Category Archive : Blockchain

cryptocurrency exchange development

Analyzing the growing business of cryptocurrency exchange development

Cryptocurrencies have emerged as the biggest challenge to the current financial system as it promotes decentralization. Cryptocurrency exchanges are handling billions of dollars of funds of traders by offering a platform for buying, selling, and exchanging different cryptocurrencies. Most of the exchanges also accept payments made in fiat currencies. Some of the popular centralized exchanges are Binance and Coinbase. Some of the famous decentralized exchanges are OKEX and IDEX.

The basic structure of every Cryptocurrency exchange

  • The trading engine – It helps in the management of orders by matching the requests raised by different buyers and sellers on the platform. It should be highly accurate.
  • The user interface – It should be convenient enough for the traders to handle their basic operations smoothly without any errors and glitches. It must be intuitive with easy navigation.
  • Customer service – Traders’ doubts and queries should be swiftly responded in multiple languages. It helps in improving user retention and trust in the system. A professional support team is needed to infuse confidence in the minds of the customer. People should be encouraged to invest in a cryptocurrency exchange platform.
  • Adequate security measures – Protection of the funds and personal data of the users is highly important for every crypto exchange. To safeguard itself against hacking and phishing attacks, it must take steps like two-factor authentication, jail login, end-to-end encryption of database, and password-protected user access without fail. With operations becoming increasingly digitized, issues such as virus and malware attacks are quite common. The data can be backed up in an independent location separate from the operational servers.

Steps to follow for kickstarting Cryptocurrency exchange development

  • Comply with legal norms – Any crypto exchange that happens to be illegal will be forced to exit the industry. Hence, obtain an operational licence issued by a certified authority. It depends on the scale of operations (local or global) regarding its compliance with the prevailing laws in different countries. The KYC (Know Your Customer) verification process and AML (Anti Money Laundering) laws must be strictly adhered to. This is done to prevent any sort of frauds and scams. Certain countries like Singapore, Switzerland, Japan, Canada, and the USA are highly friendly towards cryptocurrency exchanges with a trustworthy judicial system.
  • Formulate an agreement with a bank or a payment solution provider – Since traders will buy or sell cryptocurrencies regularly, there is a need to invest in a foolproof transactional system. It must facilitate seamless deposits and withdrawals. Multiple payment gateways or process systems need to be set up to handle the huge volume of funds. A tightly regulated ecosystem will have limited banking options compared to an open and decentralized system.
  • Management of liquidity – Liquidity is one of the essential attributes of successful cryptocurrency exchanges in the market. Absence of sufficient liquidity in an exchange will fail to attract investors and lose their business to the competitors in the industry. Liquidity can be boosted by forming API’s and sharing trading volume information with the leading exchanges in the market.

The process by which a Cryptocurrency exchange works

  • The user gets himself registered on the platform after completing all the needed formalities.
  • An individual wallet is created for him to store his respective coins or tokens.
  • He can select any receiver on the platform for sending funds.
  • Once a particular cryptocurrency has been completely sold out on the platform, he has the option to buy foreign currency.
  • He can receive funds by choosing any of the available currencies on the platform.

The time taken to build a Cryptocurrency exchange

It depends on the kind of exchange platform (centralized, decentralized or hybrid) chosen by the business firm. White label solutions can be developed within a week as it comes with all the in-built features and functionalities. For exchanges that are developed from scratch by hiring various developers, it will take a couple of weeks or months.

Important sources of revenue for a Cryptocurrency exchange

Every crypto exchange owner can make money by imposing charges on withdrawals, trading commission, and incorporating Initial Exchange Offering (IEO) into their platform for launching new crypto coins or tokens.

The total cost involved to build a Cryptocurrency exchange

The cost will vary depending on the kind of features a firm wants to integrate into its exchange. White label solutions involve less developmental expenses when compared to building an exchange from scratch.

The different services offered by exchange development companies

Most of the cryptocurrency exchange development companies offer services like wallet integration, ICO development, mobile app development, and trading platform creation.

The future of Cryptocurrency exchange development

Since its origin more than a decade ago, Cryptocurrencies have grown to massive proportions today. It is the pride of the digital age. It can be used for a wide variety of activities such as processing payments, storage of value and proving digital ownership. Since it has a huge capacity to disrupt the traditional financial systems, there are concerns and worries regarding the potential use of the technology. Many corporate companies are accepting payments made in cryptocurrencies indicating its adoption in the mainstream economy. This will increase its accessibility and popularity contributing to an increase in its value.

