Ever since Satoshi Nakamoto made the introduction of Bitcoin in 2019, the cryptocurrency has faced its rises and falls. It only happened later, that the crypto community skipped from the view that Bitcoin was engaged in the black market operations to see the innumerous opportunities that the crypto industry suggests. The issue of everyone’s interest is the public ledger that tracks every bitcoin transaction, called blockchain.
For now, blockchain is a unique alternative to traditional payment systems, centralized banking, and transaction instruments. Blockchain does not only change the way we deal with financial transactions. It also suggests means to change the world in many ways, beginning with banking ending with tackling poverty in the world.
So what is blockchain?
In brief, blockchain is a fragmented ledger that records the data of continuously-happening transactions, taking place in thousands of computers. Such decentralization makes it almost impossible to hack, changing the way banking is done.
Aside from being a revolutionary phenomenon in the world of banking, blockchain can change the way you manage your business. The following five apps serve as confirmation to this statements.
Smart Contracts service
The notion of “smart contracts” was initially introduced in 1993. However, as a result of the Ethereum Project, it has recently become a buzz word among the crypto enthusiasts. In its essence, the project is a decentralized platform which manages smart contracts – apps that operate precisely the way they are programmed without any slowdown, censorship or interference.
As the crypto mastermind, Chris DeRose, notes in his American Banker column, “smart contracts are self-managed computer applications that retain the terms and conditions of typical contracts. It is a security held in an outer depositary vault, that is sent to the parties based on their future actions and computer codes.” Smart contracts will enable businesses to avoid strict regulations and “decrease high transaction fees.” In the best course of events expected, these contracts will 100% unbreakable.
Besides big business, smart contracts are already used in our daily lives. For example, bicycles rents work based on smart contracts. With the help of a user-friendly smartphone app customer unlock a smart lock, thus agreeing on the terms of the rent contract.
Nevertheless, in many cases, smart contract service needs vast resources to be able to operate. At this point, there are platforms which suggest a solution to this problem. #Metahash network is one of them. Its #TraceChain has an independent fee for operation, which is not linked to transactions.
#MetaApps is a breakthrough of smart contracts and thus can be utilized to decentralize any service. They are utterly decentralized services which can run forever and do not belong to any network.
What is more, #Metahash smart contracts can be used by startups in the launch of ICO. In facts, #Metahash offers a brand new ICO model, where absolutely anyone can launch an ICO using instruments like smart contracts. The tools are so simple that even users who do not have programming skills can use them experiencing no difficulties.
The technology of smart storages is another manner in which companies could employ blockchain. Storj is one of such opportunities, which allows to secure and independent cloud storage. As its founder Shawn Wilkinson explained to VentureBeat “Using extra hard drive space, customers could save conventional cloud 300 times over”, just as you can rent your accommodation on Airbnb. Considering that the world spends more than $22 billion on data storage, blockchain-based clouds could significantly decrease the costs of data storage for small and medium businesses and average personal users”.
Payments to foreign employees
Having its roots in cryptocurrency, blockchain can safely be used as a means to pay employees. As Geoff Weiss puts it on Entrepreneur “In case your company constantly compensates its employees abroad, than, using blockchain as a payment system can significantly reduce the transfer costs.”
Bitwage claims to be the first blockchain-based payment system, which is designed to cut off expensive fees relating to international money transfers. Besides that, transfers, run in blockchain can also save time for both employees and employers.
The app founder and CEO Jonathan Chester states that by using an open transaction ledger chronologically, “you can see where the funds exactly are throughout the whole process.”
A distributed database globally known as BitShares, claims “Delegated Proof of Stake (DPOS) is the most efficient, fast and productive consent model available at present.”
BitShares further states:
“DPOS uses the power of approval voting to manage consensus issues most democratically. Reasonable selection of block producers expedites transactions to be approved on average just 1 second. Further, the approval protocol is designated to prevent any regulatory interference”.
The development of blockchain is expected to be escalating in the upcoming future. During the last months, I have submitted over six documents in this cloud. In contrast, there had been 1200 files passed within the blockchain. This growth is expected to be continued.