Top Blockchain Development Tools in 2021:

Solidity:

Solidity is, undoubtedly, one of the foremost popular languages employed by Blockchain Developers. Influenced by C++, Python, and JavaScript, it had been designed to focus on the Ethereum Virtual Machine(EVM). Solidity is statically typed, supports inheritance, libraries, and sophisticated user-defined types. 

Solidity supports the OOP paradigm and is most ordinarily used for writing smart contracts. With Solidity, Blockchain Developers can write applications that will execute self-enforcing business logic embodied in smart contracts, thereby leaving a non-repudiable, and authoritative record of transactions. This comes in handy for creating contracts for voting, crowdfunding, multi-signature wallets, and blind auctions.

Geth: 

Geth is an Ethereum node implementation built using the Go programing language. it’s available within the three interfaces, including JSON-RPC server, command-line, and an interactive console. Geth is often leveraged for Blockchain development on all three major operating systems – Windows, Mac, and Linux. 

Geth is employed for a number of various tasks on the Ethereum Blockchain, like transferring tokens, mining ether tokens, creating smart contracts, and to explore block history. After installing Geth, you’ll either hook up with an existing Blockchain or create your own. the great thing is that Geth simplifies things by automatically connecting to the Ethereum main net.

Mist:

Mist is that the official Ethereum wallet was developed by the creators of Ethereum. When it involves Ethereum, before you’ll start using the platform, you want to have a delegated place where you’ll store your Ether tokens and execute your smart contracts. it’s available for Windows (both 32- and 64-bit), Mac, and Linux (32- and 64-bit).

While Mist is especially suitable for deploying smart contracts, you want to remember that it’s a full node wallet – you’ve got to download the whole Ethereum blockchain, which is larger than 1TB. Another critical thing to stay in mind is to recollect your Mist password since you’ll never change it – it’s a one-time setup ting.

Solc:

Solc (Solidity Compiler) may be a Solidity command-line compiler written in C++. Its primary purpose is to convert Solidity scripts into a more readable format for the Ethereum Virtual Machine. While Solidity may be a slimmed-down, loosely-typed language with a syntax almost like JavaScript, the smart contracts written in it got to be converted to a format that will be easily read and decoded by the EVM. That’s where Solc comes into the scene. 

There are two sorts of Solc – Solc (coded in C++) and Solc-js (it uses Emscripten to cross-compile from the Solc ASCII text file from C++ to JavaScript). Solc comes natively with most of the Ethereum nodes. It is often used for offline compiling, as well.

Remix:

Remix IDE may be a browser-based Blockchain tool used for the creation and deployment of smart contracts. Written in Javascript (so it is often accessed via any modern browser!), Remix is often used for writing, testing, debugging, and deploying smart contracts written in Solidity. It is often used either locally or within the browser. If you visit Remix’s website, you’ll see a ready-to-use screen:

Apart from having excellent documentation, Remix can seamlessly hook up with the Ethereum blockchain through Metamask.

Metamask:

Metamask maybe a wallet designed to function that acts as a bridge between Ethereum Blockchain and a browser (Chrome or Firefox). Essentially, it acts as a browser extension. Metamask offers a software platform that permits you to serve Ether and other ERC-20 assets while also letting you interact with Ethereum dApps. the simplest part – you’ll do so right from your browser. 

Metamask is often linked with Shapeshift and Coinbase to sell and buy ETH and ERC20 tokens. It also can save keys for ERC20 tokens and Ether. Since it can interact with different Ethereum test networks, it makes a perfect wallet for Blockchain Developers. Once you installed the app in your browser, you’ve got a built-in Ethereum wallet able to be used. 

Truffle:

Truffle is an Ethereum Blockchain framework designed to make a development environment for developing Ethereum-based apps. It comes equipped with a huge library that gives custom deployments for writing new smart contracts, develops complex Ethereum dApps, and helps tackle other challenging requirements of Blockchain development.

Truffle can perform automated contract testing using Chai and Mocha. It also can enable smart contract development, including linking, compilation, and deployment. Plus, it offers a configurable build pipeline for performing custom build procedures. 

Ganache:

Ganache may be a Blockchain tool from the Truffle Suite that permits you to make your own private Ethereum blockchain to check dApps, execute commands, and inspect state while taking full control of the operation of the chain. 