Threats to its growth include the banning of cryptocurrencies by various governments and restrictive regulations by authorities. The unpredictable fluctuations in its price cause a lot of panic in the market. Technologies such as Artificial intelligence can be used to predict crypto market fluctuations. Regulation needs to push cryptocurrencies from the periphery of the current financial systems. Many central banks are also attempting to issue their own digital coins. Cryptos are being increasingly preferred amidst the economic downturn affecting the entire world. With the halving of cryptocurrency’s leader Bitcoin to take place in 2020, its view as a speculative and volatile asset will change with the years to come. It is highly important that businesses all over the world realize the significance of cryptocurrencies and equip their operations to leverage its benefits. It remains to be seen if cryptocurrency is the future of money. With more preference for decentralization, safety, and anonymity, it is expected to grow exponentially in the coming days.

Read More: Things To Know Before Investing In Cryptocurrency Development

Blockchain Technology facts

10 Interesting Facts Everyone Must Know About Blockchain Technology

The inventor of the unique blockchain technology is Satoshi Nakamoto, and he is also famous as the ‘father of Bitcoin.’ Blockchain technology is not new for anyone living in the 21st century, whether it is a college student or IT personnel. Even many mobile application development companies are taking the path of commemorating blockchain technology in their processes.

There are numerous reasons for the increasing popularity of Blockchain and its applications. Some of them are,

  • Decentralization for transaction approval. Users can verify and approve their transactions themselves.
  • Blockchain technology provides the highest security level with encryption and notifies users if anyone tries to tamper with it.
  • Due to this technology’s decentralized nature of approval and 24/7 service, the users get faster processing of data and transactions.
  • Completely automated. This nature of automation can power many technologies by going fully-automated for all processes.
  • You can stop worrying about encryption as Blockchain technology uses a high level of cryptography and attached digital signatures to all the data.

Top 10 Interesting Facts about Blockchain Technology

Blockchain technology is indeed a perfect way to shape emerging businesses, industries, and various organizations to secure all their transactions. Blockchain is disrupting all the sectors and reforming them with faster, secure, and efficient alternatives. Here are some of the interesting facts about this phenomenal technology,

  1. Transaction Worth Millions

Since its inception, Blockchain has processed and distributed over $270 billion in transactions by the end of 2017. The blockchain market size is likely to increase from $708 million in 2017 to $60.7 billion by 2024. The reason for such growth is its increasing popularity and a higher level of application in various industries.

  1. Companies Leveraging the Maximum Benefit

Almost all industries leverage the trends and applications of blockchain technology. Some companies are using cryptocurrencies to sell their products or services, while others are mining bitcoins to increase their profits. Many giant companies currently using blockchain technology are Unilever, Walmart, HSBC, Ford, DHL, Siemens, and many more.

  1. Blockchain Technology has Applications in Electrical Companies.

In recent years, blockchain technology is making its place in developing applications for electrical companies. With blockchain technology, acquiring usage information from electricity customers is made automatic with enhanced security.

  1. Adds Transparency to the Media Market

Companies are using blockchain to track their spendings on ads by recording data impressions and their payments. There can be an added layer of transparency with blockchain as all the transactions are in the ledger, ensuring easy tracking.

  1. Blockchain Technology can Aid Scientific Research.

With blockchain technology in the picture, researchers can easily authenticate the information, share it with others, certify it, and complete their research faster. Out of all the data published each year, researchers can use specific data to authenticate and make their ongoing studies more insightful.

  1. Creation of Digital Identification for People

In this era of digitization, it is quite crucial to have a digital identity. Blockchain can back the creation of digital identities for almost everyone. And Microsoft is currently working on a blockchain project that will achieve this task. This project aims to create identifiers that are decentralized and manage banking, travel, health insurance, etc.

  1. Countries Adopting Blockchain Technology

The top countries adopting blockchain technology on a large scale are Malta, Switzerland, and Gibraltar. These countries allow trading via cryptocurrency, developing their crypto environment, all the more, Malta is known as the hub of blockchain development. Other countries in line to launch their cryptocurrency are the USA, UK, Japan, and Saudi Arabia.

  1. Slurps up the IoT Market

Blockchain can be used extensively in various IoT applications and thus boost the IoT market’s overall performance. With the increasing use of IoT in designing homes, autonomous vehicles, etc., it is evident that blockchain technology can boost IoT with its features. The IoT applications can improve their efficiency by using blockchain features such as access management control, data management, etc.

  1. Fast-growing in Global Market

Blockchain technology is currently in its infancy, and with constant progress in the development of features, it is growing fast in the global market. The reason being that almost all the industries are looking forward to incorporating blockchain technology into their business, which, in turn, will add to the global market.

  1. Blockchain Techs, Healthcare, and Food Industry

The spectrum of blockchain technology applications’ applications is vast, but some of the fields currently using this technology are banks, food, and healthcare. In healthcare, blockchain technology helps in medical records management, while in the food industry, the supply chain management can also gain efficiency. Owing to faster and secure transactions, almost no transaction fees, etc. banks are looking forward to deploying blockchain technology in their processing.

