Top 5 Applications for blockchain in your business
Right from 2009, when bitcoin was published, cryptocurrency has faced ups and downs. At present, people have started to think beyond bitcoin because of the endless possibility offered by it. Blockchain is the public ledger that is responsible for each transaction of bitcoin.
Blockchain has become the new alternative to convent currencies. It is revolutionizing the way we handle financial transactions. Blockchain is highly secured and cannot be hacked. The top 5 blockchain applications for running your business will be discussed below:
In 1993, the term known as “smart contract” was introduced. But at present, it is highly popular, and it has created a buzz among the people. All credit goes to the Ethereum Project released in 2013. It was a decentralized platform project that used to run smart contracts. These are the applications that will function the same way it is programmed, eliminating the downtown, fraud, censorship, or 3rd party interference possibility. From this time, blockchain application development services emerged as well.
According to Chris DeRose, smart contracts are the self-automated programs of a computer that has the potential of carrying out the terms existing in any contract. In short, it is more of financial security that is held in the escrow by a particular network routed to the recipients based on the computer code and future events. Smart contracts can be used by businesses for bypassing regulations and for lowering the subset’s cost of the usual financial transactions. The best part is that these contracts are unbreakable.
Several Ethereum-based IoT (Internet of Things) platforms are making use of this application or opting for blockchain consulting for facilitating enhanced user experience.
Businesses can take advantage of cloud storage as well. There are several companies that offer secured cloud storage besides reducing dependency. According to Shawn Wilkinson, you can put the excess hard drive spaces to use for storing the traditional cloud more than 300 times.
Also, he said, the whole world spends about $22 billion on cloud storage alone, and with this, a revenue system can be opened for the average user. In turn, it will reduce the cost significantly to store the data for personal users and companies. If you want further assistance, you can turn to any reliable blockchain consulting company.
Supply-Chain Communications and Proof-of-Provenance:
According to Phil Gomes, almost everything we purchase is not composed of any single entity, rather it comes from a large chain of suppliers who sell these components to the company that assembles, and then the final product is marketed by them. The drawback of this system is that if a single of these elements fails, the brand will have to take a huge backlash.
So, by making use of blockchain technology, it will proactively offer digitally permanent, auditable records that display the product’s state to the stakeholders at every value-added stage. Several industries are turning towards blockchain solutions and services provider to resolve such problems.
Cryptocurrency holds the root of blockchain, and it can be put to use for applications for compensating employees. According to Geoff Weiss, if a company is paying wagers regularly to the international workers, then incorporating bitcoin within the payroll can prove to be a huge cost-saver.
Bitwage claims to be the first bitcoin-based payroll service in the world. And it will be circumventing the expensive fees related to international money transfers, and also it takes a longer time for moving from one bank to another bank. But the payments that are made by using bitcoin have the potential to save both time and money for the employees and employers. Jonathan Chester, COO, and founder of Bitwage, have said that by making use of the public ledger of every transaction in chronological order, people can actually see the position of money throughout the entire process.
Then comes paying remote contractors and employees. Blockchain development services are something on which several banks and big companies are working this year to facilitate easy salary payments to employees.
According to BitShares, a worldwide distributed database says that DPOS (Delegated Proof of Stake) is the most efficient, fastest, most flexible, and most decentralized consensus available out there. DPOS can leverage the stakeholder’s approval voting power for resolving consensus problems in a democratic and fair way.
Through the elected delegates, every network parameter right from the fee schedules up to blocking transaction and intervals’ sizes can be fine tuned. The transactions can be confirmed within 1 second. The best part is that the consensus protocol of blockchain app development will protect all the participants against harmful regulatory interference.
In the upcoming years, blockchain’s future will continue to grow. Blockchain has become a gold rush for a modern tech enthusiast. Also, several businesses and industrial giants are putting the technology to use, or they are researching it for its future use. In short, this technology is here to stay and is here to revolutionize the entire finances of businesses and organizations.