SoluLab’s FlexiWorks System – A Flexible Approach For Our Clients
As a business, we understand that plans do change. SoluLab has adopted a flexible approach for our clients where we are completely fine if the plans get changed. Join hands with us where development isn’t bounded!
SoluLab’s FlexiWorks System
Why is flexibility in development so critical to success?
75% of successful startups pivoted from their original founding idea. Many pivoted to a completely different concept.
Examples of startups that pivoted
Started out as a video dating site and completely changed their model to let users upload video and become the #1 source of video on the internet.Sold to Google for $1.65 Billion
Started as location-based service called ‘Burbn’, most comparable to Foursquare pivoted to become a social photo editing app. Today there are over 300m+ active users.Sold to Facebook for $1 Billion
Used to be a social good fundraising site called ‘The Point’. Changed their concept to local deals: if enough people pledged to do an activity, they would unlock a discount on it. Peak Valuation: $25 Billion
Started as Confinity, a cryptography company designed for exchanging money over Palm Pilots. Pivoted to the lucrative market space of enabling people to take credit card payments online. Acquired by eBay for $1.5 billion
How SoluLab helps you evolve, innovate and improve your product during development.
By providing a secure and tamper-proof method for recording and tracking digital transactions, blockchain technology is revolutionising industries all over the world. It has the potential to create new opportunities for growth and innovation as well as to upend conventional business models. The future of digital transactions is blockchain. It will eliminate the possibility of cyberattacks and fraud, making the app 100 times more secure if it is incorporated into its development.
Blockchain applications extend far beyond Bitcoin and cryptocurrency. Technology is affecting various industries in ways ranging from how contracts are enforced to making government work more efficiently. It is able to increase transparency and fairness while also saving businesses time and money.
The most important applications of a blockchain are the following:
- Money transfer
- Smart contracts
- Internet of Things (IoT)
- Personal identity security
- Non-fungible tokens (NFTs)
The trustworthiness, security, transparency, and traceability of data shared across a business network are all improved by blockchain, as are cost savings and new efficiencies. A shared, immutable ledger is used in blockchain for business, and only members with permission can access it.
To learn more about how blockchain can be used in your industry, read about how it provides these advantages.
- Greater openness.
- Improved security.
- Enhanced traceability.
- increased speed and effectiveness.
- Reduced expenses.
- Applications of blockchain across industries.
The distributed ledger technology used by blockchain ensures that all transactions and data are recorded consistently across all locations. Full transparency is provided since all network users with authorization access see the same data concurrently. Every transaction is permanently recorded and has a time and date stamp.
Information is essential to business. The faster and more precise it is received, the better. Blockchain is the best technology for delivering that information because it offers instant, shareable, and fully transparent data that is recorded on an immutable ledger and accessible only by members of a permissioned network.
Blockchain is a decentralised, immutable database that makes tracking assets and recording transactions in a corporate network easier. An asset may be physical (such as a home, car, money, or land) or intangible (intellectual property, patents, copyrights, branding). In a blockchain network, practically anything of value may be recorded and traded, lowering risk and increasing efficiency for all parties.
Simply, everyone owns blockchain technology, even though no one owns it. This is one of the distinguishing characteristics of blockchain technology, and because of the shared accountability and ownership, blockchains are extremely safe and immutable.
The development cost relies on several variables, including the application industry, the difficulty of the project, and the type of app you are requesting. Hence, the price of developing a blockchain app might range from $30000 to $90000, depending on these variables.
Blockchain offers immutability in the chain of records or blocks before starting the stages of blockchain development. The blockchain’s blocks hold documents, transactions, and related information. Moreover, hashes are used to pair the blocks with one another. Before beginning blockchain development, it is crucial to have a thorough understanding of the fundamentals.
The necessity of creating a blockchain from the ground up is the next issue related to blockchain development. Depending on the project’s complexity, a blockchain development process can take months or even years. On the other hand, forking can be used to develop blockchain solutions using open-source blockchain platforms currently on the market.
The steps involved in creating a blockchain application are shown below in chronological order:
- Picking of Blockchain Platform
- Identification of Other Technology Stacks for the Application:
- creation of prototype or proof-of-concept
- visual and technical designs
- Creation of Blockchain Apps
- Deployment, Upgrading, and Maintenance of Blockchain Apps
Blockchain platforms are entities with complex and powerful scripting languages that may be used to generate and administer a variety of Web3 tasks, such as but not limited to NFTs, the beginning and completion of transactions, and the development of smart contracts.
In reality, smart contracts are regarded as the first application of a blockchain platform other than a cryptocurrency, and that application was Ethereum.
As is the case with several cryptocurrencies, many blockchain platforms are created by and supported by nonprofit foundations.
