Blockchain technology is one of the latest technologies taking the world by storm. Today, blockchain technology is poised to revolutionize innumerable industries such as finance, business, supply chain management, healthcare, farming, and even publishing. This technology facilitates information storage in a digital record across a global network of computers existing in a state of consensus. Its utility and innovation lie in its decentralized, distributed and invulnerable nature.
While most blockchain technology companies work in the field of cryptocurrencies (virtual currencies or digital assets), a few companies are looking into how this technology can benefit other fields. One such company is ‘Syscode’, a blockchain technology implementations specialist for all sorts of businesses and industries. Established in Kuala Lumpur in 2016, Syscode has steadily moved from a financial background to become a key innovator in the blockchain industry.
A blockchain technology company rather than a blockchain solutions company, Syscode is focused on integrating blockchain technology into other industries, and helping people to understand the technology better. The company is looking to deploy private permissioned networks and tokenize client’s businesses and processes to bring in crypto investments and expand their business reach. For the cryptocurrency market, the company has built its own blockchain development framework. So, it is able to provide clients its own custom tokens, wallets and exchanges.
Understanding a New World of Cryptography
Reza Ismail, Syscode Founder, believes that the future of blockchain technology lies in utilizing its properties to enable ‘a truly borderless and interoperable business environment’. Syscode is committed to the blockchain as they regard the technology as a ‘trust machine’ providing a trusted environment to its users, especially in financial matters.
Syscode has identified that the vast majority of people still lack a clear understanding of what this technology is all about. Reza weighs in, “Unfortunately, the cryptocurrency movement has all but overshadowed blockchain technology. A lot of people we meet cannot differentiate between the blockchain and cryptocurrency”. He goes on to say that cryptocurrency is just the tip of the iceberg for blockchain utilization. He also expresses that blockchain is neither the solution for all technology implementations nor a brunt of cryptocurrency stigma.
Syscode wants to decouple the cryptocurrency stigma from the blockchain technology by educating their clients. Regarding the company’s approach, Reza mentions, “We are taking a couple of steps back as of now, while trying to educate our customers and potential clients about what blockchain is really about and how it can be potentially used to improve business processes, reduce costs and increase productivity.”
Syscode offers introductory sessions on blockchain technology to its new clients. These sessions help foster trust, helps clients gain a clear understanding of how the technology works and allows them to decide if blockchain technology can be utilized in their businesses. Reza shares, “Blockchain implementations require a lot of consultation. We consult the clients and attempt to get to the root of their worries or misunderstandings about blockchain technology”.
Currently, Syscode is working on custom blockchain deployments for document encryption, identity authentication, track and trace solutions, encrypted private messaging systems, and payment solutions. The company’s ongoing projects cover areas such as cryptocurrency implementations, customizable blockchain wallets, and private exchanges. One of their key projects, ‘Kryptosys’, can be applied to almost every industry, in a variety of ways such as smart contracts, digital tokens, private blockchain and as a digital ledger to enable transactions of all kind. Kryptosys is a great asset for companies that develop ÐApps (Decentralized Applications) on the Blockchain for industry specific applications which require greater security and verifiability.
Going forward, Syscode aims to focus more on blockchain implementations such as deploying private permissioned networks, custom smart contracts and integrating decentralized applications through use of API communication layers. Waypoint, a blockchain based multifactor authentication protocol is another important product that can revolutionize the way companies perform identity authentication.
Syscode has set a firm footing in the world of blockchain as they are venturing into the future having a clear idea of how blockchain technology can advance the business world. Reza envisions building up Syscode as a trusted blockchain development company. His dream is to build a blockchain framework which powers smart city implementations, where people, applications and devices are able to seamlessly transact with each other in a truly interoperable environment. Reza says, “We at Syscode aim to be able to drive businesses forward in line with a decentralized and an autonomous future”.