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4 Ways Blockchain Technology is Changing the Way We Do Business

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Blockchain

The global economy has undergone digitization since the 20th century. The first phase of digital tech is aimed at reducing the time taken to complete mundane business tasks. The next wave of technology, however, brings a new order of economic conduct.

Blockchain, is one of the phenomena that has become widely popular. It might have seen its first application with cryptocurrencies. However, its real potential lies in its ability to revolutionize the conventional business landscape.

What is Blockchain?

Blockchain, also known as distributed ledger, can help to track, record, and store transactions on blocks. In the business ecosystem, these blocks of data hold the potential to perform different types of good exchanges, contracts, sales, monitoring, payment, and recording.

As this technology becomes more mature, more industries will use them to refine their business procedures and communications. And with a wide potential waiting ahead, we might be watching new faces of Blockchain technology changing the corporate currently.

A report from International Data Corporation (IDC) anticipated Blockchain spending to reach 12 billion USD by 2022.

Blockchain Business Value Forecast
Blockchain Business Value Forecast

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The question is, how can we apply Blockchain across different verticals today?

This blog lists four ways Blockchain is changing the business landscape. Let’s explore how:

1.Streamlines Business Management and Operations

One of the most promising factors of Blockchain is its ability to streamline business operations and reduce the friction between different parties during the information exchange. If manufacturers aim to run efficient and effective operations, they must work on strong and regular communication with value-chain partners. These include the suppliers, certification companies, logistical departments, buyers, and service providers.

The Blockchain technology can cut the manual tasks involved to maintain this communication. It enables a new approach to rapid and secure information exchange across the value chains. It puts an end to data silos by providing controlled and secure access to every partner.

Entities working in the same business have a higher level of trust because they access the same network and work towards the same goals. Maersk, the global shipping giant, is already working on this aspect of technology. It was operating on the trial of Hyperledger Fabric to track shipping containers globally and prove that records were not changed.

Digital Asset and IBM created it to host a chaincode of data. This is more secure than traditional asset management and tracking.

2. Simplified Payments

Banks are using the outdated system with regular upgrades. This puts a business owner at a high risk of cyberattack, social engineering, or phishing. For example, malicious entities might steal the information of individuals or send payment to a cyber-criminal.

Blockchain brings a digital currency that eliminates all such possibilities. Every transaction takes place in a block. Each block links with the previous and the next block in line. Cryptography is the basis of this technology. This security encryption keeps hacking and frauds at bay. This turns into the safest form of digital payment and information storage. It enables entrepreneurs to set up a scalable online business.

80 of the world’s leading banks have joined a consortium, called R3. They have created Corda, a distributed ledger platform with the highest banking standards. Even International Monetary Fund (IMF) has taken note of the new economic wave created by Blockchain. It recently made the following statement:

“Rapid advances in digital technology are transforming the financial services landscape, creating opportunities and challenges for consumers, service providers and regulators alike.”

With Blockchain payments, unnecessary links are cut out of the chain with their associated costs. Like for example, you can purchase a heavy asset such that of a car from platforms like Autocoincars and feel confident in making the right choice without undergoing any hassles.

3. Replacing traditional contracts

Smart contracts are another factor of Blockchain technology that will greatly influence business relationships and organizational communication. It will help to ensure and regulate a standard of service between the parties involved.

These crypto contracts control digital currency transactions. When translated into a business terms, they work as an agreement between the two sides where they agree on several conditions before proceeding with the business activities.

Think of all the steps involved in buying a car. It requires verification of the identities and evaluation of the vehicle history. There may be stipulations around the retention or removal of certain fixtures in the wheels that need attention. When both parties agree upon the related issues, they can then proceed to formulate a contract. Next, there is transfer of money between the parties according to the agreed terms.

A smart contract is a piece of software code with contractual conditions and terms wired into it. It connects with the Blockchain ledger and tracks all elements of the contract. Identity, legality, and ownership get validation, and the process proceeds ahead.

4. Data compliance and records

Business data is a valuable asset that they can’t afford to lose. Cybercriminals have developed multiple ways to penetrate in business systems and steal delicate information. There are high chances that Blockchain will reduce these attacks if the developers find a system to protect valuable corporate data.

Its applications like long-term data security, compliance, and record-keeping will enable businesses to keep malicious entities away. A lot of research in this domain is pending. Yet, we anticipate some extraordinary developments to happen over the years.

Wrapping Up

There is a huge potential of Blockchain technology that can bring a positive impact on the overall corporate climate. A few years from now, the business landscape will be radically different than what it is today. Instead of waiting for that period, we better play an active role to bring the change.

The Blockchain, together with smart contracts and virtual currencies, will make business procedures scalable, efficient, and fast. We better dive into the learning sphere to know what and when to do!

Feel free to share your views with us.

Alycia Gordan is a freelance writer who loves to read and write articles on healthcare technology, fitness and lifestyle. She is a tech junkie and divides her time between travel and writing.

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Cryptocurrency

Crypto Crash: Is It the Right Time for Investing in Cryptocurrencies?

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The Crypto world has witnessed one of its biggest dips ever in the first half of May 2021, making many people think about investing in cryptocurrencies. Bitcoin has come down by more than 30% in the past few days. However, it has recovered slightly thanks to tweets from Elon Musk and Cathie Wood, who still believe in cryptocurrencies.

