The year 2009 marked the advent of a revolution with the introduction of Bitcoin. This innovative cryptocurrency sought to address the flaws within the existing financial system by presenting the world with a novel method of value exchange - an electronic cash system. As a result, it also laid the foundation for the emergence of distributed ledger technologies (DLT) like blockchain, currently among the most rapidly expanding fields in the world of technology.
However, early Blockchain technology revealed certain limitations over time, particularly concerning scalability and high latency, post the inception of Bitcoin. In response to these challenges, numerous blockchain projects have been dedicated to exploring solutions. Simultaneously, the DLT landscape has been evolving in various other directions. One noteworthy endeavor in this regard is Hedera Hashgraph, a well-known initiative striving to push the boundaries of DLT beyond traditional blockchain structures with the help of blockchain development company.
What is Hedera?
Hedera operates as an open-source, decentralized public ledger, utilizing a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm. It functions as a proof-of-stake network, providing a secure and efficient platform for decentralized transactions and applications. Overseeing this network is a decentralized council comprised of top businesses, academic institutions, and web3 projects from across the globe, ensuring decentralization and resilience.
With its performance-optimized Ethereum Virtual Machine (EVM) smart contracts and user-friendly native tokenization and consensus service APIs, developers have the means to construct web3 applications and ecosystems with ease.
Use Cases
Payments
Empower secure, real-time, and highly affordable payments by utilizing HBAR, stablecoins, or your cryptocurrency.
DeFi
Leverage performance-optimized EVM smart contracts to create decentralized exchanges, lending protocols, network bridges, and more. Alternatively, seamlessly port existing DeFi solutions to the platform.
NFTs
Forge unique tokens representing digital media, physical goods, and more, enabling the creation of thriving NFT marketplaces or communities.
Decentralized Identity Management
Safeguard privacy while managing decentralized identification through a secure, standards-based approach.
Decentralized Data Management
Create data logs that are scalable, affordable, and publicly validated to keep track of payment events, supply chain provenance, IoT sensor data, and other important details.
Sustainability
Implement, access, or create sustainable solutions with top-notch governance, harnessing the low-energy network capabilities of Hedera.
Also, Explore | Deploying a Smart Contract on Hedera Hashgraph Network with Java
ERP, CRM, and EAM Integration
Integrate ERP, CRM, or EAM programs with DLT for numerous benefits, including enhanced data integrity, increased cooperation, and automation, improved security, transparency, traceability, reduced costs with fewer intermediaries, and heightened security.
Why Build Your Next Big Thing on Hedera
Hedera prioritizes developers as first-class citizens, offering user-friendly APIs and EVM smart contracts. With Hedera's native network service SDKs, EVM equivalency, and a suite of tools, innovation, and development become straightforward, whether you're working on a side project or pioneering the next major Web 3 application. The platform's robust codebase ensures a highly scalable and dependable network infrastructure, making it an ideal choice for developers seeking to create essential web3 apps and protocols for the ecosystem.
Low-Cost, Swift Transactions
Hedera transactions have a very low transaction fee of about $0.001 and can be completed with 100% confidence in 3–5 seconds, so there is no need to wait for block confirmations
Remarkable Scalability
Powered by Hedera's native services, even the most demanding and mission-critical web3 applications and protocols can scale reliably to 10,000 transactions per second (TPS) and beyond.
Fair and Efficient Transaction Ordering
Hedera operates as an aBFT hash graph-constrained leaderless proof-of-stake network, ensuring fair transaction ordering with a consensus timestamp.
Commitment to Sustainability
Hedera boasts exceptional sustainability, being the most energy-efficient public network, with an average energy consumption of 0.000003 kWh per transaction, according to a study by University College London. Moreover, Hedera is committed to achieving a carbon-negative public network, investing in quarterly carbon credits to offset the negligible emissions from all publicly interacting infrastructure.
If you have a project that you want to build on this unique DLT, you may consider connecting with our skilled blockchain developers.
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Blockchain is the most popular technology that completely revolutionizes the business world, especially the online industry.
It has disrupted the spaces of almost every top industry and transformed the business into a whole new phase.
If you want your business to also attain the immense benefits blockchain provides and be a part of the transformation phase, here is a small glimpse of what blockchain technology and what benefits it actually offers.
Blockchain technology- Concept and top benefitsBlockchain technology is a globally distributed ledger that is completely decentralized.
Let’s look at the other essential benefits that come along with blockchain.
Key benefitsBlockchain technology comes with Immutability, which means transactions once recorded, cannot be interchanged.
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The underlying similarity between public and private blockchain is that they are blockchains.
Learn about the main differences between these technologies.The blockchain platform, also known as “chain of blocks”, is a technology that allows the transfer of digital data with sophisticated encryption and in a totally secure way.
In recent years, many companies have integrated this technique and so far it seems that it will be essential in the future of digital networks.Public blockchains and private blockchains are often confused by professionals as they have similar characteristics.
For example, both are networks that share an immutable record of transactions.
The real difference, on a technical level, is who has access to them.Public blockchainThe public blockchain is an open network that allows anyone to participate in it.
This network depends on the number of users for its correct operation, therefore, it motivates participation through an incentive system.In this regard, Francisco Rosales, professor of the course Blockchain and disruption in the financial industry of the PEE of ESAN , mentions: “The level of participation within this is a decision of each one.
Ultimately, it is a list of public records, also known as public accounting, where the transactions between the parties are recorded or stored.
The blocks are also permanent and can not be changed without the consent of the entire network and without changing all subsequent blocks.
The decentralized, permanent, time-stamped and unalterable nature of the data recorded in the blockchain means that the data is more protected, accountable and transparent.
In recent years, blockchain technology has created great enthusiasm in many industries and fields.
Tracking luggage Blockchain technology can be notably valuable in tracking luggage movements, particularly when it comes to overseas travel.
Prevention of fraud Consumers did hotel reservations through websites and believed that it belonged to the hotel but it is actually operated by scammers.
Organizations spreading over various verticals are slowly scrambling towards trendsetting innovation to reduce manual blunders and lift client centricity.
In the mission for a plan of action with less centralization, the blockchain innovation is picking up force since its beginning in 2008.
Ventures, for example, human services and coordinations are progressively embracing plans of action, wherein the blockchain innovation can be consolidated to pick up comfort to business.As per an examination distributed by Grand View Research, blockchain innovation is evaluated to enlist a CAGR equivalent to 69.4% during 2019-2025, up from an estimation of US$ 1.6 Bn in 2018.
Such a huge pace of selection is demonstrative of the fascination that businessmen are encountering towards the blockchain innovation.
This empowered the move from money towards computerized cash.
Subsequently, when such innovation is incorporated into the installment model, there is no degree for arrangement, and clients don't feel bamboozled because of dynamic costs.