Our blockchain developers, who work for a prominent blockchain development business, have experience working on the:
- Hyperledger Fabric
- Hyperledger Sawtooth
- Hyperledger Indy
The distributed ledger and its immutable record of transactions are available to all network users. With this shared ledger, transactions are only recorded once, preventing the redundant work that is typical of conventional commercial networks.
The Foundational Elements of a Blockchain Network:
- Distributed Ledger.
- Peer-to-peer network – P2P.
- Consensus Mechanism.
- Virtual Machine.
Solulab is a certified blockchain development company building industry-disrupting decentralized education platforms and applications that operate autonomously without any middlemen interference. Choose Solulab for launching ICOs and working with ahead of the curve advanced technologies.
Top-Notch Assurance: We excel at developing a top-notch blockchain-based educational application without compromising quality.
Improved Security and Privacy: We offer enhanced security with an unalterable record of transactions with end-to-end encryption, which shuts out fraud and unauthorized activity.
Transparent Business Model: We are transparent in all our operations and encourage clients to be participative.
Configuring Automation: We use the internet of things (IoT) to enhance and configure the interoperability of smart education.
Client-Centered: We respect all your ideas, concepts and requirements for your business and change your dreams into reality.
24 x 7 Support: Our blockchain specialists provide you with 24X7 support and maintenance. Train & support migration of your system admin and employees to use the blockchain platform for instant data sharing.
Reduce Data Storage: Our amazon and multitude of cloud service choices provide you with serverless accessibility.
The following tech stack is considered ideal for the development of blockchain education platforms.
Machine Learning: Machine learning integration is helpful in improving the security of the distributed ledger of the blockchain. Also, the computation power of ML is used in the reduction of time taken to find the golden nonce and make the data sharing routes better.
Ethereum: Enables developers to build and deploy decentralized applications.
Hyperledger: A shared ledger that utilizes cryptography and supports smart contracts.
Solidity: A statically-typed programming language designed for developing smart contracts.
Truffle: Act as a developer environment and testing framework for blockchain technology.
R3 Corda: Open source blockchain designed specifically to meet the demands of modern-day businesses.
Ripple: Provides one frictionless experience for sending and receiving money globally.
Quorum: Platform that addresses specific challenges to blockchain technology adoption within the financial industry and beyond.
IOTA: Open-source distributed ledger built to power the Machine Economy through fee-less microtransactions and data integrity.
Blockchain technology has the potential to significantly benefit education by providing high security, low cost, improving student assessments, better control of data access, increasing accountability and transparency, identity authentication, increasing trust, and improving the efficiency of student records, management, assisting learners in making career selections, and increasing learner involvement. The use of blockchain ensures the confidentiality and privacy of data and transactions exchanged between the intended parties.
One of the great features and benefits of blockchain is restricting/controlling the access of the stored records. Educational records include transcripts, diplomas, or personal students/teachers’ records. Additionally, the blockchain assures the authenticity of the digital certificates as well as the identity of users.
Furthermore, the education field can greatly benefit from using the blockchain to reduce costs. The cost includes storage costs, associated transaction costs, and the cost of managing and maintaining the educational records. Moreover, enhancing accountability and transparency are two advantages achieved when using blockchain technology. Storing all educational or school records in one place, where they can be easily accessible, will increase the accountability and transparency of using such records.
Blockchain adoption in education could assist increase the efficiency of the school ecosystem and optimise the utilisation of people and physical resources. Concerns like data privacy, cost, scalability, and interoperability with older systems will have to be addressed in the process. It is well worth the money since it will help users in a more secure, transparent, collaborative, creative, and future-ready educational system that can handle increasing enrolment.
Blockchain technology can provide a great framework for managing student records from ranging day-to-day information like assignments, attendance, and extracurricular activities to information about degrees and universities they’ve attended. It would be a secure system that ensured the integrity of educational records. Similarly, information on teachers can be carefully preserved, allowing an educational institution to keep track of their performance. The blockchain ledger would give a time-stamped and tamper-proof record of faculty performance — attendance, student evaluations, number of students choosing electives, research output, and publications. These recordings could be linked to faculty evaluation systems, resulting in increased accountability. A blockchain ecosystem can potentially be utilised to create a scholarship system that rewards students for maintaining consistency and academic performance.
We at SoluLab make use of distributed ledger technology or DLT and smart contracts for the purpose of implementing blockchain for mortgages. It would be great to let us know your specific requirements, and we can work accordingly.
You should choose SoluLab for blockchain development in the mortgage industry because of the following.
- SoluLab has an outstanding of highly proficient blockchain developers
- Hands-on experience with blockchain development for the mortgage industry
- Our team is up-to-date with the latest tools, technologies, and trends in the industry
- Affordable pricing structure
- Quick turnaround time