Since the blockchain came as a major breakthrough in the world of technology, forecasters and experts having being ceaselessly singing praises about how it is going to occupy the new world and you will have no choice but either shape in or ship out regardless of any sector you find yourself so long as you deal with currency or you do transactions with it.
The Blockchain Technology
The blockchain technology works in a distributed ledger pattern existing in different computers at even times. The blocks or simply put records are dynamic, they are added every now and then with the old records retaining their time stamps while linking to the new ones in a chain-like manner. In blockchain technology, no one has the monopoly of operations, it is a system that runs without human management. Everyone in the system can have access and add records to the entire database using a personal cryptographic key. They can make financial transactions with these unique crypto keys and that is where a major challenge might rear up in terms of the security of the key.
The Smart Card Concept
Smart cards are really like any cards you can think of; rectangular in shape, pocket-size and very light. But they are smart; with the microprocessor containing a memory chip embedded in them, then can store substantial information, can be read and written to. These cards can help you make payments with your bank details incorporated in it and allow you carry out other financial transactions in a fast, secure and convenient way.
With an overview of the both concepts, let’s get down to how they relate and the benefits.
The Benefits of Using These Smart Cards in Blockchain App Development
Smartcards and Blockchain make the best of pairs. In terms of application development in the blockchain technology, this smart cards can come in a myriad of capacities to tackle many blockchain challenges. With the risk of losing your crypto keys imminent, smartcards can come in handy by helping you preserve these keys in their smart fortresses. That’s just a part of their numerous benefits in blockchain application development. Find the rest below.
- Secure and Personalized Data Storage
Since the blockchain run a system where ledgers are distributed evenly across different computers and users of these different computers with their personal crypto keys can access and make transactions without interference from any singular entity, then the introduction of smart cards into the mix will be a typical example of doing a transaction under the aegis of a particular financial institution without the interference of the financial institution.
- Security Issues with Blockchain are Handled with Smartcards
One of the major challenge of any technological ‘brave new world’ is security. The blockchain apps are not exempted from this challenge. If smartcards can be integrated into blockchain application development, then the issue of securing private crypto keys of blockchain users can be a thing of the past. The smart cards come as a secure alternative source of storing personal information like your unique crypto keys. These smartcards have high computing power and performs like your ideal mini computer system. They are so portable, you can just insert them in your wallet or pocket. Technology have never been this smart, affordable and convenient. This makes the potentials of smartcards very great and yet to be tapped.
- Perfect Scalability
Using the Bitcoin as an exemplar of the blockchain technology, the Bitcoin has some limitations in that it can only run about 10 transactions in a second while that of the Visa which uses smartcards can comfortably manage about 3,200 transactions in that same time. The incorporation of smartcards can supplement this limited number of transactions and improve or enhance scalability ultimately for the blockchain.
- Blockchain Wallets
The integrating of smartcards into blockchain wallets is gaining prominence by the day and with the endless possibilities of the smartcards like the usage of Near Field Communication (NFC) technology, these blockchain wallets can be used to make transactions across various platforms faster and easier. The smartcards can adequately and securely store payment information and passwords for a vast range of payments methods. These smartcards can also be alienated from the entire blockchain network and used for other purposes like interbank transfers, transnational funds and asset transfers with digital signatures still contained safely in them. Such flexibility is only gotten when smartcards are considered in blockchain application development.
Both the blockchain and smartcards are amazing proceeds of the renaissance and frontiers of the 21st century jet age. Each comes with its own a unique benefits, awesome prospects and challenges as well. Complementing each other in a technological alliance makes the pair an almost perfect one. Security comes top in the challenges of many innovations. With these smartcards tackling issues of security in blockchain, it can only get better.
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Founder Dinis Guarda
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