<p><span style="text-align: justify;">Learn about the processes and steps of fintech app development, its core features, and costs.&nbsp;</span></p>

Learn about the processes and steps of fintech app development, its core features, and costs. 

Full Guide to Fintech App Development | Agilie

<p dir="ltr">If you own an IT business, you probably know how difficult it is and how long it takes to recruit in-house IT specialists. Especially those with a Middle or Senior level of expertise or some with very rare tech skills. This could become a real nightmare if your project needs experts just right now.</p>
<p dir="ltr">What to do in such a case?&nbsp;</p>
<p dir="ltr">The smartest move you can take is to opt for a staff augmentation model that helps expand your team for a specific project extremely fast. Still don&rsquo;t know what this helpful model is? In this article, we will explain to you what staff augmentation really is, when it is best to use it, as well as give you all the cons of this model.&nbsp;</p>
<p dir="ltr">But let&rsquo;s start with some basics.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Staff augmentation is a flexible and cost-effective solution for companies that need to scale their workforce quickly. By extending their existing team with external talent, companies can access a wide range of skills and expertise without committing to the long-term costs associated with hiring full-time. 
There are different models of staff augmentation, including time and material, fixed-price, and dedicated team models. These models offer varying degrees of flexibility and control, allowing companies to choose the model that best suits their needs.
Staff augmentation enables companies to access the skills and expertise they need to complete projects more quickly, ultimately leading to improved business outcomes and success.
Among the most popular cases of team augmentation use are when a company needs to meet a tight deadline, requires specialized skills, or wants to maintain its core team's stability. By leveraging staff augmentation, companies can quickly access the talent they need to meet their business objectives, without the long-term commitment of hiring full-time employees.
By adopting a staff augmentation model, companies can access a pool of skilled talent, reduce costs, and remain agile and responsive to changing market conditions, ultimately leading to improved business outcomes and success.">
<div class="form-description-title">Key Takeaways</div>
Staff augmentation is a flexible and cost-effective solution for companies that need to scale their workforce quickly. By extending their existing team with external talent, companies can access a wide range of skills and expertise without committing to the long-term costs associated with hiring full-time. <br /><br />There are different models of staff augmentation, including time and material, fixed-price, and dedicated team models. These models offer varying degrees of flexibility and control, allowing companies to choose the model that best suits their needs. <br /><br />Staff augmentation enables companies to access the skills and expertise they need to complete projects more quickly, ultimately leading to improved business outcomes and success. <br /><br />Among the most popular cases of team augmentation use are when a company needs to meet a tight deadline, requires specialized skills, or wants to maintain its core team's stability. By leveraging staff augmentation, companies can quickly access the talent they need to meet their business objectives, without the long-term commitment of hiring full-time employees. <br /><br />By adopting a staff augmentation model, companies can access a pool of skilled talent, reduce costs, and remain agile and responsive to changing market conditions, ultimately leading to improved business outcomes and success.</div>
<h2 dir="ltr">What is Staff Augmentation?</h2>
<p dir="ltr">When you first hear about IT staff augmentation services, many people would immediately think of an augmented human from a modern cyberpunk movie. Are you one of them? That is understandable.&nbsp;</p>
<p dir="ltr">In reality, IT staff augmentation is not about it at all. The word augment itself means to make something larger &mdash; in size, number, strength, etc. Augmented in the IT sphere means a bigger team. But having bigger teams doesn&rsquo;t mean becoming more effective. It can sometimes be quite the opposite, as bigger teams are quite difficult to manage. Staff augmentation can help you enlarge your team while ensuring that this staffing remains efficient.&nbsp;&nbsp;</p>
<p dir="ltr">To put it simply, staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407005789.png" width="2001" height="1401" /></p>
<p dir="ltr">Wait, so is it that simple? And you won&rsquo;t need to pay for time-consuming recruiting or consulting services?&nbsp;</p>
<p dir="ltr">Yep, you can find numerous staff augmentation providers that will do the job instead of you and hire excellent temporary engineers for your project very fast. Besides, skilled talent is hired to cover only the necessary positions temporarily, permanently, or on-demand. The hires are added to the in-house team and collaborate with them on a specific project which enhances the capacity of your team and organization.&nbsp;</p>
<h3 dir="ltr">Why is staff augmentation so popular?&nbsp;</h3>
<p dir="ltr">Staff augmentation has become a widely used practice worldwide with <a href="https://www2.staffingindustry.com/site/Research/Research-Reports/Americas/Global-Staffing-Forecast-May-2019" target="_blank" rel="noopener">$490 billion</a> of revenue annually. One of the main sources for staff augmentation is freelancing, which has become very popular recently due to the rise of numerous freelance platforms. Just imagine, in the US solely, about <a href="https://www2.staffingindustry.com/site/Research/Research-Reports/Americas/The-US-Gig-Economy-2019-Edition" target="_blank" rel="noopener">34% of workers</a> are freelancers, and this number grows each year.&nbsp;&nbsp;</p>
<p dir="ltr">But why has staff augmentation become so popular?&nbsp;</p>
<p dir="ltr">It is obvious. Many companies today choose IT staff augmentation for a bunch of situations, including talent shortage, high cost of IT professionals, and many more. This model helps businesses minimize operational costs while skyrocketing their efficiency. It also helps quickly scale your IT department once you need it and add more employees to keep up with the demand.&nbsp;</p>
<p dir="ltr">Staff augmentation can, undoubtedly, help you enhance both the quality and speed of your projects, because by hiring professionals in various fields, you get the expertise that your in-house developers may lack. This could be extremely helpful if you have complex IT projects and you need a senior level of expertise.</p>
<p dir="ltr">Last but not least, staff augmentation service can present your workers with excellent training opportunities. Your in-house staff can share the experience with your in-house team, allowing them to learn and grow throughout the whole development process.</p>
<h3 dir="ltr">Types of staff augmentation</h3>
<p dir="ltr">Today, IT staff augmentation can be divided into three main types, each with its own peculiarities:</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407019595.png" width="2001" height="1001" /></p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Core augmentation</p>
</li>
</ul>
<p dir="ltr">This type of augmentation is long-term with a full-time contract. All the resources of the business are shared with another company and the core team works full-time at the hired company while paralelly working in their own company. The roles and responsibilities of the core team are stated in the contract.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Temporary augmentation</p>
</li>
</ul>
<p dir="ltr">This type of augmentation is short-term with temporary staff for a specific project. Usually, companies prefer the temporary augmentation model if they lack the resources for covering all their projects. Temporary augs can increase the number of people to handle multiple projects.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Functional augmentation&nbsp;</p>
</li>
</ul>
<p dir="ltr">This type of augmentation involves contracted employees working temporarily on a specific project. The main difference between core and functional augmentation is that the latter doesn&rsquo;t have an indefinite duration.&nbsp;&nbsp;</p>
<h3 dir="ltr">Use cases of staff augmentation</h3>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407086168.png" width="2001" height="1201" /></p>
<p dir="ltr">Before applying this cooperation strategy, it is crucial to know its best use cases. Here are some of the most common uses when you should consider opting for staff augmentation:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Reinforcing your in-house team: yes, you may already have a developer team that works in-house. However, when you launch new projects or release new products or services, it is better to improve your expertise by augmenting your existing IT team with temporary personnel. This way, you will get a better outcome.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">When you have short deadlines: the process of recruiting new employees is a complex process with lots of stages. But if you don&rsquo;t have time and patience for it, you can take advantage of staff augmentation. You can get programmers from any part of the world very fast and meet the needs of your project, no matter if it is short- or long-term.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">If you need specific expertise: if you need to get a specialist with a certain skill set over a short period of time, this cooperation method will help you out.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">If you need to bridge a gap: you can always hire temporary workers for short-term projects while looking for permanent candidates.</p>
</li>
</ul>
<h2 dir="ltr">The Difference between Staff Augmentation and Delivery Teams</h2>
<p dir="ltr">When learning about staff augmentation, you may also come across the term delivery teams. These two terms can even be misused sometimes.&nbsp;</p>
<p dir="ltr">But what is the difference? And is there any?&nbsp;</p>
<p dir="ltr">As we already found out, staff augmentation is the process of hiring one or more temporary tech specialists. So, when you have more demanding projects that need constant support through all their stages of development, staff augmentation might not be a good fit for you.&nbsp;</p>
<p dir="ltr">In this case, you need a delivery team that usually consists of a skilled project manager, several software developers, and quality assurance specialists. Such teams work on projects autonomously and need little or no supervision from your side.&nbsp;&nbsp;</p>
<h2 dir="ltr">Benefits of IT Staff Augmentation</h2>
<p dir="ltr">Just like with any other cooperation strategy, staff augmentation comes with a bunch of pros and cons. Here is the list of some of the benefits you can get when opting for this model:</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407045860.png" width="2001" height="1101" /></p>
<h3 dir="ltr">1. Reduction of the time for recruiting</h3>
<p dir="ltr">Organizing a well-functioning recruiting process takes time and energy. You need to create job descriptions, place them on the job portals, interview candidates, and do many other necessary steps. And even all of them do not guarantee fast and successful hiring.&nbsp;</p>
<p dir="ltr">But what if we say that staff augmentation will eliminate all these stages, especially if you get help from a staff augmentation company? It will do everything instead of you and staff your business very fast with new full members of your team.&nbsp;</p>
<p dir="ltr">Besides, having temporary workers will help you fight another issue called overstaffing. When you have already delivered the project, you may not need the same number of workers anymore. And with staff augmentation, you won&rsquo;t face the problem of firing gifted tech talent.&nbsp;</p>
<h3 dir="ltr">2. Access to a talented pool of experts</h3>
<p dir="ltr">When you need a candidate with a certain technical skill set, the staff augmentation company will offer you good fits without wasting your time. Besides, you can select experts from any part of the world to meet your business goals if you do not have matches in your region.&nbsp;</p>
<p dir="ltr">With staff augmentation, you can use both internal and external resources while saving your time on onboarding and training of the new employees.&nbsp;</p>
<h3 dir="ltr">3. Enhanced flexibility and scalability</h3>
<p dir="ltr">This model is extremely flexible and scalable. With IT staff augmentation, you can easily both upscale or downscale your development team, which is more comfortable than hiring full-time employees. What is more, when the project ends, you can end the partnership with temporary staff or revive it in the future if you need help again. This won&rsquo;t ruin your brand image like firing your employees.&nbsp;</p>
<h3 dir="ltr">4. Quality on a budget</h3>
<p dir="ltr">If your business has a limited budget and payroll, staff augmentation is just for you. You don&rsquo;t need to pay any extra costs as you do with full-time staff. However, you can always add some bonuses to improve their happiness and performance.&nbsp;</p>
<p dir="ltr">Moreover, small businesses benefit a lot from temporary placement on a short-term basis with no long-term commitment as you do not need to pay taxes or insurance.&nbsp;</p>
<p dir="ltr">But does this mean that the quality is lower, too? Of course, not. Staff augs deliver the same quality and quantity of work just like your full-time employees.&nbsp;</p>
<h2 dir="ltr">How to Succeed with Team Augmentation</h2>
<p dir="ltr">If done the right way, staff augmentation can significantly improve your bottom line and enhance productivity. Here is a step-by-step guide on how to successfully implement this strategy in your business:&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407061994.png" width="2001" height="1701" /></p>
<h3 dir="ltr">Identify which skill or expertise your company needs</h3>
<p dir="ltr">The first step of staff augmentation adoption is identifying which tech expertise you currently need by conducting a detailed analysis of your business operation. You can also assess your projects requirements and your personnel audit outcome and find out which gap you have and whether the acquisition of the temporary employees will help you out.</p>
<h3 dir="ltr">Search for staff augmentation provider</h3>
<p dir="ltr">When you are looking for a staff augmentation vendor, you should always keep in mind your requirements as different staff augmentation companies have different approaches to recruiting. Conduct the research, assess their credentials and offers, and track records. Make sure to find someone who aligns with both your corporate and operational cultures.&nbsp;</p>
<h3 dir="ltr">Compare and choose one</h3>
<p dir="ltr">You don&rsquo;t need to choose only one staff augmentation provider as each of them has unique offers to consider. Try to multisource, select several of the most suitable vendors, compare them, and select the one that is the best fit for long-term cooperation.</p>
<h3 dir="ltr">Foster a healthy relationship between in-house and remote teams</h3>
<p dir="ltr">No matter if you work with in-house or remote teams, you need to force a healthy environment in which everyone is happy to work. How? You need to communicate with everyone and ensure that each of the teams is in sync. For example, when you are holding a meeting, ask about your team&rsquo;s interests or hobbies to figure out what they have in common. This will also help in building a healthy relationship in the team.&nbsp;</p>
<h3 dir="ltr">Make sure the communication is clear</h3>
<p dir="ltr">Did you know that your bottom line can be improved with the help of clear communication? How so? It is obvious. Your entire team needs to understand your business vision and mission as well as all project requirements. It is also very important to ensure clear communication so that everyone who takes part in the development and administration process can contribute to it and buy into decisions.</p>
<h3 dir="ltr">Master useful technologies</h3>
<p dir="ltr">Always master technologies and tools that might be helpful for you. Such team collaboration tools like CRM system, Slack, JIRA, task management system, or Basecamp help to share comments from team members as well as project statuses. Be careful as the lack of communication may result in miscommunication. And this can affect your entire project negatively. Many modern tools can do the contrary; they enhance the communication and collaboration within your team.&nbsp;</p>
<p dir="ltr">Conclusion&nbsp;&nbsp;</p>
<p dir="ltr">Undoubtedly, a staff augmentation strategy allows you to focus on your core business objectives and stay competitive in this fast-paced world. By adopting this cooperation solution, you get several benefits, like decreasing time and cost for recruiting and employment, improved efficiency of your team, and extreme flexibility and scalability.&nbsp;</p>
<p dir="ltr" style="line-height: 1.9871999999999999; margin-top: 0pt; margin-bottom: 10pt;">If you often need employees for short-term projects, then IT staff augmentation is surely a must for your firm. And the abundance of staff augmentation providers on the market will ensure that you hire only skilled developers whenever you need them and won&rsquo;t spend too much time and money on recruiting. <span id="docs-internal-guid-38677343-7fff-dfcf-7319-998567c0d35d"></span></p>

