As more and more businesses are opening multiple branches and subsidiaries all over the world, Distributed Ledger Technology Services are becoming more of a necessity than a luxury. Since Dubai is always ahead of the curve with the latest technology in the world, they are also fast to integrate any technology in businesses. So, let us take a look at how you can easily manage your diverse business with the help of Distributed Ledger Technology Services.
What are Distributed Ledger Technology Services?
Distributed Ledger Technology (DLT) is the technological infrastructure and protocols that allows you to easily keep records of your business that is spanning across multiple locations. Distributed Ledger Technology or DLT enables businesses to have a decentralized digital database that is more secure than a centralized database. As a result, there is no need for a central authority with DLT.
DLT maintains a decentralized ledger which makes you immune to cybercrime. As your information is not stored in a specific location, no one can target your records. Instead, DLT stores your records across the network, which is the basis of how the protocol works. If these all sound similar, it is because it is the way how blockchains work. As a result, DLT brings a business usage of blockchain technology.
Type of Distributed Ledger Technology Services
There are various types of DLT but all of them can broadly be categorized into two types. These are either permissioned variants or permissionless variants.
Here are the two main types of Distributed Ledger Technology Services:
Permissioned variants distributed ledges require approvals to make changes or for accessing links or nodes in the protocol. They are perfect for businesses that want more control over their records.
Permissionless distributed ledgers are more unadulterated and record every party that has interacted with the nodes. They are perfect for businesses that want a deeper insight into their customer base.
Some additional types of Distributed Ledger Technology Services
There are various types of Distributed Ledger Technology Services that are either permissioned or permissionless. Each of them caters to the needs of different types of organizations.
Here are some additional types of Distributed Ledger Technology Services:
Blockchain is the most popular type of Distributed Ledger Technology Service in the world right now. It records the time, date, and other specifications of transactions securely and prevents corruption of the data.
Tempo is a new addition to the list of Distributed Ledger Technology Services. One of the biggest advantages of Tempo is that there is no need for changes in Tempo for operation in private or public entities.
Hashgraph ensures that your transaction records and their details cannot be altered in any way. Additionally, it is able to hold a large number of transactions with similar timings.
Holochain is a modern Distributed Ledger Technology Service that has favorable business utilization thanks to its scalability and decentralized application.
Last but not least, DAG is better capable of handling nano-transactions and has an easier time with scalability. If you have a bigger business with lots of transactions happening all the time, DAG is the one for you.
Benefits of Distributed Ledger Technology Services
Here are the benefits of Distributed Ledger Technology Services:
First and foremost, Distributed Ledger Technology Services records your data securely and maintains its goodness. Your data will be unchangeable and irreversible by any third parties.
2. Lower transactions costs
By removing the middleman, Distributed Ledger Technology Services help reduce transaction costs by ensuring the money directly moves from the customer’s wallet to yours.
Distributed Ledger Technology Services is able to record data and transactions with details and let you examine when, where, and who recorded those data.
Distributed Ledger Technology Services allows you to easily manage your data without the requirement of a third party, which also reduced cost and increases security.
5. Participant focused
Distributed Ledger Technology Services ensures that the participants involved in the transaction have control over their information to avoid scrutinization.
6. Simple ecosystem
Last but not least, Distributed Ledger Technology Services eliminate the complications of managing large sets of data.
How can we help you?
Here are the ways Company Setup experts can help you introduce DLT in your business:
• Model design
Firstly, we will get an idea of your business and its operation, which will help us select the perfect model to introduce blockchain in your specific business. Additionally, we will help you define your strategy so that you can fine-tune your business operations and increase profitability. We will also help you keep up with market trends and bring out your organization’s true potential. Finally, we will also help you understand how DLT is better for your business than traditional technologies.
• Technology selection
Automation is one of the most important tools that increase the profitability of your business by reducing various expenses. However, you need to select the correct tech that fits your specific business or you will end up spending money on something that does not help you increase your profitability. We will help you select the correct technology for your specific business.
• Prototyping and testing
We will help you determine whether automation and blockchain technology is helpful for your organization or not. Additionally, we will show you how to use and run these tools through various technology demonstrations. You can also use our prebuilt assets to quickly integrate them into your business and get them up and running as quickly as possible.
Lastly, after we have determined the correct technology for your specific business, we will integrate and implement them in your business so that you can smoothly and securely run your business operations. Additionally, we will continue to help you tune these processes to further increase your profitability.
If you want to introduce Distributed Ledger Technology Services in your business but do not know where to get started, then you are in the right place. Company Setup Consultants have helped numerous entrepreneurs from all over the world with their businesses in the UAE. Contact us today and hit the ground running.