Bonus

  • More than 40 million individuals are using blockchain technology.
  • Bitcoin, based on blockchain technology, has over eight million accounts and is still growing.
  • Blockchain resembles Google docs. All the participants can view and update the ledger and own their copies.
  • More than 30% of C-level executives are using blockchain technology.
  • VC’s across the globe have invested over $1 billion in the blockchain development companies.

Why Blockchain Technology is the Future?

The future awaits the rise of blockchain technology. Each sector and industry is under the influence of blockchain and its numerous benefits. A few reasons that account to the immense growth of blockchain technology in the future are,

  • Blockchain Technology rules out all the middlemen due to its decentralized structure.
  • A blockchain can be public, private, or a combination of both, just like the internet or intranet. So, everyone can deploy this technology.
  • Many countries have started using cryptocurrency and even having their own. Many more of them are adding up in the blockchain band-wagon.
  • Business biggies are turning towards blockchain technology. The business value of blockchain is exponentially increasing.
  • Blockchain technology may give rise to national cryptocurrency and even integrate with government agencies.

Sum and Substance

With the increasing popularity and many new features that can revolutionize any industry, blockchain is slowly advancing towards conquering the world. Many companies can develop applications backed with blockchain for your business. So, if you don’t want to be left aloof of this fantastic technology, then start your research today!
Also Read: What are the Top Blockchain Technology Trends That Will Dominate in 2020?

Blockchain Technology

What are the Top Blockchain Technology Trends That Will Dominate in 2020?

The popularity of Blockchain technology has seen a historic rise by each passing year. It has taken the business world by storm. Blockchain technology is reported as one of the top ten strategic technologies of the year 2020 by Gartner. It is evident that blockchain technology can help businesses acquire new skills and harvest maximum benefits. Here we will see some of the latest Blockchain technology trends that will dominate the business world in 2020.

What is Blockchain?

Blockchain has an expanding chronologically ordered list of permanent and cryptographically signed records shared by all the distributed ledger participants in the network.

Blockchain technology consists of five different elements like an immutable and traceable ledger, shared and distributed ledger, tokenization, distributed public consensus mechanism, and encryption.

Blockchain technology adoption rates across the various industries like Life Science and Healthcare, Farming and Supply Chain, and Technology is increasing.

Top Blockchain Technology Trends 2020

1.   Blockchain with AI

Artificial Intelligence is an accessible technology, just like Blockchain. The integration between these two can make better development. It can show a new level of improvement in blockchain technology with an adequate amount of apps. International Data Corporation states that around 51% of the world’s businesses will be using AI with Blockchain.

Blockchain makes AI more understandable, and this helps in tracing & determining the decisions made in ML.

Some of Blockchain and AI’s popular applications are Data Protection, Smart Computing Power, and Creating Diverse Data Sets.

2.   IoT Combined with Blockchain

When we talk about the combination of IoT and Blockchain, we can say that this integration can provide a modern and safe app. IoT is a technology that has some chances of cyber-attacks. Therefore, Blockchain technology can be used with IoT to provide several security aspects.

Blockchain is a public technology where everyone participates in the network of nodes. Every participant can see the blocks and the transactions that are stored & approved on the network. Besides this, being a decentralized technology, Blockchain doesn’t allow a single authority to authorize the transactions eliminating SPOF weakness.

3.   Blockchain as a Service

BaaS is known as the most popular trend in recent times. This technology trend gets integrated with several startups and enterprises. It is a cloud-based service that allows users to create their digital products. These products can be decentralized apps or smart contracts.

4.   Stablecoins Will Be Available More

Bitcoin is a cryptocurrency that can be highly volatile, and to avoid the volatility, stablecoin has been introduced. Stablecoins are predicted to achieve an all-time high. Facebook’s cryptocurrency Libra is using stablecoin.

5.   Blockchain Networks and Interoperability

Blockchain Interoperability is a trend that can share data across multiple blockchain systems. This trend makes it simple for people to see and access data across various blockchain networks. The best example of blockchain interoperability is to send data from one Ethereum blockchain to another.

Conclusion

The recent digital transformation has resulted in Blockchain’s usage, as it is known as the most secure technology to create apps with. Blockchain technology can integrate with various other emerging and popular technologies to provide unique systems. If anyone wants to get an app developed with this technology, you can contact OpenXcell, the leading app development company.

blockchain and Cryptocurrency technology

How Secure is Blockchain and Cryptocurrency Technology?

The combination of cryptocurrency and blockchain is a fool-proof arrangement. It’s quite hard to comprehend the functions of this combined technology. However, I will try my best to curtail confusion as much as possible. 