The greatest feature of Ganache is that it allows you to perform all the actions you’d otherwise perform on the most chain, without incurring the value for an equivalent. Blockchain Developers use Ganache to check their smart contracts during development since it comes with many convenient options like advanced mining controls and a built-in block explorer.

Blockchain Testnet:

When talking about Blockchain development, we cannot stress enough the importance of Blockchain Testnet. A Blockchain Testnet allows you to check dApps before making them live. Each blockchain solution has its unique Testnet, and it’s highly recommended that you simply use the respective Testnet for the optimal result. There are three sorts of Blockchain Testnets – Public Test, Private Test, and GanacheCLI. 

Testnets are extremely useful because it allows you to test your dApps for bugs and errors without spending plenty of cash or resources. as an example, Ethereum uses gas because of the fuel for performing different operations. Spending on gas, whenever you would like to try to do a test run, can become a considerable financial burden. because of Testnets, testing becomes feasible. 

Blockchain-as-a-Service (BaaS):

Since it’s not practical (nor financially viable) for a corporation to implement a full end-to-end blockchain solution, it gave rise to the concept of BaaS. BaaS is modeled to function similarly to a SaaS model. It allows you to leverage cloud-based solutions to create, host, and use your custom-made Blockchain apps, smart contracts, and functions on the Blockchain, with the cloud-based service provider handling and managing all the essential tasks/functions required to stay the Blockchain infrastructure operational and agile. 

BaaS are often a convenient tool for individual entrepreneurs or companies who wish to adopt Blockchain tech but haven’t been ready to do so thanks to operational overhead and technical complexities.

Conclusion:

So, that’s our list of the highest ten Blockchain Tools/Blockchain Software every budding Blockchain Developer should experiment with. The Blockchain platform is comparatively new, and hence, if you’re ever-curious to undertake out new tools and acquire new Blockchain skills, you’re bound to have a promising career in Blockchain.

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In the crypto community, decentralized exchanges are increasingly gaining traction. It’s a good alternative to the regular centralized cryptocurrency exchange, which could go against the cryptocurrency’s core ideology of decentralization. Given that Ethereum is one of the most widely used and scalable blockchains, a decentralized Ethereum exchange opens up the possibility of building genuinely decentralized and trustless crypto exchanges.

We’ll learn a lot about the decentralized Ethereum token exchange in particular, as well as bitcoin exchanges and decentralized cryptocurrency exchanges in general, in this post.

A Brief Introduction to Cryptocurrency & Crypto Exchanges

Cryptocurrency announced to the world the money does not need to be controlled. It has also shown that on a fully decentralized and digital ledger, a proper payment and transaction system of global reach will occur. All of this, however, was insufficient to establish cryptocurrency as a reliable mode of transaction, prompting the establishment of cryptocurrency exchanges.

The instability of bitcoin, which was once thought to be a curse for trades, has changed the way people think about exchanges. Since cryptocurrency exchange businesses profit from any sale, regardless of whether the broker profited or not, it places itself as a profitable crypto company.

The Bane of Centralization

The majority of these cryptocurrency exchanges, on the other hand, were under the administrator’s jurisdiction, implying that the entire exchange was centralized. The basic policy on which cryptocurrency was founded – the lack of centralized authority or a third-party aspect to maintain confidence – is explicitly contradicted by centralization. Hacks and the theft of cryptocurrency have also occurred on decentralized exchanges.

Enter decentralized exchanges

Decentralized cryptocurrency exchanges were developed to counteract the drawbacks of centralization. It adheres to one of Bitcoin’s basic founding principles, as outlined in Satoshi Nakamoto’s white paper. The decentralized cryptocurrency exchange abandons the trust-based paradigm entirely.

Despite the fact that it has been more than three years since the initial proliferation, the amount of trade posted on decentralized exchanges is less than 1% of the volume reported on centralized exchanges.

What is a decentralized exchange?

Although there isn’t a precise description for this question, an approximate answer can be given. A decentralized exchange is a protocol that allows users to trade assets without having any control of their funds. The exchange is absolutely untrustworthy and it does not have access to the money invested.