Despite going through a crisis, the best crypto trading platform has seen an increase in new investors during this time.

Let’s go deeper and find out the benefits of investing in cryptocurrencies in these tough times with a proper explanation.

Still the Next Big Thing

Many people may have started thinking that cryptocurrencies won’t show the same returns as they have provided in the past year, but it isn’t the case even after the recent recession. It has grown at a much higher rate despite not being accepted at a huge level globally. It is true few companies have made plans to accept bitcoins and other cryptos as payment method, but the numbers are quite low.

It is guaranteed that the number of people who will grow on the best crypto trading platform will be a great boost for these currencies. However, everyone needs to understand that there are limited coins of these currencies that can be made. This scarcity will increase their value, ultimately leading to driving up the price pretty higher in the future.

Increasing Acceptance

Despite having a strong dip, digital currencies are considered a broad aspect due to which most many companies will begin accepting it as a payment method. Bitcoin has become a very well-known currency where a great number of investors and even multinational companies are investing. So, it is a solid investment that won’t slow down in upcoming years at all.

A solid number of experts are very bullish about the digital currencies that prove how amazing an investment it is. That’s not all, PayPal has even launched a new feature that let users buy and hold cryptocurrencies. The good news that the digital currency lovers will like is Square Inc. has invested nearly US$ 50 million in Bitcoin currency.

Ability to Bounce Back

If you believe that 2021 is the first time Bitcoin has crashed down, there is a need to think once again. There is a similar kind of incident that happened in 2019 when bitcoin’s price crashed by more than US$ 3,000 after having a great return of 1,350% in the previous run.

It proves that cryptocurrencies have the ability to bounce back brilliantly after having solid crashes. In fact, the majority of people see it as an opportunity to buy currencies like Bitcoin for earning great profits in the future. You will be amazed to know that the best crypto trading platform traffic has increased convincingly during this dipping period.

Worthy for Long-Term Investment

If you are a long-term investor, you can definitely think about buying digital currencies to still bring great profit for sure. However, it is suggested to not spending all your money on digital currencies. You should diversify your portfolio in a variety of stocks for keeping investment safe.

It will make sure you don’t have to lose everything even if digital currencies face a stronger dip again. However, it doesn’t mean you should be afraid of visiting the best crypto trading platform and begin investing money in digital currencies.

Positive Prediction

Top platforms like Bloomberg Galaxi Crypto Index have predicted that Bitcoin will reach a new mark of US$ 60,000 in the upcoming future. While many people might think it is impossible considering the present situation, there is a strong chance that such a solid increase in the Bitcoin price can happen.

This dip has created the opportunity for newcomers to enter the digital world and think about making money in the crypto currency world.

Conclusion

We believe it is quite understood investing money in digital currencies is a good bet in the current crisis. Bitcoin is one of the hottest commodities that you should buy at a reduced price. Despite facing troubles in recent times, it still has a great potential to let the investors earn a suitable amount of money in the long run.

It is a pretty decision to sign up with the best crypto trading platform to make a great profit in the future. If you have a query regarding digital currencies, we suggest writing about it in the comment section.

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Cryptocurrency

Twitter Considers paying its Employees in Bitcoin

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Twitter

While no changes have been made yet, Twitter is considering paying its staff in bitcoin. In a TV interview, Twitter CFO Ned Segal said that the tech giant is considering integrating bitcoin, including payment options, into its finances.

Twitter is actually watching and looking closely at what other businesses do to see what can be learned from them, Segal said.

“In an interview with CNBC, Segal said, “We have done a lot of upfront thought to understand how we could pay workers if they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and if we need to have bitcoin on our balance sheet.

“We want to be thoughtful about it over time, but we haven’t made any changes yet,” he added.

Twitter CEO Jack Dorsey is a bitcoin supporter and his Twitter profile has a #bitcoin tag. Dorsey is also the CEO of Square payments firm, which reportedly bought bitcoin worth $50 million in October last year. He also set up a small team called Square Crypto, dedicated to encouraging the growth of bitcoin.

The news comes days after $1.5 billion was invested in the cryptocurrency by Elon Musk-backed Tesla. Tesla’s 10-K filing to the United States Securities and Exchange Commission (SEC) on Monday confirmed the investment news. Tesla also discussed the possibility, in the near future, of accepting bitcoin payments. The current value of Bitcoin is about $47,000.41, which exceeds Rs 34 lakh.

During the chat, Musk also shared his support for bitcoin, “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin. I think bitcoin is really on the verge of getting broad acceptance by conventional finance people,” he said during a discussion at the Clubhouse.

In the past, Musk has noted that cryptocurrencies, such as bitcoin, may be the foundation for the future Mars economy. In a reaction to a post, he also wrote “Mars Economy Will Run on Crypto.” Musk’s SpaceX company’s Mars program essentially aims to colonize the world.

The news comes days after $1.5 billion was invested in the cryptocurrency by Elon Musk-backed Tesla. Tesla’s 10-K filing to the United States Securities and Exchange Commission (SEC) on Monday confirmed the investment news. Tesla also discussed the possibility, in the near future, of accepting bitcoin payments. The current value of Bitcoin is about $47,000.41, which exceeds Rs 34 lakh.

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