<p>Explore what is staff augmentation, its types, and how it differs from the delivery team.</p>

Explore what is staff augmentation, its types, and how it differs from the delivery team.

What is Staff Augmentation and How it Works | Agilie

<p style="text-align: justify;">Learn about the essence of the dedicated team outsourcing model, its benefits, and cases when it works and doesn't.</p>

Learn about the essence of the dedicated team outsourcing model, its benefits, and cases when it works and doesn't.

Dedicated Team Model: What It Is, Pros & Cons for Your Project | Agilie

<p dir="ltr">The project management life cycle is the complete process of initiating, planning, executing, controlling, and closing a project. Knowing these key project lifecycle stages can help organize it and focus on your projects. Each phase of the project management life cycle has specific goals, allowing you to track each step in detail throughout the cycle. In this blog post, we will look at what the project life cycle is, explore the five phases of the project management life cycle, and why the Discovery phase is helpful for production.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Understanding the project management life cycle is critical to the success of any project. The five phases - initiation, planning, execution, monitoring and controlling, and closure - provide a structured approach that ensures projects are completed on time, within budget, and to the satisfaction of stakeholders.
During the initiation phase, it's crucial to identify the project's purpose, scope, and stakeholders, and obtain buy-in from all involved parties. The planning phase involves detailed planning and setting of project objectives, resources, timelines, and deliverables.
The execution phase requires effective communication, collaboration, and project management skills to ensure the project runs smoothly, and the desired outcomes are achieved. During the monitoring and controlling phase, the project team monitors and adjusts the project's progress and makes necessary changes to keep it on track. Finally, in the closure phase, the project is reviewed, and the outcomes are documented.
By understanding these five phases and applying them to project management, organizations can increase the likelihood of project success and mitigate risks. Effective project management not only ensures the completion of a project but also improves team morale, stakeholder satisfaction, and overall business success.">
<div class="form-description-title">Key Takeaways</div>
Understanding the project management life cycle is critical to the success of any project. The five phases - initiation, planning, execution, monitoring and controlling, and closure - provide a structured approach that ensures projects are completed on time, within budget, and to the satisfaction of stakeholders. <br /><br />During the initiation phase, it's crucial to identify the project's purpose, scope, and stakeholders, and obtain buy-in from all involved parties. The planning phase involves detailed planning and setting of project objectives, resources, timelines, and deliverables. <br /><br />The execution phase requires effective communication, collaboration, and project management skills to ensure the project runs smoothly, and the desired outcomes are achieved. During the monitoring and controlling phase, the project team monitors and adjusts the project's progress and makes necessary changes to keep it on track. Finally, in the closure phase, the project is reviewed, and the outcomes are documented. <br /><br />By understanding these five phases and applying them to project management, organizations can increase the likelihood of project success and mitigate risks. Effective project management not only ensures the completion of a project but also improves team morale, stakeholder satisfaction, and overall business success.</div>
<h2 dir="ltr">Project management phases: Brief Overview</h2>
<p dir="ltr">Project production is a set of activities that must be performed in a particular order within a given period. A project requires a system of processes and talented people to get the job done. All in all, it's not an easy feat!</p>
<p dir="ltr">Any project requires a comprehensive study of its life cycle. Knowing how each phase functions provides valuable insight into how to approach it.</p>
<p dir="ltr">The standard project management life cycle consists of five phases:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Concept &amp; Initiation</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Planning</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Launch or Execution</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Performance &amp; Control</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Close&nbsp;</p>
</li>
</ul>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676406834071.png" width="2000" height="2700" /></p>
<p dir="ltr">Usually, when a new project is started, these five phases follow each other in order, but this is not always the case. For example, if there are any changes during the course of the project, you can return to the planning phase to accommodate the changes, but do not repeat the entire cycle again from the initiation phase.</p>
<p dir="ltr">This level of flexibility simplifies change management processes throughout the project life cycle.</p>
<p dir="ltr">What is the importance of the project management life cycle? This sequence of phases may seem like a formality to you, but it actually helps a lot with the implementation of a project plan. It allows you to apply an organized approach to project management. This means that you will have more obvious roles and responsibilities, improved communication, and stable results (and there will be many fewer omissions and forgotten tasks!).</p>
<h2 dir="ltr">What are the different phases of a project?</h2>
<p dir="ltr">The life cycle of each project includes several stages. Although there are different models of project life cycles, almost all of them include the following five phases:</p>
<h3 dir="ltr">Phase 1: Project Concept &amp; Initiation</h3>
<p dir="ltr">The first stage of the life cycle, initiation, requires a kickoff meeting that loops around the client and investor. Goals, objectives, doubts, fears, and any initial thoughts and ideas are discussed here. When decision-makers are not in the same place, you can look forward to organizing an online meeting for video chat or conference call to discuss the following topics for discussion:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Who are the investors and stakeholders?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What is the vision and mission of the business?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What are the expected timelines?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What are the risks?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What budget and resources are available?</p>
</li>
</ul>
<p dir="ltr">This phase includes the description of the project, the creation of a business case, the identification of key stakeholders, and the approval of the project by the relevant parties.</p>
<p dir="ltr">Start by drafting a project charter that outlines your initial ideas as well as the project scope and constraints.</p>
<p dir="ltr">When you get busy with tasks and deadlines, it will be very easy to forget the importance of the project. In fact, only 55% of the participants clearly understand the business goals of the project, mainly team leaders and project managers.</p>
<p dir="ltr">The project charter must include specific business benefits associated with your project. This will help you and your team members not only focus on achieving goals, but also ensure that time is not wasted in advance.</p>
<p dir="ltr">Drafting a project charter will help you provide leaders with specific facts and get their approval.</p>
<h3 dir="ltr">Phase 2: Project Planning</h3>
<p dir="ltr">During the planning phase of the project, the project manager establishes the purpose and scope of the project. In addition, project managers use this stage to determine the project budget, determine the required resources, and begin to organize a team to complete the tasks associated with the project. A feasibility analysis is testing the viability of an idea, for example, to ensure the project is legally and technically feasible as well as for economic profit.&nbsp;</p>
<p dir="ltr">Depending on the nature of the project, the project manager may create a report detailing the plan.</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676406870064.png" width="2000" height="1000" /></p>
<p dir="ltr">The planning phase requires careful consideration of the many elements associated with your project. Among other things, these may include the following information:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Key roles and responsibilities</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Success rates</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Possible risks and obstacles that reduce efficiency</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Expectations for intra-team communication</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Schedule</p>
</li>
</ul>
<p dir="ltr">All of these elements should be described in a detailed project plan that you will present to the team at the kick-off meeting and then refer to throughout the project.</p>
<h3 dir="ltr">Phase 3: Project Launch or Execution</h3>
<p dir="ltr">Team leaders and project managers are involved in creating results, facilitating clients, completing tasks, implementing processes, and more. Direct communication at all stages of a project is essential and vital to the successful implementation of an idea.</p>
<p dir="ltr">Important at the execution stage:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Frequent meetings</p>
</li>
</ul>