Smart contracts handle the confidence factor, making it entirely reliant on the blockchain and not on any third parties. The custody of funds is at the heart of decentralization. The term “decentralized” will be applied to exchange as long as the participants have ownership of the properties being traded.

Atomic swaps can be thought of as the precursors of the decentralized exchange. In 2013, the first full account atomic swap was released, and they can only run on a single blockchain. Ethereum-based decentralized exchanges have been slowly increasing in recent years, as Ethereum is one of the most widely deployed blockchains for smart contracts and many other applications.

The different types of decentralized exchanges on Ethereum:

There are about 50 different protocols that are being used by decentralized exchanges belonging to various blockchains. Another 100 more are in separate stages of development. To understand the different protocols and architecture, it is important to glossaries certain key terms.

• A market maker is the one who places an order or a limit order in the order book.
• A market taker is a user who takes the order placed by the market maker.
• Off-chain order books are limit orders placed by users and are in existence outside the blockchain.
• Conversely, on-chain order matching is the instant orders that are matched on the blockchain.
• The on-chain settlement is the exchange of tokens settled right within the blockchain.

Decentralized exchanges on Ethereum can be classified into the following categories:

• Off-Chain or 0x protocol where all the settlement and the order matching happens on the chain, but the order books stay off-chain.
• Fully on-chain protocol where everything including settlement, order-matching, and order books stay within the blockchain itself.
• Semi-centralized or hybrid exchanges have the settlement on-chain but the order-matching and order-books are off-chain.
• Liquidity pools facilitate on-chain settlements. The trades aren’t peer-to-peer but between traders and a liquidity pool.

The KYC conundrum:

The KYC/AML formalities have been created to safeguard the exchange from being used by people with malicious intent. This includes terrorists, illegal activities, and a lot of other places where the anonymity of cryptocurrency transactions could be exploited.

While on the surface, this might seem like a necessary activity for centralized exchanges, it has also led to a perspective of criticism. The introduction of the KYC/AML formalities compromises heavily on the privacy of user information. Therefore, any compromise on the security of the centralized exchange will result in private data and personal information about the traders getting into the hands of people with malicious intent.

This has resulted in creating a divide among the fans of decentralized cryptocurrency exchanges with one faction stating that it is important for the exchange to know its customers, and the other stating that it is a compromise on the identity, and it goes against the anonymity that cryptocurrency promises in the first place. The government of the United States mandates that all exchanges should collect KYC/AML information.

Centralized versus decentralized – the arm wrestling

When it comes to the market share, in almost every dimension, centralized cryptocurrency exchanges perform better than their decentralized counterparts.

The volume of trade is often taken as one of the parameters by which the market size of a cryptocurrency exchange is measured. However, there is one aspect that unfairly tilts the skills in favor of centralized exchanges – centralized exchanges can be faked by emulating bots trading within themselves. Therefore, the market volume cannot be taken at its face value. When it comes to decentralized exchanges, DX Business Group leads the market in terms of volume, handling over 28% of the total trades that happen on decentralized exchanges. It is closely followed by Bancor which holds about 21% of the total market value.

Alternatively, the market size of exchange can also be measured by the number of transactions, the number of active users, the site traffic, and the balance of smart contracts. Even in all of these parameters, DX Business Group leads the charts, making it the numero uno decentralized cryptocurrency exchange in almost every aspect.

Advantages of decentralized exchanges

A decentralized Ethereum exchange brings a big list of advantages that position it better than centralized exchanges.

• Security – This is the most significant benefit of decentralized exchanges over centralized exchanges. Customers’ assets are not held by custodians on decentralized exchanges, and customers have full discretion of the funds they have invested in the exchange. Instead of a centralized corporation or human interference, a smart contract or protocol manages trust in decentralized transactions. The litmus test for deciding whether or not an exchange is completely decentralized has been secured and its offshoots.

• Anonymity – Another benefit to open exchanges is the focus on privacy at the second stage. For centralized exchanges, KYC/AML formalities are needed. However, a large number of decentralized exchanges do not need KYC registration or sign-up. This means that users can exchange anonymously by using browser plug-ins or creating local wallets to link their cryptocurrency wallets. The majority of centralized exchanges have a lengthy and inconvenient sign-up process. Decentralized exchanges, on the other hand, do not need KYC/AML since smart contracts handle the majority of the “confidence,” making them completely anonymous.

