Our team of Blockchain experts can help you create customized blockchain solutions as per your project requirements. Contact our team to discuss your project.

What is Blockchain Technology?

What is IoT Technology?

Understanding the Importance of IoT-Blockchain Intersection

What are the Applications of Blockchain in IoT?

What are the Benefits of Blockchain in IoT?

Bottom Line

FAQs:

What is blockchain in IoT?

What are the benefits of integrating blockchain and IoT?

What are the challenges of blockchain in IoT?

How are IoT and blockchain used in Fintech?

What is the future of IoT and blockchain?

What is Meant by an ICO?

The Benefits of ICO

How Does an ICO Work?

The Downfall of ICO

What is Meant by an IEO?

The Benefits of IEO

How Does an IEO Work?

What is the Difference Between ICO and IEO?

Looking for an ICO and IEO Development Company?

FAQs:

What is the difference between ICO and IEO?

Name some third-party blockchain platforms for listing IEOs.

How do you find a suitable ICO software development company?

What are the benefits of ICO?

What are the benefits of IEO?

What is Blockchain in Real Estate?

How Can Blockchain be Used in Real Estate?

What are the Benefits of Blockchain in Real Estate?

What Does the Future of Blockchain in Real Estate Look Like?

How Can Deftsoft Help You?

FAQs:

What is the benefit of blockchain in the real estate industry?

How is crypto used in real estate?

How is blockchain technology used in commercial real estate transactions?

What is meant by asset tokenization in the real estate industry?

How do you tokenize a real estate project using blockchain technology?

Digital Wallets Development: How Did We Come Here?

How Do Digital Wallets Work?

Benefits You Should Know

Improvement Areas for Digital Payments

How Digital Wallets Are Expected to Grow in the Future: Top Trends

Top 5 Super Apps or Digital Wallets to Use in 2024

Bottom Line

What is a Public Blockchain?

Key Features of Public Blockchains:

Examples of Public Blockchains:

Use Cases for Public Blockchains:

Advantages of Public Blockchains:

What is a Private Blockchain?

Key Features of Private Blockchains:

Examples of Private Blockchains:

Use Cases for Private Blockchains:

Advantages of Private Blockchains:

Comparing Public and Private Blockchains:

1. Governance and Access Control:

2. Consensus Mechanisms:

3. Blockchain Key (Public and Private Keys in Blockchain):

4. Security and Trust Models:

5. Performance and Scalability:

6. Use Case Suitability:

Critical Considerations for Choosing Between Public and Private Blockchains:

Factors Influencing the Decision:

Use Case Examples and Recommendations:

Future Trends in Blockchain Technology:

1. Interoperability Between Public and Private Blockchains:

2. Cross-Chain Communication:

3. Evolution of Consensus Mechanisms:

Deftsoft: A Trusted Savior for Blockchain-related Problems

Final Thoughts:

FAQs:

What is an Initial Exchange Offering? <img decoding="async" class="alignnone size-full wp-image-5177" src="https://deftsoft.com/wp-content/uploads/2023/10/What-is-an-Initial-Exchange-Offering.png" alt="Initial Exchange Offering" width="1200" height="628" >

A Small Background of ICOs:

Initial Exchange Offering: A Secure Alternative to ICOs

Why do you need IEO marketing?

How does an Initial Exchange Offering work?

Launching an Initial Exchange Offering:

Step #1: Analyzing your Concepts and Market Demand

Step #2: Ensure Your MVP Ready

What is an Initial Exchange Offering?