<p dir="ltr">Keeping teams up to date with scheduled online meetings helps keep the project on track and on schedule. Timely and crystal-clear communication via video conferencing reduces blind spots, improves collaboration, and speeds up the movement of items in the pipeline.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Conflict Management</p>
</li>
</ul>
<p dir="ltr">Problems are inevitable. Reduce the likelihood of incidents by inviting the development team to speak up and voice issues or anything that could potentially become a weak point in the chain.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Progress reports</p>
</li>
</ul>
<p dir="ltr">Regular updates shared during a meeting session, or video chat help you stay ahead of the curve and catch issues before they happen.</p>
<h3 dir="ltr">Phase 4: Project Performance &amp; Control</h3>
<p dir="ltr">This phase requires a review to make sure everything is in line with what was previously agreed upon. What are the key performance indicators? What needs to be implemented in order to meet the deadlines and financial parameters?</p>
<p dir="ltr">Hold online meetings with key players for regular audits, reviews, and performance reports. You can give presentations remotely via video conferencing, including workflows, important documents and files, and anything else that needs to be shared.</p>
<p dir="ltr">During the monitoring and control phase of the project, the project manager oversees the execution of the project. They provide feedback to team members, make sure all project elements are on schedule, and remove roadblocks. By monitoring the progress of the project, managers can ensure that the scope does not increase and the project stays within acceptable time limits.</p>
<h3 dir="ltr">Phase 5: Project Close</h3>
<p dir="ltr">After completion of all work required at the implementation stage, the project moves to the final stage. Closeout starts when the user accepts the project deliverables and the project authority concludes that the project has met the goal. During the project closure phase, the project manager communicates the completion of the project to project stakeholders. By this stage, the stakeholders have all the results. Many project managers evaluate the success of a project at this stage in order to improve the lifecycle management process for future projects. Commissioning builds trust with stakeholders and has to be integrated into all stages of the project with a project management approach to ensure that each step of testing is successful.</p>
<p dir="ltr">Decommissioning means the termination phase of a project that is carried out in an orderly manner. It requires fulfilling standards to preserve important data, information, and documentation. If required, the data retained can be easily retrieved and utilized in the future.</p>
<h2 dir="ltr">How the Discovery Phase contributes to efficient project management</h2>
<p dir="ltr">The discovery phase <a href="https://agilie.com/blog/project-discovery-phase" target="_blank" rel="noopener">helps to assess</a> whether the company will be able to complete the client's project and how much it will cost. During the discovery phase, business problems are identified, the domain is explored, requirements are identified, and solution design is done.</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676406904264.png" width="2000" height="1200" /></p>
<h3 dir="ltr">Project schedule</h3>
<p dir="ltr">Inception is carried out as a preparatory phase before starting work on the current project. The main goal is to detail the requirements, especially for the first iterations, so that the team does not have delays at the start. As a result of this research, you and your team should create a detailed backlog for the first few sprints of the project, at least basically decide on the architecture and approve the project schedule.</p>
<h3 dir="ltr">Project team composition</h3>
<p dir="ltr">Project team composition includes those who can help to lead the discovery work and who can make it feasible (developer), usable (UX-person who meets the users), and sellable (PO who knows the business).</p>
<h3 dir="ltr">Project milestones</h3>
<p dir="ltr">Discovery is a phased work. We go from global business goals and objectives to specific user actions in the system. After each stage, it provides a separate artifact with fixed requirements. Artifacts are conditionally divided into mandatory and optional, and the final set depends on the goals of the customer.</p>
<h3 dir="ltr">Project budget</h3>
<p dir="ltr">The discovery phase allows you to determine the project timeline and budget, specify the requirements for the final product, identify the needs of the end user and get feedback from them about the product.</p>
<h3 dir="ltr">Project risks and challenges</h3>
<p dir="ltr">In order to estimate the cost of the project and make a commercial offer to the client, it is necessary to conduct a Discovery phase or a complete analysis of all operations of the project implementation, risks, and challenges - from the emergence of an idea and business concept to the technical implementation of the expected product. This approach allows you to protect the client from unplanned costs and facilitate and clearly define the working conditions of the team that will develop the product.</p>
<h2 dir="ltr">FAQs</h2>
<h3 dir="ltr">What are the objectives of each phase?</h3>
<p dir="ltr">In the process of implementing a conceptual idea regarding the production process or other activities at the enterprise, several successive moments can be distinguished. So, it is customary to distinguish the following stages of the project life cycle:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Initiation - the idea is put forward, as well as the preparation of project documents. A detailed justification is being made, as well as marketing research, which will serve as an aid to the implementation of the subsequent stages.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Planning - determining the timing of the implementation of the plan, dividing these processes into specific stages, as well as appointing performers and responsible persons.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Execution - begins immediately after the plans have been approved. It implies the implementation in full of all planned actions.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Controlling or monitoring - In this phase of the life cycle, the manager controls resources, quality of work and timely completion of tasks, coordinates team members, and promptly makes changes to the project plan in case of unforeseen circumstances.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Completion - analysis of the received data and control for their compliance with the planned ones. In most cases, this responsibility rests with management.</p>
</li>
</ul>
<h3 dir="ltr">What is the scope of each phase?</h3>
<p dir="ltr">The costs of the project are directly dependent on its scope. Large projects require full-time workers, while relatively small projects with the same life cycle may only require part-time workers. Therefore, one person can be responsible for many projects in different life cycle phases. The management of the enterprise is responsible for periodic review of the most important stages of the project, which should occur at least at the end of each phase of the life cycle or after critical technological stages of the project.</p>
<h3 dir="ltr">What are the deliverables of each phase?</h3>
<p dir="ltr">The project deliverables include defining the product or services that are needed. The planning phase helps to set the budget and deliver project deliverables without exceeding it.&nbsp; In the Project Execution phase, the team will start creating project deliverables and achieve project goals and objectives as outlined in the project plan. In the Project Closure phase, the product is delivered to clients, the project manager will highlight strengths, list the takeaways of the project, and identify the unclearness.</p>
<h3 dir="ltr">What is the timeline for each phase?</h3>
<p dir="ltr">Regardless of which methodology is chosen for project management, each of them will always have a beginning, a middle, and an end. This is the life cycle of a project.</p>
<p dir="ltr">Project management can seem overwhelming at times. However, dividing a project into five distinct phases, called the project life cycle, will help the team manage time and resources wisely, which increases the chances of success for projects of any size or complexity.</p>

<p style="text-align: justify;">Gain insights into five phases of the Project Management Life Cycle.</p>

Gain insights into five phases of the Project Management Life Cycle.

Phases of Project Management Life Cycle | Agilie

<p><span id="docs-internal-guid-80c61be6-7fff-5e69-7424-6932e7a55521">Explore SDLC or a methodology that describes a detailed plan for the development, maintenance, and alterations of software.&nbsp;<br /><br /></span></p>

Explore SDLC or a methodology that describes a detailed plan for the development, maintenance, and alterations of software. 

What is SDLC? Phases of Software Development & Models | Agilie

<p dir="ltr" style="text-align: justify;"><span id="docs-internal-guid-ee5298e2-7fff-1429-728e-a028fcc13792"></span></p>
<p dir="ltr" style="text-align: justify;">Gain insights in personal finance app development, features, and types.</p>

Gain insights in personal finance app development, features, and types.

Personal Finance App Development: Complete Guide | Agilie

<p dir="ltr" style="text-align: justify;">User Experience (UX) is a buzzword related to web design. It is about convenience while using a website or application. So, don&rsquo;t underestimate it!</p>
<p dir="ltr" style="text-align: justify;">Another common buzzword is Artificial Intelligence (AI). We decided to combine these two concepts to discover the main benefits of AI in UX design: how does AI help develop a top-notch product with excellent UX?</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="AI is vital in data analysis, advising decisions, personalizing users, enhancing HCI, and constructing elements employing data.