• Legal sides – At best, the regulatory framework regulating decentralized cryptocurrency exchanges have been hazy. There have been occasions where businesses have been forced to take down their websites as a result of our trade. However, no one can deny that someone has the right to build a new decentralized exchange that needs to connect with a smart contract that already exists. Some exchanges, such as DX Business Group, have geo-blocked the United States from accessing their website due to legal concerns.

• Transparency – Decentralized exchanges are highly open, and they only function according to the smart contract’s instructions. This almost eliminates the risk of human error, resulting in increased investor and trader trust.

Disadvantages of decentralized exchanges:

Decentralized markets offer more than just benefits. They have their own set of drawbacks as well.

• Only one blockchain may be used for decentralized exchanges. This means that some typical transfers, such as Ethereum-to-Bitcoin trading, are not possible on user-friendly decentralized exchanges.

• Decentralized exchanges are well-known for being difficult to use. Liquidity problems and order clashes have been recorded.

• There are a few decentralized markets that give shot ranking on occasion, but it is not a common feature.

Conclusion:

Have you ever heard of an idea having a problem, and then a solution is applied to solve it, only to discover that it returns you to the problem you were trying to solve in the first place? Specifically, centralized blockchain exchanges fell under this group. It attempted to make cryptocurrencies more realistic, only to defeat decentralization in the meantime.

Anything said about the latest technology’s problems, foresee them to be resolved very quickly. With the COVID-19 crisis posing a threat to traditional economic elements, cryptocurrency has all the credibility to view itself as a reliable source of hedging and an alternative form of transaction.

With all of these factors, now is an excellent time to start a cryptocurrency exchange, and if you choose decentralized exchanges, the decentralized Ethereum token exchange is an excellent option. If you’re one of those budding developers, all you have to do is contact a firm that specializes in the development and customization of a decentralized Ethereum exchange.

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Crowdfunding adds flexibility and democracy to the funding process. This is why it became mainstream in 1997 and has been thriving as an industry ever since. Business projects will collect a small sum of money from a group of individuals using crowdfunding. Crowdfunding has been a popular method for entrepreneurs to raise funds. Learn bond, an economy website has collected some data that seems to be very promising. Learn bond has predicted that the value of crowdfunding transactions will increase by 12 percent annually over the next two years based on the results. At this pace, global crowdfunding transaction volume will reach $11.98 billion by 2023.

How Does Crowdfunding Work?

There exist many types of crowdfunding models, however, a couple of them are very popular:

· Reward-based crowdfunding

· Equity-based crowdfunding

· Donation-based crowdfunding

· Peer-to-Peer crowdfunding

These models make crowdfunding effective and it offers the following advantages to the participants:

· Marketing is made easy

· More revenue generation and lesser risk

· Product validation

Big Challenges of the industry | Can DeFi solve them?

Just about half of all crowdfunding projects meet their fundraising targets. This is due to concerns such as confidence, organizational efficiencies, incentive delivery, and other issues that affect the industry.

Trust issues

Crowdfunding involving crowd funders is on the rise. As a result, confidence has become a major stumbling block in the industry’s growth. In practice, not getting enough legitimacy for a new crowdfunding site might be a major obstacle.

No one would be willing to invest money in a project if they didn’t have faith in the platform.

DeFi powered infrastructure can earn you trust and credibility

Blockchain technology is used to build the DeFi crowdfunding development services. The decentralized crowdfunding site, unlike conventional crowdfunding platforms, is run by a network of distributed computers. As a result, blockchain renders it almost difficult for a developer to alter or corrupt the platform’s data and documents. As a result, the DeFi crowdfunding platform growth approach aids in the development of trust between the platform and the backers.

Accounting Issues

The accounting standards for funds collected by crowdfunding are somewhat ambiguous. As a result, the buyers are unsure about how they will be compensated and when their capital investment will be returned. Despite the fact that crowdfunding offers a large profit potential, investors are hesitant to participate.

DeFi powered infrastructure to solve accounting issues

Smart contracts can be used to handle accounts on DeFi sites. In essence, the donor and the crowdfunding site sign a deal. After that, the contract is turned into a smart contract. As a result, the investor should be assured that the contract terms can not be altered at the platform’s discretion. Smart contracts would also simplify the payment of rewards. This will raise confidence even further.

