Blockchain has surpassed crypto, with several industries and companies including giants like Microsoft, IBM, and Walmart taking advantage of its amazing ‘tamper-proof manner of recording transactions,’ according to this article in About Manchester. It goes on to describe the many benefits of blockchain for businesses like enhanced system security, transparent transactions, and time and cost savings. Software development greatly benefits from blockchain technology thanks to its immutable audit trails and ability to improve data consistency and accuracy.
One of our plans with FALKOR SI is to be foremost in the minds of software development teams when they have certain challenges they need to solve within specific projects – and also within their own internal software development processes. FALKOR’s wide capability can be leveraged for the platform and it can be integrated to multiple projects through the same integration code, managed by the software development team.
There are multiple layers of capability discussed in our very own use cases. Some examples include tokenisation, golden record of data, audit of data use, data exchange, value exchange, standardised reporting, IoT with IOTA and more. We believe that software development teams need these, and if they have just one integration to leverage all of them it can make the whole thing more seamless, efficient, and cost effective.
There are some other benefits of general blockchain within software development mentioned in the About article. And they also raise the important point that there’s less need for third parties to be involved, or to verify transactions as part of the processing, which therefore improves the efficiency of the software solution and reduces time and effort in terms of testing and third party communications. It also points to the additional security, trust, and transparency gains within the software development process and within the user applications being developed.
There’s also a detailed example of digital tokens, where control, ownership and exchange of assets amongst different parties are important features. This has a lot of synergy with our own FALKOR SI development in terms of the tokenisation layer that is provided. NFTs are one token type that are supported, but we also support the generation of different types depending on the use case. For example, more fungible tokens where creating multiple replicated rewards, or credit tokens that can be exchanged and owned within a network.
The article mentions DApps (applications distributed on a peer-to-peer network, whose backend code cant be run on a centralised server, but front end and user interface can). And this matches our own experience. We’ve seen our SI clients build multiple user facing applications on top of the same backend blockchain platform using the FALKOR SI APIs. The APIs allow the application developer to configure a number of options depending on what the specific app they are building needs – for example storage, encryption, blockchain type, transaction type and audit type. The main integration code can stay the same, but these application level configurations can be applied to the backend via configuration, without breaking changes to the existing integration.
Are you a software development team? Perhaps our consulting service can help you out. If you want to know more about our enterprise blockchain platform FALKOR SI and what it can do for you, please don’t hesitate to get in touch.