DO YOU KNOW ANYTHING ABOUT THE BLOCKCHAIN TECHNOLOGY?

If NO then definitely you are at the right place. And if YES then AKESTECH is here to help you with all your queries.

In today's world, blockchain is very popular in the digital market. Transactions held in blockchain are secured transactions. People who are using blockchain technology for transactions are satisfied with the technology as this technology is really useful for them. Bitcoin was the first coin to be discovered in blockchain technology. Satoshi Nakamoto, an anonymous person has discovered the bitcoin of blockchain technology.

The United Arab Emirates is growing and developing unceasingly. A blockchain is a decentralized system of the chain of blocks, and every single block consists of a ledger record. People use these tokens for their favourability. All the records are saved securely with cryptography.
 

How to Start a Blockchain Startup

1. Meet Blockchain: - People who are not knowing one another can also use blockchain technology without having any trust between them as it is a safe and secured network of the technology. Blockchain technology is secured by cryptographic security and all the records are shared with every member of the blockchain. Hence there is NO single control over blockchain technology.
2. Know the Blockchain Feature: - Some of the basic features are: -

• The agreement is distributed among every member of the blockchain.
• Transactions are verified by all the members of the blockchain in the technology.
• There is always a unique id for the members of blockchain technology.
• Hash is created for every transaction which holds the previous hash also.
• Only valuable information can be shared on the blockchain.
• It is a highly secured network.

1. Choose the Right Blockchain Platform: - Always try to choose the best and most experienced company for your blockchain development as it will not only help you and your company in earning profits but also caters to all the details of the blockchain. Akestech offers you all such quality. We create a blockchain for you and your company.
2. Acknowledge the Blockchain: - One should always keep in mind all the advantages and disadvantages of the blockchain technology in which he or she is going to invest his or her surplus amount. They should also acknowledge the details of the bond or contract of the blockchain.

 Is Blockchain Legal in the UAE? 

Although blockchain is not legal in the UAE, transactions of blockchain technology take place. Dubai is known to be the first country for the maximum transactions of blockchain technology. However, it has been said by the government of the UAE that transactions with blockchain technology are banned and if someone is found transacting the blockchain then that person will be strictly punished by the government of the UAE. The punishment will be 5 years in prison and AED 1 million as a penalty.

 In short, it is illegal but people invest their surplus amount in blockchain technology to earn profits.

How we operate with the Blockchain Technology 

Our organization Akestech Infotech Pvt. Ltd., is one of the best blockchain developer organizations in India. Our organization is designed for business productivity for IT services. We are working efficiently, effectively, and flawlessly. We offer our best services to our clients by defining every single detail with the clients and also by providing the solutions for their problems, no matter how critical they are. All the blockchain services are provided by our blockchain developer. Our blockchain developer not only provides information and solutions but also puts clients’ ideas into action.

Advantages and Disadvantages of Blockchain Technology

Advantages

1. Transparency: - Blockchain technology is a wide transparent technology. There is no single-user access to the blockchain. It is a decentralized form of system. Multiple users can check the transactions held in the blockchain. Every transaction is visible to the users. There is a majority voting for any changes to be made in the block of a blockchain.
2. Accounting: - Blockchain technology stores all the transactions of the blocks in a virtual form and the data is verified every time. These transactions are in such a manner that it terminates human errors and are secured from interference. These accounts are recorded in ledger form and are easy to track the history of blocks. 
3. Durability and Security: -  One of the best perpetual technologies is blockchain technology. It did not allow a single party or user to have control over the technology. It secures the records and information of the blocks from hacking. This feature of blockchain technology makes it generally more durable and secure.
4. Faster Transactions: - In blockchain technology, the transactions made are faster than in other modes of transactions. Usually, the mode of transaction of other systems in overseas transactions is traditional which takes approx a week to transfer funds. During the time of calamity, people have faced problems while doing transactions overseas, hence they realized that transactions of blockchain can be done within a few seconds as compared to bank transactions.
5. Cost of Recording Transactions: - Unlike banks, the cost of recording transactions is not there in recording the transactions of the blockchain. Users can easily record and maintain their records.

Disadvantages

1. Private Keys: - When someone creates a blockchain, they have some private keys which help the users to access the blockchain technology. But if the user will lose their private keys then they will not be able to use their blockchain wallet or it can be hacked too as it is a decentralized system so there is no third-party interference.
2. Unemployment: - As it is a decentralized system so there is no need for any intermediary. And hence it reduces the employment for the intermediary jobs.
3. Immutability and Security: - Data of the blockchain is not capable of changing easily. It takes at least 10 minutes to change a single block of the blockchain and if a block is changed then the data of the further blocks will show invalid data. It is not 100% secure if someone has more than 50% of the holding then there is an unlikely, but possible chance of hacking.
4. Transaction: - Though blockchain has faster transactions, it is slower than VISA card services. VISA services can transact 1000s of transactions per second, which is more than blockchain technology. 
5. High Execution Cost: - As the cost of recording transactions for users is low but the cost of execution for the companies is high. Every transaction is stored or recorded by the users which leads to the high storage requirement by the company for the execution of the recorded data.