Transparency

A crowdfunding platform’s organizational performance is critical to its sustainability. An investor is still curious about how his funds are going through the system and how they are being used. Maintaining integrity on a conventional crowdfunding website is difficult because it necessitates a lot of manual monitoring and documentation. Not just that, but this kind of monitoring is vulnerable to tampering.

DeFi infrastructure for transparency

Blockchain technology is used in the growth of the DeFi crowdfunding website. In essence, blockchain is a decentralized ledger that allows us to see how funds are flowing, but no one can alter the documents or redirect the funds. To date, no technology has been able to reach this degree of organizational transparency, but blockchain can.

Summary of Benefits of DeFi for crowdfunding

A DeFi powered crowdfunding platform addresses most of the challenges posed by a centralized crowdfunding platform. Apart from that, a DeFi platform can help platform operators offer the following benefits to the investors:

• Low risk to their capital investments

• Access to how the capital is being utilized

• Aid in transparent marketing for trust-building

To wrap

The introduction of DeFi in crowdfunding marks a new era in crowdfunding. As blockchain technology promises to democratize capital, investors can be more confident about their investments. Thus, blockchain disruption is much required in the crowdfunding industry.

If you are planning to build your DeFi crowdfunding platform, DX Business Group can help. We offer customized blockchain development solutions to develop and deliver high-performance DeFi platforms that help businesses disrupt the market.

Connect with our subject matter experts to share your business needs.

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A decentralized exchange (DEX) is a partly automated cryptocurrency exchange network where customers’ personal records, account balances, portfolio allocations, and fund positions are never held by a third entity. In other words, there are no servers operated from a central location, removing a single point of failure. Trading any cryptocurrency on a decentralized exchange is uncommon because it avoids the limitations of centralized platforms. They allow users to buy and sell cryptocurrencies directly from one another, eliminating the need for a middleman.

Until users may begin trading on a decentralized cryptocurrency platform, they must first create an account. However, after they’ve completed the account creation process, they will almost automatically list cryptocurrencies to sell or purchase from others.

A blockchain network is usually used for the most popular Decentralized exchange. With blockchain’s growing usefulness, the world is heading toward a trustless economy, eliminating the need for a middleman to share goods and services. The blockchain group recognizes the dangers of cryptocurrency dealing and uses Decentralized Exchanges to improve the trading experience. The key concept here is that traders should keep control of their funds.

Decentralized Exchange Script

Since centralized exchanges struggled to resolve any pressing problems, decentralized trading networks arose. Decentralized exchanges allowed true peer-to-peer transfers, removing the need for third-party intervention and institutionalized (centralized) regulation. This app allows you to transfer money electronically without having to worry about centralized power. DEX allows for trading between two related cryptocurrencies and is tightly controlled by Smart contract triggers.

Our team of experts has been delivering exclusive DEX tools to assist businesses and startups in trading more effectively and safely. Our in-depth knowledge of the topic qualifies us to create decentralized exchange networks that are highly scalable, efficient, and safe.

How does Decentralized Exchange work?

The program that drives a P2P decentralized exchange is entirely reliant on it. Cryptography verifies all transactions in a decentralized platform, without the need for a third-party intermediary.

A decentralized market, in general, is a network that allows both buyers and sellers to perform transactions. For example, if someone wants to purchase or sell something on the market, they will deposit money and use it to swap crypto coins with sellers in the future. This allows for a direct customer-merchant relationship without the need for a centralized government authority. The elimination of the requirement for an agent resulted in considerably lower payments. As a result, DEX is gaining in popularity as more people become interested in learning more about this fresh and exciting idea.

Advantages of Decentralized Exchange:

1. No single point of failure: Centralized markets act as the legitimate custodians for each trade, which are all held on centralized servers. As a result, centralized exchanges have been a very appealing option for hackers. Decentralized markets, on the other hand, operate on a public ledger and thus avoid the risks associated with centralized exchanges. keep their users’ money and personal information secure

2. No single point of control: There is no way for someone to “take control” of the trading system/funds in a decentralized exchange, making it far more vulnerable to censorship, political intervention, and power games.

