Steemit Crypto Academy Contest / S4W3 - Understanding Blockchain Technology In Business And Finance by @badmus-official
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Hello everyone, How are you all doing? I welcome you all once again to another engagement week in the Crypto academy, here we are in season4 week 3 already. and on today's topic, I shall be discussing with you the Understanding Blockchain Technology In Business And Finance. HAPPY READING!!
We are in a new era now, and blockchain technology is widely used in the crypto platforms for transactions, businesses and other investment activities, the birth of cryptocurrency has led to the blockchain technology where everything went through the decentralized platform, and as well all consumers get to be in charge of their account usage.
We regard blockchain technology as an online technology ledger for recording transactions, and keeping tabs on its technology transactions in the open space, the blockchain has developed a lot of crypto projects in its realm, and with this belief, businesses and other financial aspects can as well benefit at large from it.
Usage for blockchain in business
Faster way of making payments - we are all familiar with the conventional method of making payments whereby some transactions take time to process which might be due to little technology to serve a wide range of customers, but the blockchain can make this easier and operate transactions as fast as possible, with blockchain technology, consumer services can respond to transaction as fast as 4000 transactions per seconds.
Security - The blockchain technology has proven to be well encrypted and secured than the traditional method of keeping assets since its records are being held online, and as well, they are being recorded on an open ledger where everyone gets to see the amount, and whatever is going in and out, this proven more security to it, and it will be very difficult to compromise or hack the technology.
Accessibility - With blockchain technology being used, users can have full-time accessibility to their business purchase or sell, as with this, we can then decide to purchase assets at any time without a transaction downtime or no-working hours.
Low Charges - with blockchain technology, many investment platforms don't get to be charged excessive charges as they are used to, the government makes businesses and financial institution pays a lot of money just for the transaction going through them, but with blockchain technology, this has to be limited as they are no longer using their network and the interaction between could then be limited to tax pays only.
Here, I am going to discuss suitable points for the application of blockchain in business and Finance.
Smart Contract - the blockchain technology uses the smart contract algorithm to process transactions, this could make transaction processing to be automatic through its algorithm, and as well compensate users with a lower transaction fee.
Online Ledger - With the blockchain technology, businesses and finance can then proceed to have their record and business reports stored on the cloud storage, with this case, there would be no need of carrying bulky files to process or authorize customers' assets, as the records could be easily pulled from the online page, and the relevant information could as well be gotten from it, this is in a more decentralized manner that it can not be tampered or erased from the record.
Payment within the Company - This as well could be a better way for processing payments for the company employee, there are numerous activities whereby the employee's payments are delayed or being cut with the upper hand, but with blockchain technology, all this will be authorized and at the end of the months, the transactions are being programmed to deliver directly to each individual, this brings plain activities to the users as well.
Transform Business - The blockchain technology could as well transform more businesses and finance in a way that the idea of adapting blockchain, will mean transactions can then be interoperable, and users all across the world can make transactions to the company, and purchase without being limited to a particular currency only.
The goal of blockchain applications is to bring more uniqueness and transformation to businesses, as with blockchain technology, the business transaction gets to be stored online, well secured, and as well more transparent to the users.
With blockchain technology businesses and companies get to deliver to their consumers in a simpler way, as the transactions are beings handled with the smart contracts network, which means there wont to be any longer downtime or working hours issues as business gets to remain open 24/7, and the transactions will be processed automatically.
How does cryptocurrency affect business?
Cryptocurrency aims to bring more people and users into business, and dealing with the companies gets to be easier, with the use of cryptocurrency in business, this gets to attract people to want to participate more in what the company is willing to deliver to its consumers.
No intermediaries - With cryptocurrency being accepted in business, this means users can then make transactions directly to the company without the need of converting their Fiat to cash, this brings more innovation to the company and as well more ease to their consumers.
Blockchain Technology - With cryptocurrency using the blockchain technology, this means the record of transactions are being recorded on the online ledger, this means there can be dubious acts as transactions on both ends, which with this, users get proof of transactions, and goods are being delivered as soon as the transaction is being confirmed.
The future of cryptocurrency looks good in the business and finance sector, as we have seen most countries adapting to CBDC(Central bank Digital Currency), this means they as well, are beginning to welcome the idea of cryptocurrency being used in our daily lives, very soon, the blockchain technology would adapt into our day to day banking and finance.
Cryptocurrency has been around for a while with over 1 trillion dollars worth of market capitalization, this has been a huge dominance in the financial realm, and this domination is fastly and rapidly moving with many crypto project birthing day in and out, so we could as well projects and expect more companies and countries to want to adapt in making use of cryptocurrency in their day to day activities in the future.
Blockchain applications that are being used in business and finance?
The P2P System - The P2P payment system abbreviated for peer to peer has been a successful business transaction for a very long time now, in this case, the financial system came to collaborate with the blockchain technology where the cryptocurrency can be sold for cash, and as well cash can be purchased for cryptocurrency, this adaption has brought improvements to business as well, and this makes them richer through the liquidation charges as well.
Assets Staking - This is as well a blockchain technology that has been widely used in the business sector, in this case, users stakes assets, and then whoever wins the consensus get to go with the mining reward, this is as well a great method of investment to the business platform.
Delegation - We have seen multiple businesses such as Binance Inviting users to come and invest by delegating in their nodes, this has been a big win for them as the users as well get to make profits and as well so as the consumers and the companies, so without a say, I believe the application of blockchain technology has been a huge win for the business and financial companies as well.
Here comes my conclusion on the topic of the Understanding of Blockchain technology in business and finance., where I have been able to discuss how blockchain technology can be useful in business and finance, as blockchain technology has a faster way of delivering payment through a smart contract, which means transaction gets to be delivered as fast as possible with no downtime hours, and business get to stay open 24/7 as users get to access the payment platform from the corner of their home.
Blockchain technology would definitely transform business, as we have seen the success of p2p system, gift cards, and as well NFTs, these are all good methods of finance as transactions could easily be made with low charges, and this gets to be a win-win on the consumers and business sectors. cryptocurrency is here to stay, and the best we have yet to experience so far, its adaptability of it in business will birth a new era of financial opportunities for businesses.
Thank you all for reading through my article, I hope to see a great deal of you next time.
Thank you for sharing this benefial information about Blockchain Technology In Business and Finance.
You are welcome, I'm glad you were able to process a thing or two from my content.
Thanks so much for sharing this article on blockchain technology 🔥
It is particularly useful in revenue and would revolutionise the system
I can anticpiate the bounty of this feature in revenue department like land revenue department where pulling out of records is very tedious and that inturn leads to corruption in the system .
Yes that's true . Staking can also be carried out on Defi platform through dApps and earn interest .
Good luck
You have provided a perfect and clear explanation of blockchain in business and finance
These reasons alone prove blockchain to be beneficial in business both to the employer and the employee. There won't be any delay in customers' transactions and payment of salary. Also, no one will be cheated as all the data will be secured and can never be changed, deleted, or manipulated.
Thank you for sharing and good luck in the contest.
You are very right here. The high scalability is a feature of the cryptocurrencies that make them able to accepted as a payment method for many popular and successful brands and companies.
High security and high transparency is also another benefit of the adoption of the cryptocurrencies in the financial world. Thank you for your valuable post. Good luck
Hello friend,
Transactions on the Blockchain are known to be very fast and efficient compared to other platforms, transaction on Blockchain technology processing speed is calculated as milliseconds because it's extremely fast no matter the amount of the transactions
Thank you very much for sharing please check out my post my entry
wishing you success