Auxis AI Blockchain Consulting Team

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 Build smart systems and unlock new growth with the power of Generative AI development solutions.   We know your needs,  Auxis Technology Consultants understands and caters to the unique needs of its diverse customers. Our vast record of projects across all possible setups tells us that the challenges and risks to tackle via a custom development project will vary significantly. Blockchains are extraordinarily useful. Over the last decade, countless industries have begun experimenting with them to potentially replace legacy systems and add new capabilities to their organizations. Some of the most lucrative and forward-thinking companies like Walmart, Amazon, IBM, and Microsoft have all realized that blockchain technology is the next revolution in the world.

Public Blockchains 

 
Blockchains like Bitcoin (BTC) were designed to be public, decentralized, and accessible to anyone for any purpose they choose. The power of this concept is extensive as individuals can now transfer funds to anyone globally, without any intermediaries.  However, these blockchains also have some drawbacks due to their design. 

With BTC you oftentimes have expensive and lengthy transactions. Furthermore, all participating users, their associated wallets, and transactions are visible for anyone to see.  Of course, it is not in the best interest of every organization to have all of its operations completely transparent, and accessible to the world. Therefore a compromise was needed. How could these organizations take advantage of the potential of blockchain while also ensuring that it can meet their specific needs? Innovation brought to life other types of blockchains such as private, federated, and hybrids. 

Private Blockchains

With public blockchains being the quintessential type that the crypto space is known for, the next most common type is the private blockchain. There are several significant differences between the way these two are structured, and in many ways, private blockchains are the antithesis of what cryptocurrencies like Bitcoin set out to be. That being said, private blockchains exist to perform functions that a public blockchain would not be adequate for. 

They are centralized, directly managed by a core group, and they are not open to the average person. This means that a central authority determines who is allowed to operate a node, and rights are given individually. Not all nodes can perform the same functions on the network. Ripple (XRP) is perhaps the most recognizable example of a private blockchain. Ripple primarily works to facilitate transactions between banks, and other financial institutions by converting different currencies into XRP for quick, and efficient transactions. With this use in mind, you can see how crucial it is to employ a private blockchain and ensure that sensitive data is not intercepted.  

Blockchain – Electronic Cash

Ecash is known as Electronic Cash which is a digital currency technique from which transactions can be achieved anywhere through the internet. It is an easier form of payment, it is based on the principles of blockchain technology (Digitial Signatures, among the Peer-to-Peer network. All transactions and dealings are stored in specific digital databases. It is the alternate payment system to pay for bills, products, and services without the use of paper or coin currency. Applications of electronic or digital cash are digital cash, debit cards, electronic cases, electronic check, and credit cards. 

Features of Electronic Cash:

• Decentralized: This shows that it is managed by a centralized organization by distributed ledgers. It reduces the trust issues as the user may not need to trust anybody. It improves performance and consistency. It makes transactions irreversible.

• Transparency: This means that all transactions are visible and clear, and nothing will be hidden from the participants. This enhances the trust and faith in electronic cash.
   

Auxis Mission

Our singular mission is to deliver the best technology solutions that will empower our clients to adapt to ever-changing business environments easily and realize their goals. Customer focus is of paramount importance to us is embodied in the company’s culture. At every step, it is about meeting the needs of our customers against any odds. With our proven expertise in emerging technologies and extensive experience in different industry verticals, we strive to deliver scalable, secure and reliable solutions that are world-class in quality.   

Our values at  Auxis  our team of AI Technology Consultants believe in responding quickly, making fast and informed decisions, and effortlessly adapt to changing market conditions. That is why we strive to build strong relationships with our teams and clients for heightened mutual trust and respect. Fully committed to our mission, we live our core values through our actions and behavior. 

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