BLOCKCHAIN & ICO Auditing
A Blockchain is a type of ledger which is open and distributed. In most cases it will be managed through peer to peer systems which will use a specific protocol for the validation of new blocks. Once a record has been made, the data within each block may not be altered in a retroactive manner without having to alter all the following blocks, which needs the network majority. Each block consists of a pointer (cryptographic hash) that acts as a link to the block before it, which serves as a timestamp for data related to transactions. Blockchains are designed in such a way where they will naturally resist data modification.
ICOs are directly associated with Blockchains, because it is the mechanism through which they operate. ICO coins spur the launch and growth of new companies and as a company continues its expansion their coin will grow in value. It is essentially a form of currency that allows companies to fund their operations. ICO services can be broken down into two types, which are securities which are asset backed and utility tokens. The securities which are asset back means that you’ve got something physical and tangible backing them up, whereas the utility token will be used primarily to acquire goods and services within a micro economy.
BBENEFITS OF BLOCKCHAIN & ICO SERVICES
Blockchains & ICO services make it possible to perform financial transactions over the web in a secure and decentralized way. Due to decentralization the digital ledger is distributed, and as such can record transactions throughout numerous computers so that it is impossible to alter the record retroactively without doing the same to all the subsequent blocks. This means that everyone that participates in the Blockchain can audit and verify each transaction in a cost effective manner. In the past, most digital transactions over the web were done using credit cards, which use centralized banking and credit card processing systems.
WHEN DO YOU NEED BLOCKCHAIN & ICO SERVICES?
Blockchain and ICO services give consumers and merchants an alternative method for conducting transactions, which are authenticated via group collaboration which is itself powered by self-interest which is collective. The end result is a workflow which is exceptionally robust and where participants don’t have to worry about data security. One factor behind the rise of Blockchains was the high profile data breaches that occurred at major financial institutions, causing a lapse in trust among merchants and consumers.