Steemit Crypto Academy Contest / S4W3 - Understanding Blockchain Technology In Business and Finance by @chairulrizalx
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Hello Everyone
Back again with me @chairulrizalx after a long hiatus from this platform due to busyness elsewhere, this time onwards I will be consistent to be active on Steemit and take part in the contests that are going on. Steemit Engagement Challenge Season 4 has arrived in week 3, and I want to participate in this week's contest, I will take part in a contest from the Steemit Crypto Academy community which this week discusses Blockchain Technology in the Business and Financial sector.
By participating in this contest I hope to gain knowledge about the application of Blockchain technology in Business and finance as well as understand how important this technology is in the future. Wish me luck!
Link Post - Steemit Crypto Academy Challenge - Understanding Blockchain Technology In Business and Finance
Explain in your own words the apps of Blockchain in Business and Finance
In the business and financial sector, applications that use Blockchain technology are currently fairly familiar in use, here are the applications:
- Sharing Economy
- Smart Contracts
This is an application that is currently being adopted by many companies en masse because this Smart Contract can run transactions automatically without the need for a third party to be authorized. The Ethereum blockchain is the main pioneer of Smart Contract applications which are currently widely used in society.
- Letter of Credit (L/C) with Blockchain
Usually, the LC issuance process is carried out directly by the Bank with the buyer and the Recipient Bank from different platforms. With Blockchain, the transaction can be completed with an end-to-end process with a single platform. LC with Blockchain has been adopted by many conventional banks in several countries.
- Bridge of fiat currency and digital currency
One of the Blockchain applications that is currently widely praised is the Bridge Currency System from Ripple, XRP which is a cryptocurrency present to provide digital transfer services for fiat currency and other digital currencies around the world with transaction processes that can be completed in seconds.
What is the goal of Blockchain apps in finance and Business, and how does cryptocurrency affect Business
The complexity of the old financial process adopted by Conventional Banks over the last few years has almost been abandoned by many people because the process is long and requires a long time, not to mention the security of user data that is not guaranteed.
Blockchain is intended as an alternative to payments because it is easy to use and fast, and the costs incurred will be more efficient and more transparent data security is the choice of many people nowadays switching to DeFi (Decentralized Finance).
In the Blockchain Business sector, it can be used to achieve company goals that want to maintain client loyalty, save budgets, and maintain trust among others because the existing system on the Blockchain has a decentralized concept. With the innovations provided by Blockchain, it can be used as a common goal to achieve a better and decentralized future.
how does cryptocurrency affect Business
Cryptocurrencies have had a lot of effects on economies and businesses around the world, both positive and negative cryptocurrencies are still new and many things need to be developed to have a more positive effect on society. In the business sector, cryptocurrencies can be used for short-term and long-term investments for crypto like Bitcoin, and Ethereum because they are crypto assets that are currently very expensive and many business people invest in them.
The Central Bank warns that this cryptocurrency has a negative effect and is not safe to trade, even though many people become rich in an instant because of cryptocurrency trading and managed to earn hundreds of times the profits from the initial capital. Some have lost millions of dollars and committed suicide because they lost money from cryptocurrencies a lot, the point is that all things have good and bad effects on their users.
What is the future of cryptocurrency in Business and Finance sector. Also give some example of Blockchain apps that are being used in Business and Finance.
Cryptocurrencies have received a lot of positive responses since the emergence of Bitcoin and other altcoins, many people have turned to digital currencies and left the conventional financial system which is complicated and full of regulations by the government without prioritizing the needs of the community.
The current millennial generation invests in cryptocurrencies and is not too interested in the fiat money market, this is a sign that this cryptocurrency will have a real future because many business and financial sectors have started digitizing, and cryptocurrencies and blockchain be a part of it.
The Storj company is an example of a blockchain app, they are a company engaged in the Blockchain-based cloud storage business sector that assists clients in peer-to-peer file sharing. Storj uses a decentralized network of nodes to store user data as well as secure data using advanced encrypted hosting, the company also has its crypto coin, STORJ coin, which is released on the Ethereum Blockchain.
Binance is a cryptocurrency application that provides many features for its users, we can sell and buy cryptocurrencies, staking coins, and several other features that can be used to invest in cryptocurrencies and cryptocurrencies. Currently, Binance is one of the cryptocurrency exchange platforms that has more than 20 million active users during 2022, this is a sign that cryptocurrency adoption is increasing in society.
I think Blockchain will be a technology that will be used by many people in the future because a decentralized system is what is needed in this digital era.
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https://twitter.com/chairulrizalx/status/1570248944969740290
The adoption of blockchain in business and finance such as gaming and health has proven a great success because of its transparency, accessibility, and fast and limitless transaction. These amazing features make business who has been applying blockchain stand out from others and I'm sure with time all business organization will adopt blockchain in business and finance.
Thank you for sharing.
Yes sure and thanks a lot for visit here.
The Blockchain technology has a lot of benefits when it is implemented in the various fields of the daily life. But its most impressive impacts are on the business and financial world.
Truely said, the data that is stored in the Blockchains is very much secure, safe and the most importantly, it is very much transparent that everyone can access it easily at the time of need.
Thanks a lot for sharing with us and wishing you a very great contest. 🤞
thank you so much my friend, it means to me
Good day friend,
Thank you very much for sharing pleathe Blockchain technology has really made much difference despite it little time in the world now and in no distance time many more sectors would adapt to this decentralized technology
Please check out my post my entry
wishing you success
thank you so much for sharing about blockhain, it means a lot for our future
You are welcome friend you deserve it.
😃🙏
I followed you
You have written a good quality article .i can fairly understand every point made by you .
Yes that's true . I think banks are not able to regulate the crypto transactions and there have been some negative issues that were highlighted about cryptos otherwise cryptos are Currencies of future. The concept of digital currencies by central banks stems from cryptos .
Good luck
I really appreacited of your response to my post, thank you
Yes I truly agree with you. Decentralized is what makes blockchain to be so unique when use in finance and business. Indeed you have written so well.
yes sure. thank you for coming
@steemcurator01