Tech Industry Archives

Top Ways That Web 3.0 Is Changing The Software Development Industry

Posted by GIGA ITDecember 5, 2022

Web 3.0, blockchain, and decentralization are the central concepts at the heart of the tech industry today. The developments in these closely related areas are impacting software development irreversibly. Blockchain was introduced mainly as a way to prevent the double spending problem previously experienced in the realm of digital currencies. However, since the technology first arrived, it has to lend itself readily to many other applications. Once software developers and other tech experts became aware of these possibilities, Web 3.0 was born. Let’s take a look at some of the ways in which Web 3.0 is changing the software development industry.

Blockchain And Cryptocurrency

Blockchain was originally developed for digital currencies, so it is no surprise that it is in this field that the technology has reached its highest level of development so far. Whether or not there are strong use cases outside of the financial realm is still uncertain. It does seem that way, but there are still questions. How decentralized is “decentralized finance” really? How stable is it? How exactly will it impact the software industry and other areas of the tech and business worlds? The precise answers to these and other questions remain to be seen.

Central Bank Digital Currency

If blockchain and Web 3.0 become dominant in the financial arena, central banks will undoubtedly want to make their presence felt. How will central banks evolve to fit into this new way of doing business? Central banks need to control currency values and movements, and their current methods of doing so will do them little good in the decentralized world of cryptocurrencies. The answer is likely to be a public/private hybrid blockchain technology called Central Bank Digital Currency (CDBC). By adopting this technology, central banks, such as the Fed, can adopt cryptocurrency and promote it as legal tender. No major economy has yet adopted a CDBC, and it may not happen for a while. If it does, however, it would mark a revolutionary change in global currency markets.

Non-Fungible Tokens

Aside from cryptocurrencies, the on-chain businesses that have seen the highest level of development and publicity are those that produce non-fungible tokens (NFTs). Though there are tremendous possibilities still to be explored the main application of NFT technology, thus so far it´s been through digital artworks, can be Assets and transactions as diverse as real estate and voting.

Metaverse And Gaming

Blockchain could also come to dominate the world of gaming. Many developers are already working on ways to refine in-game rewards and ownership through blockchain.

Giga IT is a team of expert software developers who master all available methods and technology to create cutting-edge software for every imaginable purpose. Contact us to find out how we can develop software to prepare your business to make full use of blockchain, Web 3.0, and other rising technologies.

How Blockchain Can Be Used In Software Development

Posted by GIGA ITNovember 29, 2022

Blockchain has been with us for well over a decade now, but its possibilities are just beginning to be realized. Aside from its many other uses, it is ideal for software development. Its trackable, immutable audit trails can help to make data more accurate and consistent. Developers can keep track of every part of the process with complete accountability all the way through the process. Here are just a few of the uses of blockchain technology for a software development company.

Cryptocurrency Software

It was the launch of Bitcoin that first brought blockchain technology to the world’s attention. Blockchain is the underlying technology for all the cryptocurrencies that have arisen since then. In this case, blockchain acts as an unerasable transaction record. Each line records a movement of a certain amount of cryptocurrency from one person or company to another. Public keys (PK) and secret keys (SK) verify each transaction, acting as digital signatures, and ensuring that the payer and payee (or anyone else, for that matter) cannot copy each other’s signature, ensuring that each transaction is legitimate.

Smart Contracts

A smart contract is a contract written in code, which can be automatically executed as soon as all the required input demands are met. Since the contract is enacted automatically, there is no need for a third party, such as a lawyer, bank, or legal authority. The two parties agree to the contract directly, and the contract itself is then automatically executed and enforced. Once placed in the blockchain, a contract is immutable and cannot be tampered with. This would make contracts more secure, as well as easier and more efficient.

Distributed Apps

The second major entrant to the cryptocurrency market, Ethereum, was the first blockchain platform to use distributed apps (dapps). The P2P (Peer to Peer) distribution of dapps on a decentralized network allows developers to write and run apps that are immutable and autonomous.

Supply Chain Management & Logistics

Blockchain technology is ideal for managing supply chains and logistics. In this case, developers can make use of permissioned blockchains in which all participating nodes can be verified. Permissioned blockchains allow for greater control over which information is shared and which is kept private. Blockchains enable detailed and accurate inventory tracking, covering production dates, shipment dates, expiration dates, ownership, stock levels, location, and more.

Security Management

Blockchain technology has the potential to be very effective in business transactions where secure and decentralized identification measures are required. Such blockchains can be kept separate from centralized networks such as government organizations and banks. It can create systems in which people own their data and benefit from it.

International Money Transfer

Apps such as Venmo have made peer-to-peer buying and selling easier than ever, but international money transfers are still fairly costly in terms of time and money. Blockchain technology can decentralize the process, distributing information rather than having it stored on individual databases. The process of transferring money from one entity to another via blockchain can also be much quicker than current methods and carry far lower fees. A financial institution could join a blockchain network and make transactions through its own consensus-building protocol.

At Giga IT, we employ the latest technology to create quality software solutions for all business requirements. Contact us to find out how we can prepare your business to make full use of blockchain, and other rising technologies.

What challenges do you find in the technology industry?

Posted by GigaAdminJuly 12, 2022

The technology market is very changeable and is advancing by leaps and bounds with strong competitiveness requiring us, as leaders, to accompany this process, training ourselves and being at the forefront of the latest trends so as not to miss out on opportunities. Our greatest challenge is the constant search for these professional talents who want to join, accompany the process of professional growth, motivate them in such a way that they choose us and feel part of this organization.