Blockchain is the technology that underlies Bitcoin and other cryptocurrencies. It is a permanent and decentralized electronic registration ledger. Cryptocurrency has experienced ups and downs since Satoshi Nakamoto announced the unit called Bitcoin in 2009. However, recently people have seen bitcoin as a controversial currency used for fair black market activity and the endless possibilities it offers. In the foreground is a public ledger that records all bitcoin transactions called a blockchain.
Blockchain now represents an exciting new alternative to traditional currencies, central banking, and trading methods, which will not only change the way financial transactions are handled, but will also change the alternative use that will change the world. In short, the blockchain is a decentralized ledger that keeps a list of all transactions in all networks distributed across tens of thousands of computers. This makes hacking virtually impossible, changing the way you bank.
“Multiple blockchains can be thought of as different types of computer software, similar to what Microsoft has for Windows, Word, Outlook, Excel, etc. Many different types of blockchains offer different use cases to perform different functions. “-Song-Woo Choi, Vice President of Corporate Development at Coinme, a licensed Bitcoin ATM with ATMs in Menai and elsewhere, said.
And while cryptocurrency has some risks, blockchain technology can be a useful complement to your business in many ways.
In our opinion, the following crypto applications will transform your day-to-day business operations.
Smart Contract
The term “smart contracts” was first coined in 1993, but recently gained popularity with the launch of the Ethereum project in 2013. This project is a decentralized platform for executing smart contracts. An application that works exactly as programmed without downtime, censorship, fraud, or third-party interference.”
Chris DeRose explains to American Banker that smart contracts are “automated computer programs that can meet all the terms of a contract.” This is basically “a financial guarantee stored on the network that is sent to recipients based on future events and computer code”. Companies can use smart contracts to bypass the rules and “reduce the most common financial transaction costs”.
Companies like Slock, an IoT platform powered by Ethereum, can use this app to allow customers to rent bikes and unlock smart locks if they agree to the terms of the agreement.
Receive Payment
Choi said, “The purpose of cryptocurrency is to provide companies with fast and convenient payments.” Benefits of accepting cryptocurrency as a payment method for goods or services include reduced transaction costs, immediate cash availability, elimination of payments (or bank-initiated payments), and expansion of the company’s customer base.
Mr. Choi said, “By simply announcing the approval of (cryptocurrency), the number of potential new customers a company can attract will reach millions.”
Websites such as coinmap.org allow customers to find local businesses that accept cryptocurrency as payments.
Cloud Storage
Cloud storage is another application that businesses can utilize. Still, in beta at the time of writing, Storj is one of those companies that offer secure cloud storage while reducing dependencies. Sean Wilkinson, founder of Storj told VentureBeat, “With just the extra hard drive space, users can store their existing cloud 300 times. It’s just like you can rent a house or room on Airbnb.” Wilkinson also said, “By spending more than $22 billion in cloud storage alone, the world can provide revenue streams to consumers and significantly reduce storage costs for businesses and individuals.”
Supply Chain Communication and Origin of Goods
Phil Gomez says about Edelman Digital: “It’s not a company that produces most of the products we buy, but rather a chain of suppliers that sell parts (such as graphite in the case of biros) assemble and sell the final product. The system has one of these components failing. The use of blockchain technology “proactively provides stakeholders with a verifiable, permanent record showing the state of the product at each value.”
Keep “Accurate and Public” Records
Blockchain technology is, by definition, a digital ledger. The way blockchain technology works mean that it can also help keep information public, accurate, and publicly available, including government data.“Blockchain technology is essentially a system of records, the world’s first permanent decentralized general ledger. Because it’s based on transparent data codes that everyone can control, the organization also doesn’t need to be trusted, Choi said. “It seems that Bank of America has someday decided to open all the General Ledgers to the public and operate as a non-profit organization.”
For example, businesses can use blockchain technology to track supply chain logistics, including where products come from and where problems may arise in a given time and process. Title insurance companies can also take advantage of this technology by using it to maintain title records, Choi said.
Provenance and SkuChain are just two examples of companies trying to solve this problem.
Paying Employees
Since blockchain is rooted in cryptocurrency, it only makes sense that it can be used as an app to reward employees. Jeff Weiss added to Entrepreneur: “If a company regularly pays international employees’ wages, it can save a lot of money in integrating bitcoin into the payroll process.”
Claiming to be the world’s first bitcoin-based payroll service, Bitwage says, “Not only will you avoid the time it takes to transfer money from bank to bank, as well as the expensive fees of sending money abroad. Paying via bitcoin can save employers. “Bitwage founder and COO Jonathan Chester use the available ledger for all transactions in chronological order so that you can see exactly where your money is throughout the process.”
Then there are remote workers and contractors. This type of payment is a very large part of my business, and many large corporations (and banks) are investing in it this year.
Electronic Voting
“Delegated Stake Testing (DPOS) is the fastest, most efficient, decentralized, and most flexible consensus model,” says BitShares, a globally distributed database. BitShares continues:
“DPOS uses the right to vote for stakeholder approval to resolve consensus issues fairly and democratically. Selected representatives can configure all network parameters, from billing schedules to blocking periods and volume of transactions. Choosing a deterministic block generator allows you to confirm transaction transactions in an average of 1 second. Most importantly, the consensus protocol is designed to protect all parties from unnecessary regulation of the rule.”
The future of blockchain will develop in the future. In the last 6 months, we have registered more than 6 patents in this field. Surprisingly, more than 1200 blockchain patent files have been filed. It just grows.
Digital Security Guarantee
Internet security has become more and more important as more and more data, including payment information, is stored on the Internet.
Hacking is very difficult due to the decentralized nature of blockchain technology. Even if one digital “block” in the blockchain could be interrupted, that block would be connected to everyone else in the system. This means that interruptions are quickly identified and records protected by encryption will probably be safe. In particular, blockchain technology can generate unique digital identifiers that cannot be duplicated, Choi says. “In the future, all our online service logins will be on the blockchain,” he said.
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