Adding AI into UX increases usability, finds true user needs, provides a user with simple and useful navigation, personalizes the user&rsquo;s experience, empowers the machine learning function, and quickly strengthens the chatbot service that helps users without human support staff.">
<div class="form-description-title">Key Takeaways</div>
- AI is vital in data analysis, advising decisions, personalizing users, enhancing HCI, and constructing elements employing data. <br />- Adding AI into UX increases usability, finds true user needs, provides a user with simple and useful navigation, personalizes the user&rsquo;s experience, empowers the machine learning function, and quickly strengthens the chatbot service that helps users without human support staff.</div>
<h2 dir="ltr" style="text-align: justify;">Why Pay Attention to the User Experience?</h2>
<p dir="ltr" style="text-align: justify;">User experience is about feelings that arise when interacting with a specific system. This concept includes usability, accessibility, interactivity, and, of course, aesthetic design. Customer experience is essential because it tends to fulfill the user&rsquo;s needs with a thoughtful UI. Thus, the arrangement of different elements in design largely defines the UX.</p>
<p dir="ltr" style="text-align: justify;">The main benefits of a good user experience are:</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Reducing the need for additional support and training;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Creating an efficient work environment;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Increasing loyalty;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Contributing sales;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Increasing the interaction time with your web resource;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Focusing clients on specific content.&nbsp;&nbsp;</p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">If customers find the design complicated or incomprehensive, a redesign is necessary. But what can you improve to satisfy your audience? Keep reading to find out how AI for UX can be helpful In this case.</p>
<h2 dir="ltr" style="text-align: justify;">What Are Artificial Intelligence Technologies?</h2>
<p dir="ltr" style="text-align: justify;">AI is a technology designed to simulate human intelligence. Computer systems can make difficult decisions and analyze big amounts of data. In addition, they can self-study to improve their calculations.</p>
<p dir="ltr" style="text-align: justify;">Thus, AI is about thinking and acting humanly and rationally.&nbsp;</p>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/blog/ml-ai-and-fintech-how-maching-learning-and-artificial-intelligence-help-you-benefit" target="_blank" rel="noopener" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1711099171512.png" width="100%" height="100%" /> <span class="incut--text">Learn more about AI and ML in our article.</span> </a></p>
<h2 dir="ltr" style="text-align: justify;">What AI Means For UX</h2>
<p dir="ltr" style="text-align: justify;">AI has been created to help people cope with hard and time-consuming tasks. UI/UX designers, accountants, scientists, and specialists find the technology useful.</p>
<h3 dir="ltr" style="text-align: justify;">Data Analysis</h3>
<p dir="ltr" style="text-align: justify;">Suppose you have researched what your clients wish to see on your website. How do you process hundreds or thousands of questionnaires? AI will help designers determine the main and secondary things.</p>
<p dir="ltr" style="text-align: justify;">The volume of data is limited only by the machine's performance. The more information is processed, the better UX will be created. Specialists can rely on their experience while determining users' needs. However, researching with AI is a more appropriate option because, in this case, you&rsquo;ll get accurate and relevant data. It&rsquo;s the only way to develop convenient navigation, structure, HCI (human-computer interaction), usability, etc.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;">Making right decisions</h3>
<p dir="ltr" style="text-align: justify;">Collecting and processing information is followed by a difficult stage: deciding which features to implement and which to abandon. Here, the human factor often interferes, and some things may not be considered. A smart computer studies different scenarios and chooses the most optimal ones. It guarantees the best user experience and reduces the time needed to test solutions.</p>
<h3 dir="ltr" style="text-align: justify;">Personalized UX</h3>
<p dir="ltr" style="text-align: justify;">Sometimes, Artificial Intelligence and User Experience are closely related. For example, AI learns an individual user's behavior and changes some content according to his preferences and expectations. It can be videos, text, pictures, and so on.</p>
<h3 dir="ltr" style="text-align: justify;">AI as a part of IoT to enhance UX</h3>
<p dir="ltr" style="text-align: justify;">When AI takes the form of IoT, countless possibilities are open for users. They can receive the necessary information from their gadgets in one place which impacts the user experience. It&rsquo;s one of the benefits of artificial intelligence.</p>
<h3 dir="ltr" style="text-align: justify;">Designing</h3>
<p dir="ltr" style="text-align: justify;">Have you heard about AI and UX design? Designing is a creative process, but there are some template things. AI can generate flow diagrams and similar elements based on the pre-fed patterns and data.</p>
<p dir="ltr" style="text-align: justify;">In addition, a designer can use AI to improve UX when working on a data-heavy application. In this case, AI becomes a very effective tool. Creating the most complex dashboard with certain wireframes, flowcharts, and guidelines takes seconds.</p>
<h3 dir="ltr" style="text-align: justify;">Predicting user needs</h3>
<p dir="ltr" style="text-align: justify;">Each market changes sooner or later. AI for UX is crucial because it allows for regularly analyzing customer needs and adapting your product to them on time. Manual processing is impossible and inappropriate.</p>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/expertise" target="_blank" rel="noopener" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1711099171534.png" width="100%" height="100%" /> <span class="incut--text">Discover Agilie&rsquo;s expertise and how we can help your business to skyrocket.</span> </a></p>
<h2 dir="ltr" style="text-align: justify;">Future Of AI In UX Design</h2>
<p dir="ltr" style="text-align: justify;">When most businesses start operating online in the modern world, user experience has become extremely important, affecting sales and, as a result, income. Without a good UX, it&rsquo;s impossible to stay competitive.</p>
<p dir="ltr" style="text-align: justify;">Today, systems generate a lot of general information about users and businesses, so specialists need appropriate tools to analyze the data. The tool, namely, Artificial Intelligence was invented in the 1950s. However, it has only recently become mainstream because of advancements in technology.</p>
<p dir="ltr" style="text-align: justify;">According to some statistics, 20% of marketers admitted that AI had the greatest positive impact on them over the past year compared to other technologies.</p>
<p dir="ltr" style="text-align: justify;">Artificial Intelligence and user experience are going to be intertwined even more. AI can be applied at every stage of product development: from conceptualizing an idea to the final tweaks that make a product feel just right.</p>
<p dir="ltr" style="text-align: justify;">There are a few ways in which AI will impact UX design.</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Improving usability. AI will help find out the true client requirements. However, a good UX is about considering the interests of both users and business parties.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Standing out with intuitive and efficient solutions. Make sure that users navigate and perform the necessary actions easily.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Developing personalized interactions. This trend will continue and develop thanks to machine learning as a part of AI.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Spreading chatbots. Smart robots can provide users with fast answers to popular questions. In this case, there is no need to involve employees from the support team. In addition, with the help of chatbots, customers can solve some of their tasks (booking flights or apartments, for example). Such solutions improve the UX a lot.</p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Shortly, AI will play a role in creating complex user interfaces. It&rsquo;ll help designers create up-to-date digital products that meet most users&rsquo; requirements.</p>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/success-stories" target="_blank" rel="noopener" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1711099206193.png" width="100%" height="100%" /> <span class="incut--text">Learn more about our cases. </span> </a></p>
<h2 dir="ltr" style="text-align: justify;">Summary</h2>
<p dir="ltr" style="text-align: justify;">The future of Artificial Intelligence is promising. The capabilities of AI haven&rsquo;t reached their maximum, so UX designers and other specialists will get more useful features to expedite their work and make it more accurate. As a result, they will move away from template solutions and start tailoring the user experience for each customer or user.</p>
<p dir="ltr" style="text-align: justify;">The impact of Artificial Intelligence is obvious. Our team would like to make your business more efficient by improving the UX of your product with the help of modern technologies. Our company includes highly experienced designers and developers: they&rsquo;ll find weaknesses in your website or app and fix them to increase your sales quickly.</p>
<p><a class="incut--wrap" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1711099237494.png" width="100%" height="100%" /> <span class="incut--text">Contact us, and let&rsquo;s shape the future together.</span> </a></p>

<p><span style="color: #0d0d0d; font-family: S&ouml;hne, ui-sans-serif, system-ui, -apple-system, 'Segoe UI', Roboto, Ubuntu, Cantarell, 'Noto Sans', sans-serif, 'Helvetica Neue', Arial, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; white-space-collapse: preserve; background-color: #ffffff;">Discover how AI is being creatively applied in cutting-edge modern UX design practices.</span></p>

Discover how AI is being creatively applied in cutting-edge modern UX design practices.

