Zynofus Technologies is a fast-growing software company located in Chennai whichprovides holistic software solutions.

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  • hr@zynofus.com
  • Mon-Sat, 09am - 06pm
  • No. 70/16A, 1st Floor, Sundar Bans,
    100 Feet Rd, Ashok Nagar, Chennai-600083

Blockchain-based Solutions

Blockchain – a trending technology, introduced by Peter Smith and Nicolas Cary the founder of the software company named “Blockchain”.In simply, it can be defined as the systematic way of recording the information which would be difficult to change,hack, or cheat the system.

From the technological point of definition, Blockchain can be defined as the digital ledger of transactions that is distributed and decentralised over the entire network of the computer systems on the blockchain. In this, each ledger would be stored in the form of blocks, Where each block contains the number of transactions. Every time the transaction occurs, a copy of that transaction will be added to the participant’s ledger.This database is decentralised which is managed by multiple Participant, this technology termed be as Distributed Ledger Technology (DLT).

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Blockchain
“Digital ledger transactions that are distributed, in the form of blocks “

Blockchain, it’s a DLT technology, where the transactions are being recorded with an immutable cryptographic signature called a hash. The major properties of DLT are Distributed, programmable, secure, immutable, Anonymous and time-stamped.

  • Distributed
    The each block/participant would receive a copy of each transaction for complete transparency.
  • Programmable
    A blockchain technology is programmable.
  • secure
    Each transaction and records are in the form of encrypted.
  • Anonymous
    The participant identity is anonymous or pseudonymous.
  • Immutable
    Records are impossible to modify or change.
  • Timestamp
    Each block contains the timestamp of the transaction.change.

Why Bitcoin?

This is the most important question arising nowadays. In past years, technology also had an attempt to develop digital money, but it did not work out. The main issue in this was ‘TRUST’, how we could trust the technology in the case of investing money.

Blockchain is implemented in various industries such as supply chains and food chain, Banking and financial industry, Healthcare, Pharmaceutical, and Insurance. In the future technology, blockchain would be a certain sign of its own because it will revolutionise the business process in many industries, but it requires a certain time period for this adoption, time, and efforts. We can hope that in the near future the government will accept blockchain technology and implement it for various government sector industrial growth.