COVALENT: A TOOL FOR IMPLEMENTING AN EFFICIENT DIGITAL ASSET MANAGEMENT; A CORE ASPECT OF DEFI

Over the years, many companies, through their workers, have spent billions of dollars searching for updated business assets with no central storage platform. This has led to significant loss in productivity and incompetency among workers. Digital asset management has created a central platform to store and access important visual assets, thereby increasing efficiency and productivity. It serves as a central storage system for digital assets such as documents and spreadsheets, audio and video files, among others.

As the Decentralized finance community keeps growing, there is a need to create a proper digital assets storage platform for users to stay up to date with projects, tokens and contracts in the public blockchain space. This has led to the creation of smart contracts that ensures highly secured agreements which can be assessed by anyone on the internet without the need to include an intermediary. Covalent, through a unified blockchain API, is solving the big structural problems in the blockchain community by creating fast and easy access to large data-sets. Covalent Bot allows investors to buy crypto through cryptocurrency indexes.

Covalent As A Digital Asset

As a blockchain data structural firm, Covalent provides a transparent solution to asset management across blockchain networks using a single API. Easy access to data in blockchains through Covalent has created convenience to crypto traders on the platform. Before now, accessing blockchain data was difficult, until the introduction of some Defi protocols and blockchain such as Covalent. Developers need not to understand complex coding tools to write a subgraph, as Covalent has developed a unified API to create solutions to the problem. Businesses will now be able to derive necessary insights from gaining easy access to data and implementing necessary predictive analysis.

Covalent’s Data Query Network

Token holders will query data across various blockchain networks. Binance, Polygon, Ethereum, among others will allow users to perform necessary transactions and gain insights from accessing blockchain data. Through formulating necessary strategies, it has enabled over 25 billion transactions from more than six blockchain networks. Businesses can now track trends, changes in the sector, and other derivatives through the platform. Covalent now has over 100 holders who perform regular transactions on its platform through Ethereum, Binance and other blockchain networks.

In the Fintech community, the introduction of blockchain technology and other innovative digital asset management platforms have created a huge development in the management of financial and digital assets. Global industries such as trading companies, investment platforms and even healthcare services have implemented the use of Covalent to solve data accessibility issues.

Proper Accessibility to Data

Accessing and analyzing data through Covalent in collaboration with other exchange platforms will solve some of the problems associated with data analysis such as Inefficiency, skepticism with cryptocurrency management, low productivity, time wastage, among others. Covalent also intends to expand its reach by collaborating with more public blockchain exchange platforms and creating a software developer kit.

Conclusion

Due to the volatility of crypto, it is necessary for bitcoin exchange platforms to encourage innovations and new concepts to increase its usability and popularity. The availability of trading services on different networks rather than a central network makes cryptocurrency even more volatile. The introduction of DeFi, and NFTs have created an opportunity for new blockchain innovations such as Covalent to optimize cryptocurrency operations globally.

Covalent will provide an avenue for businesses, holders, agencies and other stakeholders to extract data from a single data-hub. With the recent implementation of cryptocurrency as a means of payment on PayPal, Covalent hopes that other Fintech companies will adopt its platform as a means of accessing blockchain data.

For more information about Covalent, follow their official websites below:

Website: https://www.covalenthq.com/

Telegram: https://t.me/CovalentHQ

Discord: https://discord.gg/fgZPpq69Dd

Twitter: https://twitter.com/covalent_hq

Reddit: https://www.reddit.com/r/CovalentHQ/

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

BLOCKCHAIN ENERGY (BEN) IS NEXT AFTER BLOCKCHAIN MONEY

Osmosis Zone Update Blog 2022/03/14

Proxi AMA with Paul Jankovic at t.me/amaroom

What is A Smart Contract?

How blockchains could change the world — Part 2

StaFi December Development Recap

Wetez Staking AMA: opportunities amid turmoil

aelf Tech Talks — Design and Practice of Blockchain Cross-chain Technology — Part 3

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Adaora Anders

Adaora Anders

More from Medium

Upcoming SDG Related Reports

How Arc Finance upgrades market value management service by organizing users

STEP BY STEP PROCEDURE TO ADD MDF TOKEN BY MATRIXETF IN YOUR SOLANA WALLET.

THINKIUM ACCOUNT