Blockchain technology is transforming into a reliable and valuable force in the digital and business worlds. It has applications in almost every industry. Even the biggest corporations already are angling to use this technology in order to upgrade their processes.
This system is a complex set of features and sets out to clarify information and flag data manipulations of any sort, making all financial transactions transparent and publicly available.
This technology has become prevalent due to Bitcoin and the boom that followed it. The most interesting bit about blockchains is that all participating parties can view them equally. By default, Bitcoin’s blockchain updates at intervals of about 10 minutes, which in turn makes everything that much easier to follow and to manage in comparison to manual processing. Blockchain technology removes third parties from the equation. This reduces transaction fees and makes the entire process cost less than it otherwise would.
Every blockchain has its own interface – a wallet app of sorts. Users often use those wallets to pay for goods and services with cryptocurrency.
It’s Complicated Stuff
These days, you may find various apps using blockchain technology as a transaction mechanism. The entire blockchain system is a complicated entity, with a massive structure. To create one, its developers ought to be really good at coding, math, and hashing. A massive spike in interest in blockchain experts has already emerged, and it will only continue ramping up as more businesses get on board.
As Judith Roberts from ProAcademicWriters said to me:
As an academic-turned-cryptobeliever, I can clearly state that this is a great way to reinvent the wheel. Many naysayers believe that cryptocurrency and blockchains are just a bubble waiting to burst, but many of them fail to recognize that the benefits they may bring in the grand scheme of things are just staggering. The next few years will be interesting, to say the least.
Another major platform of interest, apart from Bitcoin, is Ethereum. In general, Ethereum is considered to be a complicated platform/service based on blockchains. Long story short, the system provides the opportunity to build new applications using its framework.
The whole Ethereum system is fed by users who mine Ether. This cryptocurrency is used by developers to deal with transaction fees and for other processes which are carried out in the Ethereum realm. Also, it runs on a decentralized app.
So, what is that special “contract” they’re on about? The smart contract is what defines and checks all the balances in any given transaction. It is possible to create new functions or even apps beyond blockchain technology. In short, blockchain assures the proper and safe execution of Ethereum.
With that out of the way, what’s in store for businesses revolving around blockchains?
Five Ways Blockchain will Change Our Business World
So, now you know that blockchain is a big deal and that its domination in the business world is just a matter of time. No one knows exactly when it will conquer the world, but it will improve its position in all industries in 2018 for sure. Here are five main directions blockchain technology will follow this year.
The most drastic and obvious change is going to happen in the financial field. Blockchain technology will change it even more this year. Digital wallets as we know them today will become more and more popular, and third parties (as well as escrows) may disappear forever.
And what of your own business? Well, it can surely benefit from this trend. You will forget about currency exchanges and other annoying procedures forever! You won’t need those big budgets to create and complete transactions with your clients. Besides that, you can do it from any part of the planet.
The main benefit of blockchain technology is its low price in comparison with traditional banks and the fees that go with them.
2. Intellectual Property
As we all know, the internet has made it much easier to share information and data. All your creations can be easily shared through the web in just a few seconds. At the same time, now it is easier for thieves to steal your ideas and completed projects.
Blockchain technology is here to help you protect your intellectual property. Besides, you can be sure that you are properly compensated and credited for it. If you are looking for a way to protect your ideas and creations, blockchain is the right and most effective decision nowadays.
3. Smart Contracts
This is one of the most useful things blockchain technology has to offer. Smart contracts are a feature that ensures that both sides of a contract are done right. How do they work? There’s a special code with which you and the other party can monitor and manage all your transactions in the most transparent way. Blockchain will help you control all your deals directly, without intermediaries. And 2018 will be proof of that.
4. Cryptographic Signatures
The future has come. Now all your digital signatures can be used in business deals legally and effectively. Just forget about printing and signing all those papers. And you don’t even need to fax or mail anything back as you did a few years ago.
Paperwork becomes easier to deal with thanks to blockchain. Due to the cryptographic system involved, digital signing goes to another level. Now every signature source is reliable and clear.
5. Coupons and Promo Codes
Last but not least – especially for those who use coupons and other promo stuff a lot – it becomes much easier to control all those things with blockchain technology. Due to its specific structure, blockchain does not allow you or anyone else to use any type of data twice. Just track every coupon or promo code you use or give to your customers, and no one will use it ever again.
As you can see, blockchain technology is not just about cryptocurrency. And it is not even just about financial issues. And with every new day, you will notice this system in even more unexpected places.
John Obstander is former in-house writer for NerdyMates. Currently he’s a freelance writer and an occasional contributor at EssayClick. Check out his “spy” blog here. Academic advancement is a topic he cares for dearly.