Moreover, the scope of my blog will also cover how secure this technological combination is. 

First, you need to have a strong handle on the basics of the Blockchain and cryptocurrency technology. In this way, you will be able to understand the entire system precisely. 

What is Cryptocurrency and How Does It Use Blockchain Technology? 

Cryptocurrency is the digital currencies through which you can securely perform transactions. Moreover, cryptocurrencies are not only used to sell or buy online products. These virtual currencies are unregulated and users are allowed to trade them for the sake of higher profits. 

Cryptocurrencies are considered secure because they use a decentralized system to keep users and payments safe and anonymous. This decentralized system is known as Blockchain Technology. 

How does Blockchain Technology Work with Cryptocurrency Transactions? 

As I mentioned earlier that cryptocurrency uses blockchain technology to keep transactions secure and anonymous. Now, I will guide you on how blockchain technology keeps the process fully controlled and safe. 

A Blockchain is a ledger that contains the information of the transactions. Every transaction that takes place creates a string of letters and numbers that are usually known as the hash. 

Each hash is not only associated with a single transaction, but it also depends on the previous transaction and shared publicly since they can’t be changed or tempered. In case, if there’s any change found in the transaction, a completely new hash will form. 

Blockchain uses a peer-to-peer system, it means that it connects all the computers which are known as the nodes. 

Each node contains a copy of the transactions and without the approval of all the nodes involved, no transaction can be approved as the block. Every transaction should be approved by all the nodes only then it is written as the block and forms a shared, decentralized blockchain. 

How secure is Blockchain Technology? 

I have described the working of Blockchain Technology with Cryptocurrency transactions. Now, let’s discuss how secure Blockchain technology is. 

Blockchain technology uses a decentralized ledger where no intermediaries are involved. In this way, it not only reduces the third-party interaction but also cuts down cost. 

These are not the only benefits of using Blockchain technology. On the cybersecurity front, it has much more to offer. Like I mentioned earlier, Blockchain technology uses a hash function with the timestamp for storing data and it makes it impossible to counterfeit any stored data. 

Therefore, the Blockchain technology assures 100% data security and keeps you safe from data frauds or phony attempts. 

Secondly, Blockchain is a decentralized system and completely curtails centralized points. A decentralized system provides more autonomy to the users to make and approve decisions plus, a decentralized system is not prone to cyberattacks.  

Moreover, data records are robust in the Blockchain. Every user is notified if a single change in the ledger takes place and each user receives a copy of the record. In this way, the entire database remains secure even if a few users get trapped or hacked.    

Blockchain technology is also secure because there are almost no chances of fraud. It is a decentralized system or you can say that an open-source ledger which is accessible to everyone. It means that if anyone tries to manipulate data then everyone will know about it and the nefarious attempt will not stay hidden. 

All of the cryptocurrency protocols are safe or secure with a high level of security. According to our analysis, 90% exchange website uses HTTPS protocol so here is a less chance your data can not intercept by anyone unless critical security vulnerabilities do not expose by any means, on the other hand, using A authentic VPN service makes an extra layer of encryption then your devices, online identity, and activities more secure. 

Is Blockchain Technology Restricted to Cryptocurrency? 

Blockchain Technology is tamper-proof and decentralized and therefore, its functions are not limited to transferring cryptocurrencies. Its usage is far beyond digital transactions. Various organizations are still researching multiple methods to effectively implement Blockchain technology in various fields including banking, supply chain and communication, healthcare, and record and identity management. 

Why is Blockchain Technology the need of the hour? 

Blockchain Technology is currently one of the best solutions for companies to implement. The technology is not only responsible for a secure data record, faster transactions, and complete user autonomy. Many other reasons also make this technology the number one choice for businesses around the world. 

The successful application of Blockchain technology brings transparency to your data network. What I meant out of transparency is that there will be no discrepancy since the entire system is open and decentralized. 

Besides transparency, the Blockchain technology will also efficiently manage your financial transactions without involving intermediaries. It will curtail your cost to an unbelievable level and it’s much more advanced than the traditional banking system. It’s fast, secure, and affordable. 

The Blockchain technology also enables you to use a Blockchain token that helps you find all types of information related to the IoT device, Electronic vote, product information, and much more. 

Blockchain technology is quite open and anyone can implement it the way he wants. It means that you can mold the technology in a way that best fits in your field. 

Another benefit of the Blockchain technology is that it helps to quickly find the owner of the digital assets because data always appears in the sequence from first to end. 

The Blockchain record keeping is impeccable. It stores each and everything in a systematic manner which is traceable from the very beginning. 

Sectors like banks and healthcare must leverage this remarkable technology to record crucial data most adequately. 

Read More: What is Cryptocurrency? Know All About Cryptocurrency