What is AI and How Does It Affect the User Experience? | Agilie

<p id="docs-internal-guid-8357fa14-7fff-5992-cf6a-611c0aa3d29e" dir="ltr">What is a minimum lovable product (MLP) and how can it benefit your business? You've come to the right place for the answers to these questions, as we're ready to provide them in our piece.</p>
<p dir="ltr">Let's start with the fact that technologies are rapidly evolving, and new software items appear every day. As a result, users are harder to please than before.</p>
<p dir="ltr">Under such conditions, MLP can be the key to success. When building lovable products, we kind of test the waters. The task is to better understand what to offer our target audience and how to delight our users.</p>
<p dir="ltr">Of course, these are just generalities. They aren&rsquo;t enough to build MLP. That's why we've prepared a complete guide; hopefully, it'll help you figure this issue out properly.&nbsp;</p>
<h2 dir="ltr"><strong>What Is A Minimum Lovable Product?</strong></h2>
<p dir="ltr">Just like MVP, a minimum loveable product provides users with a basic set of features: those without which the app or website won&rsquo;t work properly. And the main difference is that MLP pays great attention to the UI/UX factor. The goal is to spend a minimum of resources to create a product, capable of attracting the users even in its simplified version.</p>
<p dir="ltr">The author of the concept is Brian Haaff. He proposed a minimum loveable product definition in 2013 when he realized the MVP approach no longer worked as it should.</p>
<h3 dir="ltr"><strong>Why Make A Product Lovable?</strong></h3>
<p dir="ltr">Every year the markets become more competitive, which makes consumers especially capricious and demanding. They won&rsquo;t be satisfied with just a useful product, they need the emotions and impressions it provides them with.</p>
<p dir="ltr">Here is a basic example, just to make things clear. Visitors to the only coffee shop in the city would be happy with any interior and menu (they have nothing to choose from!). However, the situation will change radically as soon as several more similar establishments appear. That's when you have to think about beautiful serving, tasty dishes, and other ways to attract customers.</p>
<p dir="ltr">In other words, today it's important to create an emotional connection with consumers and give them the best experience of interacting with your product. And you can't achieve this goal with the help of useful features alone.</p>
<p dir="ltr">If you still don&rsquo;t see the relationship between the minimum loveable product definition and all of the above, pay attention to the picture below. It'll put things into perspective.</p>
<p dir="ltr" style="text-align: center;"><img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580113622.png" alt="what is a minimum lovable product" width="1000" height="800" /></p>
<p dir="ltr">On the left, we see regular coffee without milk, cream, and other additives. It's a good option to brighten yourself up early in the morning, but nothing more. Another thing is a cappuccino with thick milk foam. Such a drink is tastier and looks prettier, it gives more emotions and impressions.&nbsp;</p>
<p dir="ltr">As you may have guessed, the coffee on the left is the MVP. The cappuccino on the right is the MLP.</p>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/blog/how-your-startup-can-reduce-development-costs-with-an-mvp" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580077647.png" width="100%" height="100%" /> <span class="incut--text">To better understand what MVP is, read our other article.</span> </a></p>
<p dir="ltr">And now let's take a closer look at the main differences between these concepts.</p>
<h3 dir="ltr"><strong>The Difference Between MVP and MLP</strong></h3>
<p dir="ltr">MVP is a simplified software version helping businesses bring the product to market at a low cost and in a short time. After the MVP launch, the company collects and analyzes the feedback and considers further steps.</p>
<p dir="ltr">For a long time, MVP was more than enough to get things done&hellip; however, the high level of competition presented new demands, which resulted in the emergence of MLP.&nbsp;</p>
<p dir="ltr">A minimum lovable product delights consumers beyond solving their problems. That's its main essence... but the differences don't end there. Let's look at some of them:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Primary goal.</strong> MVP is designed to confirm or refute the software idea, collect feedback on the product, and think about the further development strategy. MLP, on the other hand, needs to win over early adopters, so to say.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Time and financial costs.</strong> Building lovable products takes more time and effort than developing an easier-to-implement MVP.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>UI/UX</strong>. When creating an MVP, little attention is paid to UX, because it's not a key task. But if you intend to build MLP, you have to take care of the product usability and work on the interface design. After all, MLP should appeal to users.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Relationships with users.</strong> After testing the MVP, users simply express their opinion about the software and say if everything works as it should. But interaction with MLP must hook and interest them; ideally, it causes the word-of-mouth effect.</p>
</li>
</ul>
<p dir="ltr">The difference between MVP and MLP is clear, but let's not forget one more concept, namely, MMP.</p>
<h3 dir="ltr"><strong>What About MMP?</strong></h3>
<p dir="ltr">MMP stands for Minimum Marketable Product. The name eloquently reflects the concept idea and shows that we're dealing with the minimum set of features for which people don't mind paying. Of course, it's still a simplified software version, but it's monetizable. Simply put, this is a polished MVP or MLP.&nbsp;</p>
<p dir="ltr">There is even a special formula to illustrate the MMP meaning:</p>
<p dir="ltr" style="text-align: center;"><em>MVP/MLP v01 + MVP/MLP v02 + MVP/MLP v03 + &hellip; MVP/MLP v0N = MMP</em></p>
<p dir="ltr">By testing and improving MVP or MLP, we gradually make it a commercially interesting product.</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580172251.png" alt="difference between mvp and mlp" width="1000" height="900" /></p>
<h2 dir="ltr"><strong>The Benefits Of Creating Your MLP Product</strong></h2>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Increasing competitiveness. </strong>As you've already understood, the concept of MLP appeared due to a new problem, which is the crowded markets. Lovable products have more chances to appeal to the customers and make them loyal. As a result, you increase the competitiveness of your company.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Loveable product with low effort.</strong> You can test the product in its simplified version and understand how to perfect it without big financial outlays at the start. And it's not just about offering the user what he needs: you offer him something that pleases him and brings him positive emotions.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Reduced time to market.</strong> By creating your MLP product, you reduce your time to market many times over. Also, you're making the user fall in love with your software (even in its stripped-down form), which is an additional bonus. Minimum launch time with maximum user loyalty sounds pretty good, right?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Marketing at the start. </strong>If you make a product lovable, you initiate a viral effect. Users, admiring your software, begin to discuss it with each other and thus contribute to its promotion.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Early Branding.</strong> And one more benefit is the opportunity to work on the recognition of your product at the very first development stages. You can do this by incorporating branding elements into the interface design.</p>
</li>
</ul>
<p dir="ltr"><a class="incut--wrap" href="https://agilie.com/blog/what-are-the-next-steps-after-creating-an-mvp" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580228583.png" width="100%" height="100%" /> <span class="incut--text">What if you&rsquo;ve already created MVP? Your next steps are described in the piece at the link.</span> </a></p>
<h2 dir="ltr"><strong>How To Build A Minimum Loveable Product</strong></h2>
<p dir="ltr">Since MLP is a simplified version of the software, there is no point in trying to bring a flawless product to market. It might take too much time, money, and effort, which will devalue the MLP concept. In addition, you're unlikely to 100% guess the tastes of your audience on the first try, even with preliminary research. So you had better take it slow and act wisely.</p>
<h3 dir="ltr"><strong>Let&rsquo;s Build MLP From Scratch</strong></h3>
<p dir="ltr">We&rsquo;ll start with a more complicated option when you don&rsquo;t have anything ready.&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1656580310230.png" alt="how to build a minimum loveable product" width="1000" height="550" /></p>
<h4 dir="ltr"><strong>Setting the MLP Goal</strong></h4>
<p dir="ltr">Surely, your product must be visually appealing, but it's not enough! The MLP must still solve the user's problem. Define this problem and make it the goal of your project. Among other things, knowing your tasks will help you later come up with the functionality ideas.</p>
<h4 dir="ltr"><strong>Market Analysis</strong></h4>
<p dir="ltr">To understand how to build a minimum loveable product, you need to explore the current market situation. What kind of competitors will you have? What are their strengths and weaknesses? What do your potential users choose and why?</p>
<p dir="ltr">Until you answer these and other similar questions, it is pointless to continue.</p>
<h4 dir="ltr"><strong>Selection Of Must-Have Features</strong></h4>
<p dir="ltr">As we said, in addition to trying to impress customers, you must solve their problem. And the only way to solve it is to provide them with some basic functionality. Therefore, choose the minimum set of features, which will allow users to get what they want, whether it's an online order on a website or booking a hotel room through an app (or whatever!).</p>
<h4 dir="ltr"><strong>Working on UI/UX</strong></h4>
<p dir="ltr">Pay special attention to the next step when creating your MLP product. It&rsquo;s really crucial, as now is the time when you make your software not only useful but also loveable.</p>
<p dir="ltr">Work properly on the interface design. Remember, the process of using your product should be pleasant, easy, and exciting: in short, your app or website must be user-friendly. Only in this case, the first interaction of customers with the software will give them the most positive experience.</p>
<p dir="ltr">And one more piece of advice: don't try to design based on UI/UX trends alone. Consider the data you&rsquo;ve collected during your market analysis.</p>
<h4 dir="ltr"><strong>Community Gathering</strong></h4>
<p dir="ltr">Also, it doesn't hurt to create a community loyal to your product. Find those users among the target audience who believe in your project and are ready to help you finish it. Communicate with them on an ongoing basis and get their opinion on your MLP.&nbsp;</p>
<h4 dir="ltr"><strong>MLP Launch &amp; Testing</strong></h4>
<p dir="ltr">If you think your work will soon come to an end, then you're going to be disappointed. Alas, it's just begun.</p>
<p dir="ltr">After launching MLP, you need to test it on end-users and collect their feedback. The task is to draw conclusions and decide on the next development steps.&nbsp;</p>
<p dir="ltr">You&rsquo;ll act in this way cyclically, in iterations, until MLP becomes MMP: a minimized product, which brings you profit.</p>
<h3 dir="ltr"><strong>Turning an MVP Into a Minimum Lovable Product</strong></h3>
<p dir="ltr">Another minimum lovable product example is the case when MLP is based on an already existing MVP.</p>
<p dir="ltr">Suppose, you've already built a minimum viable product... why abandon it entirely? A much smarter step is to remake your MVP into what you actually need. And if you're not sure where to start, take a look at our tips, they might help you.</p>
<h4 dir="ltr"><strong>Clarifying The Goal</strong></h4>
<p dir="ltr">First, you need to clarify the purpose of your project. Discuss the situation with the team and let them know that you have another task now, an updated one. All of you should work together, knowing what goal your company is aiming at and what you should get in the end.</p>
<h4 dir="ltr"><strong>Analyzing User Preferences</strong></h4>
<p dir="ltr">You already have the basic functionality, which is a good start. All you have to do now is to add some appealing elements to your product and thus make it loveable.</p>
<p dir="ltr">If you haven't conducted your customer preference research yet, it&rsquo;s the best time to finally do so. You can use the received data to develop a further strategy. Your task is to work on software design, provide an innovative user experience, and think about integration with other tools.</p>
<h4 dir="ltr"><strong>Looking For Balance</strong></h4>
<p dir="ltr">As you understand, there is a difference between MVP and MLP, but these concepts have something in common too. Namely, we&rsquo;re talking about the opportunity to launch the product without any extra effort. Therefore, one must keep in mind the balance between under-investing and over-investing in MLP.</p>
<p dir="ltr">If you under-invest in a project, you'll achieve nothing. If you overdo it out of a desire to implement too many features or UI elements, you'll waste extra resources.</p>
<h2 dir="ltr"><strong>Summary</strong></h2>
<p dir="ltr">Creating an MVP only makes sense if you don't have any idea about your target audience yet, which is typical in the early project stages. Once you have the right information, turn your MVP into an MLP.</p>
<p dir="ltr">And remember! MLP development is an iterative process. It'll continue until you see you've achieved what you want, which means customers enjoy using your product.</p>
<h3 dir="ltr"><strong>BTW!</strong></h3>
<p>Our experts know how to build a minimum loveable product and have relevant development experience. And we would be happy to help you with your software project.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>

<p>Explore what is Minimum Lovable Product (MLP) and how it differs from MVP.</p>

Explore what is Minimum Lovable Product (MLP) and how it differs from MVP.

