A Comprehensive Guide To Managed Blockchain Solutions
What is a traditional blockchain solution?
The traditional blockchain solution is essentially an immutable, shared ledger that provides the process of recording all transactions that have occurred or are shared among the participating parties. The blockchain stores digital data on a public database as blocks and these blocks are connected via a peer-to-peer network called a chain. Every transaction stored on the public ledger is verified using the consensus of the majority of participants in the system. And, once stored on the blockchain, it can’t be deleted or removed.
Today, the digital economy depends upon the reliance on specific trusted authorities, which can be manipulated, hacked, or compromised. This is why blockchain technology is required. It has the potential to revolutionize the digital world by allowing a distributed consensus. This distributed consensus allows every online transaction to be verified at any time in the future. Further, it provides a distributed consensus without compromising the privacy of the party or the individual involved.
The disadvantages of traditional blockchain solution:
- Hard to establish – Blockchain technology is hard to install as it requires extensive technical training to develop coding skills and a fundamental understanding of blockchain technology. It nearly requires 3 to 7 months to establish blockchain dispensing upon the solution’s complexity.
- Less scalable – Blockchain technology is less scalable because of its consensus as it needs all the participants in the network to agree on whether the transaction is valid or not. While blockchains can scale to a large number of participants, however, it can’t scale to a large number of transactions.
- Expensive – Another major drawback of blockchain is the cost of the whole process. The cost to create and implement a blockchain solution requires a thorough estimation. The cost is affected by several factors, such as the use case, project complexities, and approach.
What are “managed blockchain solutions”?
The managed blockchain solutions enable organizations and businesses to use the blockchain platform without bearing the cost of developing and maintaining its infrastructure. Without the requirement for a central authority, a large number of parties can share and update information in a transparent and secure manner. The service providers ensure that all the technical aspects of maintaining the blockchain platform are handled, allowing the clients to focus on utilizing the platform for their specific needs.
For companies with zero knowledge about blockchain, managed blockchain solutions can be extremely beneficial. By using managed services, organizations can still take advantage of the enhanced security of scalable blockchain technology. It minimizes the cost, time, and risk involved in leveraging decentralized technologies. Using secure APIs and flexible deployment options, businesses can instantly future-proof and accelerate their development.
Why are managed blockchain solutions required?
- Integrated management – The managed blockchain solutions help in assisting the creation of blockchain networks to perform transactions and exchange information. It also eliminates the requirement for manual provisioning of device setup, hardware, networking, and security configuration.
- Scalable – On the basis of the usage of applications on the network, managed solutions can scale the blockchain network. This signifies, that the managed blockchain solutions provide additional capacity for validating or creating transactions if required.
- Integration – The simple integration of managed blockchain solutions with other systems and apps, enables businesses to leverage blockchain technology without requiring a total overhaul of their current infrastructure.
- Cost-effective – It is less expensive to use the managed blockchain than to build and operate your own in-house blockchain infrastructure. Users can pay a subscription fee to access the services as the providers take care of upfront costs and ongoing maintenance.
Distinctions between managed blockchain solutions and traditional blockchain solutions:
The traditional blockchain development processes can be time-consuming, complex, and costly, requiring specialized skills and substantial financial commitments. Managed blockchain solutions, on the other hand, are the quicker, more affordable, and less complicated options that enable enterprises to rapidly set up and deploy the new blockchain without the need for specialized technical skills.
How do managed blockchain solutions work?
Managed blockchain solutions are platforms that offer well-established and managed blockchain networks to perform transactions. The solution includes the following steps:
- Select an open-source blockchain framework to establish the new network.
- Invite the members to join the network.
- Develop and configure blockchain nodes to store copies of the distributed ledger.
- Deploy the decentralized applications to the network and transact with other members of the network.
Managed blockchain solutions emphasize organization to leverage the advantages of blockchain without getting into the technicalities of developing and administering the internal network. They offer a number of benefits, including a user-friendly interface, scalability, cost savings, security, and support. By delivering the infrastructure and assistance necessary to develop and deploy the blockchain network, managed blockchain solutions have the potential to revolutionize a variety of sectors. Along with recovery and backup functionality, it also has monitoring and reporting capabilities.
PrimaFelicitas is one of the Top Blockchain Development Companies that provides reliable and robust managed blockchain solutions. The powerful one-touch managed blockchain services make it possible to instantly create and deploy blockchain for businesses.