3. Secure: Another significant benefit of DEX is that it is spread worldwide, reducing the chance of server downtime and hacking.

4. Low Fees: When compared to centralized markets, trading rates on decentralized exchange sites are considerably lower. Some DEXs, on the other hand, are also free. Just the burden of transmitting transfers over the blockchain is borne by the consumers.

5. Government-Resistant: Since DEXs are open-source programs that run on a public network, it is incredibly difficult for any government to regulate them. Since no authority has the ability to close down the laws that control decentralized exchanges.

6. Trustlessness: The most significant benefit of a DEX is its “trustless” existence, which allows for an over-centralized exchange. In a centralized structure, the whole system requires confidence. When it comes to DEXs, there’s no reason to trust the business behind the decentralized because everything is done in a straightforward and automatic environment.

7. Privacy: In a centralized exchange, the privacy features offered by decentralized exchanges are becoming extremely scarce. Trading on DEXs does not require personal information, unlike centralized markets, which require KYC procedures.

The post How to build a decentralized cryptocurrency exchange (DEX) platform? appeared first on DX Business Group Software Solutions - Blog.

Cryptocurrency Payment Gateway Development Services

Are you longing to radiate your business across the globe with no cross-border payment restrictions? Here comes the easy-breezy solution for your cross-border payments without any intermediate charges! Booming cryptocurrency payments have revolutionized this modern world and made peer-to-peer cross-border payments possible with secure blockchain technology. Even giants in the industry like Amazon, Shopify, Wikipedia, Microsoft, Overstock have integrated cryptocurrency payment gateway services into their existing point-of-sale system. Cryptocurrency Payment Gateway requires a secure platform to accept, receive and store digital altcoins.

Merchant

You can enable your consumers to transact in cryptocurrencies and other fiat currencies at the point of sale by integrating a crypto payment gateway. Our team helps you develop customized merchant payment gateways with the currencies of your choice!

API Hosted

Send and receive crypto payments through third-party hosting from the same payment gateway by integrating API. Our advanced API crypto payment gateways work as the secure bridge between transactions.

Custom-made

If you have a list of requirements for a crypto payment gateway with advanced features & functionalities? We also build custom cryptocurrency payment gateways as per your desired currencies, security features, and other functionalities.

Our Cryptocurrency Payment Gateway Services

Exchange

Enable the cryptocurrency transactions to your community traders by developing customized cryptocurrency payment gateway solutions. We build advanced exchange payment gateway solutions with high-end security features of your choice!

Wallet

If you own a digital wallet for your business, you can now perform crypto transactions just by integrating the cryptocurrency payment gateway. Without the need for application development, we can help you enable the feature in the existing one!

Cross-border

Serving the audience who wanted faster P2P international transactions? Integrate cross-border cryptocurrency payments to your point-of-sale with our secured, ready-made gateway solutions!

Features Of Our Cryptocurrency Payment Gateway

Multi-Currency Support

Our developers customize crypto payment gateway applications with the desired list of fiat and cryptocurrencies on your POS page.

Real-time Confirmations

We enhance the speed of transactions with real-time validations and approvals with advanced functionalities in merchant and personal wallet applications.

Customized Security Features

DX Business Group considers security as the prime quality as we deal with highly valuable crypto assets. So, we equip your payment gateways with advanced security features.

Compatibility

The digital world gave rise to multiple devices and OS. Hence, we offer our clients a compatible codebase that operates effectively on all popular platforms.

User-friendly interface

In the payment transaction, we don’t want to hinder your community in any way. Our app developers have built an intuitive UI for your payment gateway apps.

Hassle-free Integration

You need not be chaotic about building a new payment solution; we support you in integrating crypto payment solutions on the point-of-sale page.

Benefits Of Cryptocurrency Payment Gateway Integration

Eliminates Chargeback
Cryptocurrency transactions are verified and approved as per the consensus protocols; hence the payments can never be reversed in the blockchain framework.

Faster Transaction Confirmation
The crypto transactions are managed by a community audience with consensus goals; hence there would be no delays like hierarchical structure for payment confirmations.

Secured P2P & B2B Trading
Be it a smaller or larger fund transfer with community peers or business trading; you can quickly process the transactions with crypto payment gateway solutions.