What Is a Minimum Lovable Product? The Difference Between MVP and MLP | Agilie

<p dir="ltr" style="text-align: justify;">The rise of crypto wallets represents&ensp;a significant innovation in fintech. Those wallets can be very useful for businesses because, with them, many people can have access to funds depending on roles and permissions.</p>
<p dir="ltr" style="text-align: justify;">Depending on the type, cryptocurrency wallets also help in managing digital assets and allow businesses or individuals to control funds without banking, as they retain the full autonomy of&ensp;funds, or even trade assets without manual transfers. In this article, we are going to see what is the difference between a custodial and non-custodial wallet.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="The custodial wallet requires identity verification, breaching the user&rsquo;s anonymity, while the non-custodial wallet is pseudonymous. 
Since non-custodial wallets operate independently of centralized exchanges (CEXs), transaction speed depends on blockchain network conditions, leading to delays in crypto operations. 
Although the custodial wallet relies on the Know Your Customer policy, the risks of cyber security attacks arise because of the required identity verification.">
<div class="form-description-title">Key Takeaways</div>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">The custodial wallet requires identity verification, breaching the user&rsquo;s anonymity, while the non-custodial wallet is pseudonymous.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Since non-custodial wallets operate independently of centralized exchanges (CEXs), transaction speed depends on blockchain network conditions, leading to delays in crypto operations.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Although the custodial wallet relies on the Know Your Customer policy, the risks of cyber security attacks arise because of the required identity verification.</p>
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;"><strong>Foreword: The Essence of Private Keys</strong></h2>
<p dir="ltr" style="text-align: justify;">Hold on! Why is it important to discuss the private key and how it comes with the custodial and non-custodial wallets? Let&rsquo;s define this cryptographic element and analyze its functions and importance for crypto wallets.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">The crypto wallet generates a private key, which represents an alphanumeric code consisting of a large string of letters and numbers. The primary functions of a private key include enabling the users to authorize transactions and prove ownership of their assets.</p>
<p dir="ltr" style="text-align: justify;">This alphanumeric cipher matters to any crypto wallet type as it generates a digital signature. A private key is used to sign the transaction, which is transmitted to the blockchain, but prior to being added to the block, it requires verification. The computers operating the blockchain check the user&rsquo;s public key to verify the digital signature, and if it is correct the transaction is approved and recorded permanently on the blockchain.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">The private and public keys are paired, which ensures the transaction&rsquo;s security due to the resistance to tampering and the impossibility of making any changes on the block. Hence, private keys are central elements of a crypto wallet, so let&rsquo;s discuss their essence in custodial and non-custodial wallets.&nbsp;</p>
<h2 dir="ltr" style="text-align: justify;"><strong>What Is a Custodial Wallet?</strong></h2>
<p dir="ltr" style="text-align: justify;">The custodial wallet meaning can be defined as a wallet in which a third party, such as an exchange or bank, holds the private keys of the users. This means that the client is not in full control of their funds, as they rely on the custodian who secures and manages their transactions.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">There are the following features of the custodial wallets:</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Simplified Usability</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">The custodial wallets represent an opportunity for beginners to trade their crypto assets without managing private keys.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Options for Account Recovery</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">If users lose access to their accounts, they will be able to recover their funds as the custodian holds their private keys on the centralized server. The users will only have to verify their identity.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Support Opportunities</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">A central unity manages the client&rsquo;s wallet, providing them with support like undoing the transaction.</p>
<p dir="ltr" style="text-align: justify;">Some of the best custodial wallets to consider are: Coinbase, Gemini, BitMex, BitGo, Binance, and Bitfinex.</p>
<h2 dir="ltr" style="text-align: justify;"><strong>What Is a Non-Custodial Wallet?</strong></h2>
<p dir="ltr" style="text-align: justify;">When analyzing the non-custodial vs custodial wallet, the first one provides clients with full ownership of their private keys and funds, respectively. This autonomy defines the non-custodial wallet meaning that no third party will handle the user&rsquo;s funds and operations. This excludes issues like account freezing and withdrawal restrictions. There are the following distinctive features of the non-custodial wallets:</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>User&rsquo;s Full Ownership</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">The non-custodial wallets function within the decentralized ecosystem, meaning that no centralized unity will manage the wallet.</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Direct Blockchain Interaction</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">A non-custodial wallet does not require an intermediary; transactions occur directly on the blockchain.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Increased Privacy</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">The users don&rsquo;t have to abide by the Know Your Customer policy and verify their identity in the non-custodial wallet. This crypto wallet type preserves pseudoanonimity.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/blog/digital-wallets-types-ideas-and-future-of-such-products" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1740483774764.png" width="100%" height="100%" /><span class="incut--text">Gain insights into the essence of e-wallets, their benefits, and examples.</span></a></p>
<h2 dir="ltr" style="text-align: justify;"><strong>Difference Between Custodial and Non-Custodial Wallet</strong></h2>
<p dir="ltr" style="text-align: justify;">Based on the aforementioned analysis of two crypto wallet types, their meaning, advantages, and disadvantages, it would be essential to provide a short summative recap, as well as additional details on the differences between the custodial wallet vs non-custodial wallet, focusing on the following metrics.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Security</strong></h3>
<h4 dir="ltr" style="text-align: justify;"><strong>Custodial Wallet</strong></h4>
<p dir="ltr" style="text-align: justify;">The custodial wallet is less secure than its non-custodial counterpart, considering its vulnerability to cyberattacks. Hackers can attack the centralized servers and obtain access to multiple accounts.</p>
<p dir="ltr" style="text-align: justify;">Credential harvesting is a phishing type of cyberattack which aims to steal a user&rsquo;s login and password so that the attacker can access their account. The attackers send the falsified site links, almost identical to the real ones, via SMS or email, so by entering their credentials, the victim provides them with access to their funds.&nbsp;</p>
<h4 dir="ltr" style="text-align: justify;"><strong>Non-Custodial Wallet</strong></h4>
<p dir="ltr" style="text-align: justify;">The non-custodial wallets depend on the private keys owned by the users, which decreases the risks of theft. Nevertheless, attackers can obtain the key due to malware attacks, which can infect the computer or smartphone as in the case of clipboard hijacking malware attack.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">The malware functions, so to say, silently in the device, monitoring the clipboard. When the user copies the wallet address, the malware substitutes it with the attacker&rsquo;s one, so the victim sends them their funds unintentionally.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Ownership of Private Keys</strong></h3>
<h4 dir="ltr" style="text-align: justify;"><strong>Custodial Wallet</strong></h4>
<p dir="ltr" style="text-align: justify;">In the custodial wallet, it&rsquo;s the custodian&rsquo;s responsibility to hold the user&rsquo;s private keys, which limits the latter&rsquo;s control over their funds. This is one of the most significant disadvantages of the custodial wallets for the following reasons:</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Lack of Client&rsquo;s Full Ownership Over Their Finances.</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">The client has access to accounts but relies heavily on the custodian&rsquo;s controls over the transaction&rsquo;s approval.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Withdrawal and Transaction Restrictions</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">The custodian can delay or block the transaction based on governmental policies, which can limit the fund movement.&nbsp;</p>
<h4 dir="ltr" style="text-align: justify;"><strong>Non-Custodial Wallet</strong></h4>
<p dir="ltr" style="text-align: justify;">In the non-custodial wallet, the user holds the private keys by themselves, which is simultaneously convenient and requires a decent level of responsibility not to lose them.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>No KYC Compliance</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">The non-custodial wallet does not rely on the KYC policy, so the user doesn&rsquo;t have to verify their identity to proceed with the transactions, showing their full ownership over their funds.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Ease of Use&nbsp;</strong></h3>
<h4 dir="ltr" style="text-align: justify;"><strong>Custodial Wallet</strong></h4>
<p dir="ltr" style="text-align: justify;">Custodial wallets are easier to use as the client does not have to know the precise details of the exchange work. If the user wants to undo the operation, customer support can help with that.&nbsp;</p>
<h4 dir="ltr" style="text-align: justify;"><strong>Non-Custodial Wallet</strong></h4>
<p dir="ltr" style="text-align: justify;">Non-custodial wallets require decent knowledge about the work of blockchain and smart contracts, as minor mistakes can lead to the loss of funds with no refund option, representing one of the core challenges of this wallet type.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/blog/top-7-crypto-wallet-apps" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1740483930529.png" width="100%" height="100%" /><span class="incut--text">Check out 7 potential crypto wallets you might use.</span></a></p>
<h2 dir="ltr" style="text-align: justify;"><strong>Choosing the Right&nbsp;Wallet&nbsp;for Your Business Needs</strong></h2>
<p dir="ltr" style="text-align: justify;">You might be interested in how to choose the right wallet type per business needs. It's time to discuss the most suitable cases to use custodial and non-custodial cryptocurrency wallets.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Custodial Wallets</strong></h3>
<p dir="ltr" style="text-align: justify;">The custodial wallets are a valuable option for businesses that need an insured and regulated service. For instance, Greyscale, a leading crypto asset manager, utilizes Coinbase Custody, which improves its scalability and contributes to success due to alignment with NYC banking laws as the wallet is regulated by NYDFS, one of the most prominent financial regulators in the world.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Non-Custodial Wallets</strong></h3>
<p dir="ltr" style="text-align: justify;">The non-custodial wallets are best suited for businesses that manage crypto without third-party integration, and those companies with DeFi projects and NFT platforms. For instance, Open Sea, a web3 marketplace for NFTs, applies Meta Mask, which improves its scalability and success by integrating Layer 2 support like Polygon network for lower fees and faster transactions.</p>
<h2 dir="ltr" style="text-align: justify;"><strong>Who We Are</strong></h2>
<p dir="ltr" style="text-align: justify;">Agilie is a European IT outsourcing organization that crafts custom digital products for businesses and startups in fintech, real estate, healthcare, and marketing domains. By providing our clients with three outsourcing models, like the dedicated team, staff augmentation, and project-based outsourcing, Agilie elaborates on tech-savvy software relevant to&nbsp;<a href="https://agilie.com/expertise/fintech" target="_blank" rel="noopener">fintech</a>,&nbsp;<a href="https://agilie.com/expertise/fintech/payment-solutions" target="_blank" rel="noopener">payment solutions</a>, and&nbsp;<a href="https://agilie.com/expertise/fintech/mobile-banking" target="_blank" rel="noopener">mobile banking</a>.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">When it comes to the&nbsp;<a href="https://agilie.com/expertise/fintech/blockchain-software" target="_blank" rel="noopener">blockchain software development services</a>, Agilie can help you craft:</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Cryptocurrency</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Crypto Wallets</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Blockchain</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Smart Contracts</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">NFT</p>
</li>
</ul>
<h2 dir="ltr" style="text-align: justify;"><strong>Conclusion</strong></h2>
<p dir="ltr" style="text-align: justify;">The article analyzed the features, advantages, disadvantages, and differences of custodial vs non-custodial crypto wallet types. Both introduce unique approaches to handling finances, such as the client&rsquo;s full ownership of the private keys versus the custodian&rsquo;s. Nevertheless, when choosing a wallet type, you have to take into account the elements of security, anonymity, and tech knowledge to make your trade or transactions secure and minimize risks.&nbsp;</p>
<p dir="ltr"><a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1740484028707.png" width="100%" height="100%" /><span class="incut--text">Are you eager to craft a personalized crypto wallet? Then contact us to get a consultation!</span></a></p>

<p>Explore the differences between a custodial wallet vs non-custodial wallet, their features, and use cases.</p>

Explore the differences between a custodial wallet vs non-custodial wallet, their features, and use cases.

Custodial vs Non-custodial Wallet: Explained & Compared | Agilie

<p dir="ltr" style="text-align: justify;"><span id="docs-internal-guid-ffc04ced-7fff-1c27-71a8-06f1b85a7b1f">Blockchain has become a paradigm shift that changes the operations of different industries. Nevertheless, like any other disruptive technology, a lot of myths and misconceptions have appeared. We should differentiate between fact and fiction to use blockchain technology effectively and responsibly. We can better understand what blockchain is (and isn&rsquo;t), how it functions, and the varied applications it holds besides cryptocurrencies by clarifying these misconceptions.</span></p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Blockchain is not just about Bitcoin; it is the technology that can transform different fields. 

Blockchains are strong but not flawless, and being aware of the possible weak sections is a very important thing in keeping the network safe.

