Let’s talk about cryptocurrency today. Although people say either “yes” and “no” to the digital money, this technology can be used in almost any business field. So what’s the reality? Can a business obtain any financial profit and benefit from using blockchain technology in its operations? Let us get all this straightened out.
Why Blockchain Is Beneficial for Business
Key advantages of blockchain technology are transparency and safety. The actions of all system participants are clear, this prevents the falsification of information and its leakage. Due to the fact that there is no single data center, the data cannot be deleted, for example, during a hacker attack. Thus, any blockchain development company can benefit a lot.
What is more, blockchain is beneficial for companies as a mean of simplifying and cutting costs for many business processes. Potentially, this technology is capable of eliminating many intermediaries during transactions or any other business operations. So it’s not surprising that the technology has quickly become popular with firms working in different industries around the globe.
According to the analyst firm Transparency Market Research, the industry will reach up to $20 billion by 2024, showing an annual growth of over 59%. The next big step towards the development of the technology is to assign a legal significance at the state level for it. This will expand all the scales and limits of the technology.
Where to Use Blockchain for Business Needs
The use of blockchain is just impressive: from secure services for citizens to easy and fast use in gambling (for example, in online casinos, where the algorithm cannot be “tweaked” for the sake of fraudsters).
The public sector has a huge potential to use blockchain, spending about 70% of the budget to support IT systems: from managing state property to e-government. Thus, in the Italian province of South Tyrol, with a population of about 500 thousands people, about 1 thousand programs are required for managing the population and providing the services for the public. This is where the blockchain can jump in to assist.
The technology helps to build a transparent and secure data exchange between systems, saving both time and resources. The Estonian government is also actively implementing this technology: it is based on the e-Tax return system and the e-Business Register online business service. As a result, the process of creating a company takes up to 18 minutes instead of 5 days.
There is even a better benefit and financial advantage for the investment companies. This is confirmed by a global survey on the prospects for the blockchain, which was conducted by PwC this year. The survey involved more than 1,300 managers from the large companies in 71 countries around the world. Almost 30% of participants from the banking sector talk about studying the potential of the blockchain, and over 90% of payment companies representatives are planning to introduce the blockchain by 2020.
All in all, the above info signals about the great value of the blockchain technology, letting know that blockchain is supposed to change our life, no matter where we live, where we work and what our social role is.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
AZ FundChain Offers a Compelling Alternative to Traditional Crowdfunding
Although many tokens have collapsed during the ongoing altcoin apocalypse, the future remains bright for applications with real world usage. Because of the ongoing bear market and limited trading opportunities, analyzing businesses with the potential to experience real world adoption should be the priority. Part of that analysis should include looking at industries that need improvement. During my analysis, one area that quickly popped up is the field of traditional crowdfunding and money circles. And, as it turns out, AZ FundChain application offers a compelling alternative.
Problems with Traditional Crowdfunding
President Obama’s JOBS Act essentially laid the ground work for crowdfunding. This legislation was passed in 2012 and included a provision for large groups of anonymous investors to fund startups. It essentially gets around the dreaded “qualified investor” requirement that created a barrier for so many potential participants. Crowdfunding is a great way for non-traditional businesses to raise funds for operating capital. It certainly beats having to beg a bank for a loan, or, even worse, a loan shark.
But, as the common cliché goes, no good deed goes unpunished. Traditional crowdfunding and money circles certainly have their fair share of problems. The biggest problem is trust. There are essentially very little checks and balances when it comes to how these companies will use the money that is raised. Companies can promise the world but may not deliver…
Why no one should be using banks
If government is the devil, the bank is a demon.
It’s not your money anymore.
The moment you put your money on your bank account it becomes the property of the bank. Legally speaking you have just lend your money for minuscule interest. And since the money is not your, terms do apply, so you cannot withdraw all of them in one day, if the amount is high.
Government will know everything
Today banks are obligated to tell the authorities everything they know about you, including how much money you have, how you got it and where you spend it. The golden age of bank secrecy is over. Of course if you are a law abiding citizen, you might think that you have nothing to hide, but it’s not about hiding stuff. It’s about basic human right, and rightness for private life. The government should not be allowed to watch you.
Banks ask too many stupid questions
It’s your money, you rightfully earned them, but still you need to explain to the bank where you got it from and be shamed by them. The funny part is that after long and painful due diligence process the bank may still decline in providing service for you.
They can legally suspend your account or even steal your money
Laws are not made to protect people, they are made to protect the…
Neteller to Launch a Crypto Exchange
The way to make sure that the cryptocurrency momentum continues and that cryptocurrency credibility occurs is when big companies begin offering services based around cryptocurrency and other features of blockchain. This was certainly the case when Neteller recently announced it will offer a cryptocurrency exchange service in addition to its digital wallet services. The company announced that the 28 currencies compatible with the fiat wallet were able to buy, sell, and hold cryptocurrencies – including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. It makes sense to begin with Bitcoin and Ethereum as they are seen as the originators of what cryptocurrency and blockchain can do and also the future of how blockchain can be used, despite news that Ripple may be set to topple them all. Neteller’s move into cryptocurrency shows it has its sights set on a bright future of cryptocurrency and making it more accessible. But where do they stand now?
Neteller and Cryptocurrency
Neteller are optimistic about the exchange features of the digital wallet, claiming that they plan to add more cryptocurrencies in the near future. Neteller’s benefit is the ease at which one can begin their cryptocurrency trading journey. Not only do a range of banks offer services to fund the wallets and exchanges, but so do a variety of online payment options. This helps remove the barrier to entry that exists in…
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