Design Secure Fintech Products Using Blockchain

Design Secure Fintech Products Using Blockchain

Top Blockchain Platforms

Different Blockchain platforms help the blockchain developers to build apps which expand and enhance the uses of this technology.  Any kind of company can use a relevant platform to develop a Blockchain-based application. It surely makes the operations efficient and transparent. Here are the top platforms which can be used by the developers.

  1. Ethereum    

Vitalk Buterin is the founder of Ethereum. He developed this platform in 2014 as an open public Blockchain Platform. It is efficient and has features of smart contracts, flexibility, and multi-industry adaptability. And also it offers greater transparency as compared with the Hyperledger Platform. Another advantage is that it is flexible for any developer to develop apps using inbuilt programming languages like C++ and Python. But, Ethereum was built as a B2C application and status as a public Blockchain platform. Therefore, it is difficult to co-opt the current form into an enterprise application.

  1. Hyperledger Fabric

Hyperledger Fabric platform was created by Linux Foundation in 2016. They targeted to make a popular Blockchain Technology for different industries and different purposes. Especially, the modular architecture of the platform made up the top choice for enterprise solutions. Unlike Ethereum, Hyperledger has achieved confidentiality by encrypting the transactions which can be modified by only authorized persons.

  1. IBM Blockchain

IBM, as a pioneer company to venture into Blockchain, they have created the IBM Blockchain platform. It is a platform for transparent business operations which is also well concerned about security issues. Go and Java is the supported languages for IBM Blockchain.

  1. Multichain

Multichain is an open-source platform that can form permissioned networks. This platform can use to develop applications within and across different enterprises. C, C++, JavaScript, and Python-like languages are supported on this platform.

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  1. Ripple

Ripple platform is as famous as Ethereum and Bitcoin. It easily sends money globally through connecting banks, digital asset exchanges, and payment providers. And also it is a faster and efficient platform in Blockchain.

  1. Corda

In Croda, all the users having a legitimate interest can communicate with each other and administer agreements and contracts. And Corda can be used by financial organizations, governments, healthcare, trade finance, supply chain, logistics and etc. Most importantly, Corda prevents unauthorized access to the database. At the same time, this is known as a complex financial situation managing platform.

  1. Quorum

The quorum platform was introduced in 2016 by Ethereum Enterprise Alliance (EEA). But it facilitates both public as well as private types of transactions. This considers as an extension of the Ethereum platform. Therefore, most of the updates of Ethereum can easily integrate with Quorum. But unlike Ethereum, Quorum performs to process speed transactions.

What Is Blockchain and How Does It Help to Design Secure Fintech Products?

Blockchain is a sequential chain of blocks that are protected from hackers and data leakages. It is a misconception that this technology is used only in cryptocurrency. In fact, blockchain can be applied anywhere where it is important to design secure fintech products and more. Check this review of the best Top FinTech Developers, if you are looking for developers for hire.

What is hashing

Before talking about blockchain, you need to understand what hashing is. Hashing is taking any message and encrypting it using a special algorithm.

Each time, this algorithm will convert the text to the same hash. In order to generate a hash, you can use an online hash generator.

You are unlikely to know what is encrypted here. Also, if at least one comma is missing or any letter changes a case, the hash will change completely.

At the time of this writing, the only way to decrypt the hash is by brute force. In theory, to find the right one, you have to try an infinite number of combinations.

One use case for hashes is for storing passwords. When a user logs into the system, his data will not be stored in a pure form, but in the form of a hash.

Every time they enter a password, it will be hashed again, and only then it will be compared with what is recorded in the database. Even if someone steals the database, they won’t know what password was used.

What is a blockchain for?

You can use this technology for anything, not just cryptocurrency. For example, identity cards can be stored on the blockchain. This will prevent fraudsters from using the documents of deceased people, replacing them with a photograph.

However, don’t think that such a system is 100% reliable. There may be errors in the software itself, which will allow data to be stolen before it is hashed. However, it is much more secure than to store information in a traditional way.

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