If you are looking to start a Blockchain business, it is never a bad idea to join an accelerator or incubator. These organizations are designed to help startup businesses by providing them with office space, advice and access to potential partners, investors, and customers. FIXCODE TECH Blockchain addresses blockchain and adjacent technologies including shared ledger, distributed ledger, and smart contracts. We provide a host of offerings to help in the adoption, integration, and realization of blockchain networks. We also bring its strength in other technology areas to complement or combine with blockchain and help amplify its value.
BLOCKCHAIN INCUBATION AS A SERVICE
• Trends Research
• Design Thinking-led assessment
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• Blockchain Lab
• Technology Advisory
• Consulting Services
• Development Services
• Integration Services
• Testing Services
• Industry specific Blockchain Solutions
• Solutions for integration with enterprise applications
The Process of Transaction
One of Blockchain technology cardinal features is the way it confirms and authorizes transactions. For example, if two individuals wish to perform a transaction with a private and public key, respectively, the first-person party would attach the transaction information to the public key of the second party. This total information is gathered into a block. The block contains a digital signature, a timestamp, and other important, relevant information. It should be noted that the block doesn’t include the identities of the individuals involved in the transaction. This block is then transmitted across all the network’s nodes, and when the right individual uses his private key and matches it with the block, the transaction gets completed successfully. In addition to conducting financial transactions, the Blockchain can also hold transactional details of properties, vehicles, etc.
Proof of Work
In a Blockchain, each block consists of 4 main headers. Previous Hash: This hash address locates the previous block. Transaction Details: Details of all the transactions that need to occur. Nonce: An arbitrary number given in cryptography to differentiate the block’s hash address. Hash Address of the Block: All the above are transmitted through a hashing algorithm. This gives an output containing a 256-bit, 64-character length value, which is called the unique hash address. Consequently, it is referred to as the hash of the block. Numerous people around the world try to figure out the right hash value to meet a pre-determined condition using computational algorithms. The transaction completes when the predetermined condition is met. To put it more plainly, Blockchain miners attempt to solve a mathematical puzzle, which is referred to as a proof of work problem. Whoever solves it first gets a reward.
Blockchain Decentralization
What a blockchain does is to allow the data held in that database to be spread out among several network nodes at various locations. This not only creates redundancy but also maintains the fidelity of the data stored therein. If somebody tries to alter a record at one instance of the database, the other nodes would not be altered and thus would prevent a bad actor from doing so. If one user tampers with Bitcoin’s record of transactions, all other nodes would cross-reference each other and easily pinpoint the node with the incorrect information. This system helps to establish an exact and transparent order of events. This way, no single node within the network can alter information held within it.