Educational investment and partnerships with software development experts are the main factors for businesses that will use blockchain technology.">
<div class="form-description-title">Key Takeaways</div>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">Blockchain is not just about Bitcoin; it is the technology that can transform different fields.&nbsp;</p>
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
<p dir="ltr" role="presentation">Blockchains are strong but not flawless, and being aware of the possible weak sections is a very important thing in keeping the network safe.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">Educational investment and partnerships with software development experts are the main factors for businesses that will use blockchain technology.</p>
</li>
</ul>
</div>
<h2 dir="ltr" role="presentation">&nbsp;Myth 1: Blockchain and Bitcoin Are the Same</h2>
<p dir="ltr">Among the most common myths about blockchain technology is the confusion between the blockchain and Bitcoin. Blockchain and Bitcoin were created simultaneously, so they are widely believed to be the same thing. However, we must understand that blockchain is a much broader term. It is the technology that created Bitcoin. While Bitcoin is indeed the first and most famous application of this technology, equating the two is like saying that Google is the Internet.</p>
<p dir="ltr">Blockchain is a decentralized digital ledger technology (DLT) that records transactions across multiple computers so that the records cannot be altered retroactively, without the alteration of all subsequent blocks and the consensus of the network.</p>
<p dir="ltr">This makes blockchain a naturally secure and transparent method of data and transaction recording.&nbsp;</p>
<p dir="ltr">Bitcoin is a type of digital currency based on blockchain technology and used for secure, anonymous, and decentralized financial transactions. The blockchain of Bitcoin acts as a public ledger for all the transactions in the Bitcoin network, thus, it is possible to transfer digital currency securely without the use of intermediaries like banks or governments.&nbsp;</p>
<p dir="ltr">Blockchain technology can be much broader than purely financial transactions. It can be used in different industries with various aims. <span style="text-align: justify;">Nowadays, many businesses are studying how <a href="https://agilie.com/blog/enterprise-blockchain-development-how-businesses-derive-benefits" target="_blank" rel="noopener">enterprise blockchain development</a> can </span>improve their operations.</p>
<p><span id="docs-internal-guid-472b7e6f-7fff-cc7f-585e-96d452017ac3"></span></p>
<p dir="ltr">Here are a few examples:</p>
<p dir="ltr"><strong>Healthcare:</strong> Blockchain can guarantee the safety of medical records storage and sharing. Thus, they are only available to authorized personnel and patients and lead to quicker diagnosis and treatment.​</p>
<p dir="ltr"><strong>Financial Services:</strong> Blockchain is a viable solution for international payments, real-time settlements, and improving transaction transparency and security.</p>
<p dir="ltr"><strong>Digital Identity:&nbsp;</strong> Blockchain can correct identity theft and fraud by adding digital identities that cannot be changed. For example, Estonia's e-Residency program is the first of its kind, a government-issued digital identity that allows entrepreneurs from anywhere in the world to operate and conduct business online in the EU.</p>
<p dir="ltr" style="text-align: justify;"><strong>Real Estate:</strong> Blockchain can simplify property transactions such as sales, leasing, and financing by reducing paperwork and improving transparency.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/the-evolution-of-blockchain-from-bitcoin-to-business-applications" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716280829344.png" width="100%" height="100%" /><span class="incut--text">Learn more about the evolution of Blockchain from Bitcoin to business applications.</span></a></p>
<h2 dir="ltr">Myth 2: Blockchain Transactions Are Always Anonymous</h2>
<p dir="ltr">A frequent mistake people make about blockchain technology is that it is automatically anonymous to its users. However, the truth is more nuanced. Blockchain transactions are not strictly anonymous but pseudonymous.</p>
<p dir="ltr">Pseudonymity means that a user's identity is not directly tied to their blockchain transactions but rather to a digital pseudonym, typically a public key or a blockchain address. These addresses are like a sequence of letters and numbers, giving privacy but not total anonymity.</p>
<p dir="ltr">In contrast, anonymity would mean that the transactions are entirely disconnected from any identity, even a pseudonym, making them untraceable to the user. Blockchain does not usually provide this level of anonymity because the transaction history of each blockchain address is visible to anyone who accesses the blockchain.</p>
<p dir="ltr" style="line-height: 1.38; text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Most blockchains are open ledgers, meaning that all transactions are visible to anyone who wishes to view them. This level of transparency ensures that while users' identities are not directly exposed, their transaction histories and patterns can be analyzed.<span style="font-size: 11pt; font-family: Roboto, sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-alternates: normal; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-position: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> </span><span id="docs-internal-guid-c8674fbb-7fff-173a-3f3d-9882e492f23a" style="text-align: start;"></span></p>
<p dir="ltr" role="presentation"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716280901953.png" /></p>
<p dir="ltr">While basic blockchain transactions offer pseudonymity, several enhancements and tools can increase privacy:</p>
<p dir="ltr"><strong>1. Mixing Services:</strong> Services like CoinJoin allow multiple users to combine their transactions into a single transaction with multiple inputs and outputs. This mixing blurs the traceability of any single coin, making it more difficult to link wallets with identities.</p>
<p dir="ltr"><strong>2. Privacy-Focused Cryptocurrencies:</strong> Some cryptocurrencies, like Monero and Zcash, are designed specifically to enhance privacy. Monero uses ring signatures and stealth addresses to hide the transactions&rsquo; origins, amounts, and destinations. Zcash allows users to shield transactions completely through its zk-SNARKs technology, which enables transactions to be verified without revealing the sender, receiver, or amount.</p>
<p dir="ltr" style="text-align: justify;"><span id="docs-internal-guid-f6cb6e39-7fff-8fd8-9fd0-26fe5c883950"><strong>3. Use of Multiple Addresses:</strong> Users can increase their privacy by using multiple wallets or addresses, dispersing their transactions across several points, which makes it more challenging to link them to a single identity.</span></p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/blockchain-tech-trends-how-to-stay-ahead-of-the-curve" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716280997458.png" width="100%" height="100%" /><span class="incut--text">Explore key blockchain technology trends and stay ahead in its innovation with insights and practical examples.</span></a></p>
<h2 dir="ltr">Myth 3: Blockchains Are Unhackable</h2>
<p dir="ltr">The idea that blockchains are completely unhackable is a frequently held misconception that can cause a dangerous level of complacency in security measures. While blockchain technology does offer robust security features, it is not immune to vulnerabilities. Knowing the security features employed and the situations in which breaches happen is very important for anyone who wants to use blockchain for their business.</p>
<p dir="ltr">Blockchain technology secures data through several mechanisms:</p>
<p dir="ltr"><strong>Cryptography:</strong> Every transaction on a blockchain is secured using cryptographic algorithms, which ensure that data can neither be altered nor read without the appropriate cryptographic key.</p>
<p dir="ltr"><strong>Decentralization:</strong> By distributing copies of the ledger across a network, blockchain reduces the risk of a single point of failure that could compromise the entire system.</p>
<p dir="ltr" style="text-align: justify;"><span id="docs-internal-guid-b11010c4-7fff-1a1a-ce63-614d99637ccb"><strong>Consensus Protocols:</strong> Blockchains use various consensus mechanisms, like Proof of Work (PoW) or Proof of Stake (PoS), to agree on the validity of transactions. These protocols prevent a malicious actor from changing even a single aspect of the blockchain.</span></p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/expertise/fintech/blockchain-software" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716281102044.png" width="100%" height="100%" /><span class="incut--text">Learn more about our blockchain software development services.</span></a></p>
<p dir="ltr">Despite these security measures, there are scenarios where blockchains can and have been compromised.</p>
<h3 dir="ltr">Scenarios Under Which Breaches Have Occurred</h3>
<p dir="ltr"><strong>51% Attacks:</strong> This type of attack happens when a single entity gains control of more than 50% of the network&rsquo;s mining hash rate or stake, allowing them to manipulate transactions and potentially double-spend coins.&nbsp;</p>
<p dir="ltr"><strong>Code Vulnerabilities:</strong> <a href="https://agilie.com/blog/secure-smart-contract-design-best-practices-in-solidity-programming" target="_blank" rel="noopener">Smart contracts</a>, which are self-executing contracts with the terms directly written into code, can contain vulnerabilities. One of the most famous incidents is the DAO attack on the Ethereum network. Hackers exploited a vulnerability in the DAO (Decentralized Autonomous Organization) smart contract code to siphon off one-third of the DAO&rsquo;s funds.</p>
<p dir="ltr"><span id="docs-internal-guid-7785ebac-7fff-06ee-6f06-69621bbdcfd6"><strong>Phishing and Social Engineering:</strong> End-user security is often the weakest link in a blockchain system. Phishing attacks can allow attackers access to blockchain assets, bypassing network security measures, to steal private keys or wallet credentials.</span></p>
<p dir="ltr" role="presentation"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716281254703.png" /></p>
<h2 dir="ltr" style="text-align: justify;">Conclusion</h2>
<p dir="ltr">The blockchain technology is often seen as highly popular and muddled at the same time.&nbsp; Falsified myths are only part of the misconceptions that can mislead such a fantastic technology. Similarly, proper professional knowledge and strategy can help blockchain perform to its potential in various fields.&nbsp;<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"><a href="https://agilie.com/blog/your-own-cryptocurrency-from-scratch-everything-you-need-to-know-to-create-your-cryptocurrency" target="_blank" rel="noopener">Building your own cryptocurrency</a> can be a strategic move for businesses seeking to innovate and tap into new digital markets.</span></p>
<p dir="ltr">At <a href="https://agilie.com" target="_blank" rel="noopener">Agilie</a>, we understand that dealing with a complex environment is also a significant challenge. This is why we create powerful blockchain systems and wish to educate our clients regarding the breadth of blockchain-utilizing services. Therefore, such solutions can be tailored to your industry's concrete necessities and problems.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1716281316627.png" width="100%" height="100%" /><span class="incut--text">Contact us to find out how our blockchain development services can help you achieve your goal.</span></a></p>

<p><span style="text-align: justify;">Discover the truths about blockchain technology as we debunk common myths and clarify its applications to empower businesses with informed integration.</span></p>

Discover the truths about blockchain technology as we debunk common myths and clarify its applications to empower businesses with informed integration.

Blockchain Myths Debunked: Separating Fact from Fiction | Agilie

<p style="text-align: justify;">Learn about the cost of building a banking app based on its features, dev process, UX/UI design, and wireframe.</p>

Learn about the cost of building a banking app based on its features, dev process, UX/UI design, and wireframe.

Banking App Development Cost | Agilie

<p style="text-align: justify;">Analyze the latest fintech software development trends. Clarify what impact the evolving digital technologies have on the industry.&nbsp;</p>

Analyze the latest fintech software development trends. Clarify what impact the evolving digital technologies have on the industry. 

Fintech Software Development Trends in 2025 | Agilie

<p style="text-align: justify;"><span style="text-align: justify;">Explore a step-by-step way of building a property management system from scratch, its features, and challenges.&nbsp;</span></p>

Explore a step-by-step way of building a property management system from scratch, its features, and challenges.