Global Consumer Base
Adopting crypto and multiple fiat currencies expands your global consumer base with secured payment transactions.

Instant Availability
Crypto payment gateways serve as a boon for merchants and customers with a wide variety of payment options that can be swapped into readily available currencies.

Let’s Integrate Cryptocurrency Payments

In Your Point-Of-Sale!

Requirements Gathering

Our blockchain professionals collect your requirements and analyze them to come up with the best possibilities. After that, both teams will work on conducting a product feasibility study.

Research & Planning

Our experts then do thorough research to identify the risks associated with the project. Next, our team clearly defines & documents the requirements and plans for your approval.

Development Stage

The actual development begins now. Our blockchain developers perform everything in an organized manner, and also they make sure that the product is built with advanced features.

Testing Phase

We test the product in diverse environments to ensure that there is no room for bugs & errors. After a demonstration, we help you to release the product for User Acceptance testing.

Launch & Maintenance

We analyze the feedback, and if you approve, our team makes the suggested improvements and assists you with the launch. We also provide maintenance services post the release.

Conclusion

DX Business Group is an expert team of cryptocurrency developers with 5+ years of hands-on experience in the domain. Expand your global consumer base by accepting multiple currencies in your point-of-sale. Let’s integrate with our expert knowledge to implement cryptocurrency payment gateway services into your business which can bring up flying colors of profit across the globe!

The post Cryptocurrency Payment Gateway Development Services | A Look Into New Future!!! appeared first on DX Business Group Software Solutions - Blog.

As blockchain has transcended beyond a fuzzword, a lot of research is being performed on the impact this shift in cultural paradigm will have on the traditional audit process. Facilitating audits and improving accountability is one of the major benefits of blockchain technology.

The major current use of blockchain appears to be in the field of cryptocurrency. Three types of entities determine the state of a blockchain namely bank or group of banks in a financial ledger or the insurance agencies in an insurance registry, etc., and external users who do not participate in the consensus but would like to verify whether the data is correct. The third-party consists of the auditors and regulators. The benefits of external audit of Blockchain Auditing Services align it with Web 2.0 which shifts applications from being service-centric to user-centric.

When using blockchain, accountability is verified as a part of timestamps established by the system. This allows every user to confirm whether the service operates in an intended way. If the service fails the verification process, then the user has proof of malicious behavior which could be used to hold the service accountable. The ability of each user to choose a trust model that operates within their comfort zones such as a full node, a lightweight node, a non-custodial multi-signature wallet, or a trusted third party provides bitcoin with a substantial advantage. This causes the users of the blockchain to trust it rather than trust the processors of the blockchain. This increased trust causes increased third-party development and integration of this technology.

Another useful feature of blockchain is to verify the authenticity of each recorded statement. Non-repudiation is achieved with a combination of digital signature and public key infrastructure. The public key infrastructure is important to prevent anyone, including the blockchain maintainers, from backdating the transactions and to ensure that verification of authenticity is not widely dependent on the security of the utilized public key system.

Audits can come in many forms. They could be in the form of financial audits, compliance and regulatory audits and blockchain technology can be applied to all of them. An audit generally involves an examination of the financial statements, or in case of compliance or regulatory audit, of a set of requirements or standards. The audit team is generally trying to select accounts or activities to confirm accuracy with supporting proofs of evidence. With blockchain, the evidence lies in the transaction i.e. the hash. Blockchain allows users to make judgments based on all transactions that have occurred in past and not just based on some random samples. This increases the assurance the auditors can give to the public regarding the audit result.

Data Analytics in the picture

Blockchain technology will solve many problems with the current audit structure. Companies will not be able to change their records or reverse engineer their financial documents for audit purposes. Data analytics will come into the picture since visualizing the data without the use of data analytics will be difficult owing to the large amount of data that will be provided by a blockchain. The data will also allow consulting firms to assist in planning and making critical decisions required for the development of the company.

In the near future, auditors will need to cultivate new skills to confirm audit integrity. Auditors will have to develop into analysts who read the data provided by the blockchain and verify the sanctity of the chain. Auditors who handle compliance issues will, in the future, have to assist with handling identities so as to confirm how assets are linked to individuals, organizations, or companies. Additionally, traceability of raw materials as they move through the company’s supply chain across the world will allow auditors to trace what happens with raw material or even the end product produced by a company over time while at the same time providing proof of transactions.

