The internet has been around for more than a decade now, its usefulness and contribution to our generation are undisputable and nobody can deny beneficiary, not even the remotest citizen of the Sentinel Island. But wait, who really has a clear explanation of how the internet came into existence? Here, you will be fed with dozens of conflicting versions of explanation that end up as theories. The same dramatic concept encompasses the creation of Blockchain.
A keen examination of this universal digital database ranks its importance with the same equivalency to that of the internet itself. It is universal in such a way that unlike the analog ledger book, it is available across networks in the form of growing chains made of accumulating data blocks for safe retrieval. It was computerized in 2008 and was implemented as Bitcoin in the following year by a team called the Satoshi Nakamoto with anonymous members.
Blockchain- An ultimate Business Game Changer?
The blockchain is a database bearing a ledger or records in data batches commonly referred to as blocks that are linked together via cryptographic verification. Anybody with access to the internet can use Blockchain yet nobody claim ownership of this concept. Blockchain has gained popularity due to its inherent resistance to any retroactive alteration of data records stored therein and its ability to store verifiable data efficiently for long. The special software on which blockchain operate is run in the background such that it allows no window for data modification.
Can Blockchain Apply In Business?
Blockchain is secure by design as they have high Byzantine fault tolerance and hence facilitates secured transactions over the internet this reason as seen many financial institutions across the globe come up with special units to understand the usage of Blockchain and how to apply in their line of business.
Blockchain, widely viewed as the holy grail of foundational technology is a potentially disruptive technology in the transformation of business operation models. In business, Blockchain best manifests as Bitcoin. The digital cryptocurrency needs that individual parties have Bitcoin wallets with imposed fees to facilitate faster transactions. A market study indicated that about $1 billion was put under Blockchain investment in 2016.
The security of credit cards is in compromise each and every day hence Blockchain will be an ultimate game changer. Also, this form of payment like any other traditional methods levies expensively on transactions hence high and unnecessary expenses. But what might be wrong? Many businesses have been adamant in welcoming this idea of cryptocurrency coin transactions. I largely accuse lack of enough knowledge on the matter for this. It is true that Blockchain is complex and can confuse, but for the security of your transactions, it is worth it.
However, in play, we have many firms that will steer your business into the Blockchain implementation reality. The just-launched Jincor will offer all the necessary consultation and legal support to your business if you choose to use their platform. With enough education on this concept, many businesses will adopt it. In the long run, many benefits will accrue; payment rates will be in the increase as the platform runs responsive contracts such that terms of the agreement are strictly followed in transactions thus bad debts will be a thing of the past with cryptocurrency.
Also, businesses will enjoy lowered transaction fees, a norm not common in banks and other financial institutions where middlemen want a piece of the pie. Not to mention, high levels of data security and transaction success is guaranteed with Blockchain in place. Blockchain payment services are hoped to be fully functional by 2018. Bitcoin is the most established form of cryptocurrency Blockchain as it gained rise in 2013. Over $1 billion is reportedly invested in bitcoin firms ever since with the virtual currency valued at $6.5 million.
Amid public fear, firms with enough Blockchain knowledge are fully implementing its usage in their operation. Bitwage, for instance, has leveraged this concept to reduce to 24 hours and at a cost of just 1% an international payroll process that could take over three business days with banks and at a cost of over 8%.
Also, in the quest to promote transparency and honesty in business, Blockchain is equally an important tool, a company called Chronicled has incorporated Blockchain with RFID active tags for luxury good validation hence curbing consumption of luxury clothing watches among other accessories. The OpenBazaar Company has penetrated the multi-[signature concept to the eBay action niche hence enabling escrow on Blockchainchain without necessarily the presence of a third party.