How to Create a Property Management System | Agilie

<p dir="ltr" style="text-align: justify;">Nowadays, blockchain reshapes the functionality of the fintech industry, invoking a significant interest in institutions that work with financial operations directly. We&rsquo;re talking about accounting, which starts integrating blockchain technology to its daily operations.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Accounting is a noticeable area for blockchain innovation due to the significant improvements it can present. Businesses experience growth of interest in secure financial operations. The elimination of a single-point failure and cryptographic encryption can reduce the dependency on the centralized intermediary and protect financial transactions by improving security and economizing protection costs simultaneously. The article analyzes what is blockchain used for in accounting and its benefits.</p>
<h2 dir="ltr" style="text-align: justify;"><strong>How Blockchain Is Transforming Accounting</strong></h2>
<p dir="ltr" style="text-align: justify;">As a distributed and public ledger, blockchain benefits versatile fintech and business branches due to its possibility to record transactions that cannot be altered. The impact of blockchain in accounting is significant as it eliminates manipulations with records and minimizes human errors. We&rsquo;re going to focus on fraud prevention and error detection capabilities of blockchain in accounting.&nbsp;</p>
<p dir="ltr"><a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/blog/the-role-of-cryptography-in-blockchain-security" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1739370419274.png" width="100%" height="100%" /><span class="incut--text">In this article you can learn how cryptography makes blockchain safe and the consensus mechanisms its work is based on.</span></a></p>
<h3 dir="ltr" style="text-align: justify;"><strong>Fraud Prevention</strong></h3>
<p dir="ltr" style="text-align: justify;">Blockchain undermines the pain point of fraudulent actions through immutability and security.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Immutability</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">As stated above, the transaction is recorded, while the record is immutable. This is important for accounting to fraud prevention because it makes it difficult for fraudsters to manipulate revenue or conceal expenses.</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Safety</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Authorized parties can access a real-time ledger, proving that blockchain can reduce the likelihood of fraudulent reporting. The auditors can cross-check the transactions in real-time, which greatly reduces the risk of any manipulations in the financial statements.</p>
<p dir="ltr" style="text-align: justify;">Moreover, with triple-entry accounting, the blockchain makes it hard&ensp;to commit double-entry fraud. Transactions are cryptographically linked and recorded in the distributed&ensp;ledger, making identifying fraudulent actions easier.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Error Detection and Overcoming</strong></h3>
<p dir="ltr" style="text-align: justify;">Blockchain helps to identify common human-factor mistakes and helps overcome them via smart contracts and AI integration.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Human Errors within Data Entry</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Blockchain helps resolve issues like incorrect figures or duplicate entries. Multiple parties validate the transduction cryptographically prior to recording. Smart contracts will automate the transactions, minimizing human input.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Duplicate Transactions</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Blockchain can help prevent accidental duplication of invoices, expenses, or payroll payments based on the correct realization of smart contracts or transaction control systems. The chances of record duplication are reduced as each transaction gets a unique cryptographic signature. Blockchain&rsquo;s task is to ensure a real-time reconciliation by underlining the duplicate entries.&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Transaction Misclassification</strong></p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Another human error in accounting is assigning the wrong category for revenue, expenses, or&ensp;liabilities, which results in erroneous financial statements. Smart contracts and AI analyze transactions and mark inconsistencies, while the immutable ledger ensures proper classification.</p>
<h2 dir="ltr" style="text-align: justify;"><strong>Key Benefits of Blockchain in Accounting</strong></h2>
<p dir="ltr" style="text-align: justify;">Accounting organizations can optimize their record processing, minimize fraud, and economize financial input by integrating blockchain technology. Let&rsquo;s analyze the advantages of blockchain in accounting into the following categories.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Transparency</strong></h3>
<p dir="ltr" style="text-align: justify;">The blockchain works on the distributed ledger that instantly&ensp;records any transactions and displays them to authorized users. The immutable ledger eliminates the possibility of changes and is deleted once the finance-relevant operation is recorded. Finally, one of the key benefits blockchain brings to accounting is the absence of dependency on centralized units. All the required stakeholders and auditors are independent in verifying transactions.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Security</strong></h3>
<p dir="ltr" style="text-align: justify;">Blockchain and accounting are intertwined based on security intensification. Now, let&rsquo;s analyze how exactly blockchain helps accounting improve the security of its operations.&nbsp;&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Blockchain assists accounting services in preventing and reducing fraudulent activities due to the cryptographic security mechanisms that protect against unauthorized access. Another way of supporting safety in accounting is securing financial data through advanced cryptographic encryption. Blockchain can prevent unauthorized alterations in the transactions via the consensus mechanisms that verify and record those operations.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Finally, as in blockchain, there is no need to rely on a third party; decentralized storage minimizes the risks of cyberattacks. For instance, Deloitte relies on machine learning in blockchain that helps check, mark anomalies, and set a risk rate for the transaction.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Nevertheless, it is important to remember the existing threats of cyber attacks on the users&rsquo; non-custodial wallets, smart contracts, and network nodes. The intermediary can store data in a centralized server, making it vulnerable to a single-point attack, while in the blockchain, decentralized storage eliminates this single-point failure and reinforces tamper resistance, making the records immutable based on the blockchain hashing.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Efficiency</strong></h3>
<p dir="ltr" style="text-align: justify;">Blockchain in accounting applies smart contracts that automate financial transactions. Manual intervention and processing are not required. The ledger facilitates real-time financial reporting, so&ensp;there are no delays in data processing. The distributed nature of the ledger allows auditors to determine if the transaction was legitimate. Overall, blockchain improves the efficiency of accounting services by minimizing the need for repeated data entry, which minimizes human errors.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Cost Savings</strong></h3>
<p dir="ltr" style="text-align: justify;">Blockchain minimizes overhead and manual transaction processing by excluding the dependency on third parties and eliminating the need to perform manual audits.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Blockchain favorably affects compliance costs by ensuring automatic alignment with accounting regulations. Finally, blockchain minimizes costs associated with error corrections and fraud detection.&nbsp;</p>
<h2 dir="ltr" style="text-align: justify;"><strong>How Can Blockchain Be Used in Accounting?</strong></h2>
<p dir="ltr" style="text-align: justify;">Indisputably, the organization specializing in accounting can benefit significantly from integrating a decentralized ledger due to improved security, optimized time, and efficiency in verifying and operating transactions. But what are the practical examples of blockchain in accounting? Let&rsquo;s clarify.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Auditing and Assurance</strong></h3>
<p dir="ltr" style="text-align: justify;">Traditional accounting depended on third-party confirmations to check and verify whether the financial record was legitimate. Audits were time-consuming due to manual proceeding and verification. Blockchain functionality is based on the smart contract, which benefits audit compliance. It is possible to pre-program specific financial processes to follow audit rules automatically. Auditors don&rsquo;t have to wait for periodic reports. Instead, they can access data in real time.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Tax Compliance</strong></h3>
<p dir="ltr" style="text-align: justify;">Traditional manual tax management faced the challenges of income misreporting or purposeful dedication, which led to tax evasion and non-compliance. Here on, tax audits can be time-consuming to complete.</p>
<p dir="ltr" style="text-align: justify;">Integrating blockchain into accounting can eliminate invoice falsification. Smart contracts can automate the process of invoice verification in real-time prior to processing the tax claim. However, the correctness of data depends on the source information checked by the accountants. The immutable ledger ensures no record can be altered, eliminating the manipulation of tax-relevant data. Finally, due to the integration with the API of tax offices, smart contracts can calculate and file tax automatically based on recorded transactions.&nbsp;</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Payroll Management</strong></h3>
<p dir="ltr" style="text-align: justify;">Payroll management encountered the dilemma of ghost employees who could divert and manipulate funds. Implementing blockchain technology in accounting can eliminate potential fraudulent actions in the following ways. Smart contracts can contribute to payroll automation by the automatic proceedings over the salaries only when the predefined conditions are met. Secondly, in blockchain, the payments will be analyzed only when the ID of the verified worker matches with the work records. The next point is that blockchain ensures the records are tamper-proof, meaning that no insider can manipulate the payroll records.</p>
<h3 dir="ltr" style="text-align: justify;"><strong>Supply Chain Finances</strong></h3>
<p dir="ltr" style="text-align: justify;">The accounting organizations faced the problem of delayed payments from suppliers. The issue emerged because of the prolonged manual invoice verification. Moreover, manual reconciliation between vendors and clients delayed accounting processing. As blockchain provides real-time reconciliation, it can be integrated to eliminate the presented problems. This translates to real-time transaction recordings, removing the need to carry out manual reconciliation. One of the examples of blockchain in accounting is EY&rsquo;s blockchain analyzer reconciler applied to reconcile and match transactions. The approval of received items stimulates automated payment processing, which eliminates data manipulations, providing accounting with real-time financial tracking.&nbsp;</p>
<h2 dir="ltr" style="text-align: justify;"><strong>Agilie, Your Reliable Partner</strong></h2>
<p dir="ltr" style="text-align: justify;">Agilie is a European IT outsourcing organization that crafts from scratch and optimizes software solutions that align with our clients' boldest ideas. Specializing in fintech, mobile banking, and payment solutions, our software benefits multiple industries, including fintech, marketing, logistics, healthcare, real estate, etc. We aspire for client-centricity by aligning with the client&rsquo;s unique needs and embedding them into effective and time-preserving SDLC-based product development.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Our&nbsp;<a title="blockchain software services" href="https://agilie.com/expertise/fintech/blockchain-software" target="_blank" rel="noopener">blockchain software services</a>&nbsp;include:&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Blockchain Development</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">NFT Crafting</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Smart Contract Development</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Decentralized Finance Development</p>
</li>
</ul>
<p dir="ltr"><a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/success-stories" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1739370581892.png" width="100%" height="100%" /><span class="incut--text">Gain insights into the versatility of our tech experience with Agilie Success Stories.</span></a></p>
<h2 dir="ltr" style="text-align: justify;"><strong>Conclusion</strong></h2>
<p dir="ltr" style="text-align: justify;">The article answered the question of how is blockchain used in accounting by demonstrating its advantages and use cases. Blockchain technology excludes the reliance on intermediaries and streamlines efficiency by minimizing manual reconciliations and ensuring security and cost-effectiveness.</p>
<p dir="ltr" style="text-align: justify;">Smart contracts automate the transaction verification process, can prevent data falsification, and, by operating on decentralized storage, will make sure that no single entity will have control over the financial records and operations. Therefore, it is important to collaborate with skilled IT professionals who can integrate blockchain technology into your system to ensure the security and integrity of your accounting processes.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-property: all;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="float: left;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1739370637771.png" width="100%" height="100%" /><span class="incut--text">Don&rsquo;t hesitate to contact us if you want to integrate blockchain into your accounting services.</span></a></p>

<p style="text-align: justify;">Delve into the cases of how is blockchain used in accounting, including its benefits and examples.&nbsp;</p>

Delve into the cases of how is blockchain used in accounting, including its benefits and examples.