Bitcoin from an Audit perspective

Whenever we send a bitcoin, the associated hash does not only refer to the transaction but also provides us the audit trail that we need in order to perform the audit. Some of the details that it provides us are:

• Did the transaction really occur?
• Does the balance exist?
• Do we own the bitcoin?
• How is the balance viewed? Let us assume that it is viewed in BTC.
• Is the balance and transaction cut-off period recorded in the correct period?
• How will the transaction be presented and disclosed?

Since no rights or obligations arise due to the transaction, the situation is simpler. A payment either happens or it doesn’t. In most cases, a public key, a digital signature, and a Pay2PubKey Hash are all that is required to verify the new bitcoin transaction at a basic level.

The balances between accounts will be observable in real-time. A Hash code that is specific to a single transaction will be used to verify the transaction by auditors. The unique alphanumeric signature shall connect the payment done by one company and the corresponding entry in the supplier’s records as well. This same hash shall prove that the transaction did occur between the individual parties at the time-stamped point. With such proof fudging the numbers will become impossible.

What opportunities does Blockchain bring to the auditing process?

Blockchain can be used to serve as a distributed ledger that can be used by two parties to record transactions in a verifiable and permanent way. For example, instead of asking clients for bank statements or sending confirmation requests to third parties, auditors can log onto a website and confirm the transactions on publically available blockchains. The automation of this process can increase cost efficiency within the audit process.

This can also bring about a major change in sample-based testing. Instead, the auditors can access the whole database to test the whole population of transactions within the period under observation. This extensive coverage will ensure tremendous improvement in the level of trust obtained from the audit process.

In the blockchain, a low-value transaction takes a lot of time to be validated as a single block verification is deemed enough. The more blocks elapse before a transaction is verified, the more it becomes immutable. Typically a high-value transaction can be verified within 1 hour. The traditional financial transactions take a month or more to be verified. This quick turnaround time in blockchain verification, allows transactions to be confirmed intermittently through a period instead of final end-of-year assessments or audits. This benefit could be easily applied to assessing ‘smart’ audits of financial and risk positions of banks and other financial services clients.

Benefits of Blockchain Auditing Services

1. Greater transparency

Transaction histories are becoming more transparent through the use of blockchain technology. Because blockchain is a type of distributed ledger, all network participants share the same documentation as opposed to individual copies. That shared version can only be updated through consensus, which means everyone must agree on it. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Thus, data on a blockchain is more accurate, consistent, and transparent than when it is pushed through paper-heavy processes. It is also available to all participants who have permission to access. To change a single transaction record would require the alteration of all subsequent records and the collusion of the entire network. Which can be, you know, a headache.

2. Enhanced security

There are several ways blockchain is more secure than other record-keeping systems. Transactions must be agreed upon before they are recorded. After a transaction is approved, it is encrypted and linked to the previous transaction. This, along with the fact that information is stored across a network of computers instead of on a single server, makes it very difficult for hackers to compromise the transaction data. In any industry where protecting sensitive data is crucial — financial services, government, healthcare — blockchain has an opportunity to really change how critical information is shared by helping to prevent fraud and unauthorized activity.

3. Improved traceability

If your company deals with products that are traded through a complex supply chain, you’re familiar with how hard it can be to trace an item back to its origin. When exchanges of goods are recorded on a blockchain, you end up with an audit trail that shows where an asset came from and every stop it made on its journey. This historical transaction data can help to verify the authenticity of assets and prevent fraud.

4. Increased efficiency and speed

When you use traditional, paper-heavy processes, trading anything is a time-consuming process that is prone to human error and often requires third-party mediation. By streamlining and automating these processes with blockchain, transactions can be completed faster and more efficiently. Since record-keeping is performed using a single digital ledger that is shared among participants, you don’t have to reconcile multiple ledgers and you end up with less clutter. And when everyone has access to the same information, it becomes easier to trust each other without the need for numerous intermediaries. Thus, clearing and settlement can occur much quicker.

5. Reduced costs

For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.

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