Blockchain is a highly transformative technology, with application across industries and sectors. Operating as a digital, decentralized, and distributed database and backed by cryptography, blockchain ensures secure, tamper resistant, and real-time transactions, revolutionizing the way we understand and conduct business. The digital record-keeping technology expedites transactions and operations, with potential reach across the globe, increases trust and transparency, and minimizes the involvement of third-party intermediaries. Blockchain systems may either be public, private, or consortium, and permissioned or permissionless, depending on the degree and type of access, and validation rights in the process, offering flexibility in the structure implemented in projects based on their particular needs and objectives.
On blockchain, new transactions and data are simultaneously broadcast to the network nodes (distributed ledger) and are recorded once validated through intensive computing processes. Since blockchain is shared in identical copies within the network, altering and falsifying data is extremely difficult, if possible at all, rendering blockchain tamper resistant. Recording new data uses the previous hash, creating a chain of transparent, secure, validated, and immutable transactions, which is shared in identical copies within the network.
Blockchain is a form of Distributed Ledger Technologies. Other forms of distributed, peer-to-peer networks with decentralized features also offer huge opportunities for business use. Emerging business models, therefore, may make and often make use of DLT systems other than blockchain, with similar prospects and common basic characteristics.
Decentralized applications play an important role in the actual implementation of blockchain systems. The so-called Dapps are similar to normal applications with analogous functionalities but operate on decentralized, peer-to-peer networks, such as blockchain and other DLT. This offers the benefit of decentralization to these applications.
The way blockchain and other forms of DLT work provides the ground for foundationally novel business models to emerge. While blockchain was initially associated with bitcoin, and, mostly, financial services, the potential of blockchain cannot be so narrowly confined. Indeed, blockchain’s, reliable and trustworthy recording and verifying mode, and other DLT for that matter, attracts virtually all industries and sectors, supporting wide-ranging transactions. Due to significant efficiency gains, blockchain and other DLT models manage to disrupt and accelerate development in market.
Our team has been a frontrunner in blockchain development and continues leading through its fast-paced and continuing evolution and use. As such, we are well-positioned to appreciate, and assess the blockchain development, and offer critical advice to our clients. We offer our services in a wide range of blockchain applications, industries, and sectors, focusing on financial services and fintech, including the use of blockchain for token offerings (STOs and ICOs) as well as decentralized finance, on blockchain tokenization, on blockchain platforms and projects. We monitor the developments in blockchain regulation, especially tokens and cryptocurrency regulations, by both the domestic and EU regulators, and in international jurisdictions, and may offer our advice in an up-to-date and comprehensive way, granting significant competitive advantages to our clients.