Hello Steemians

I am so happy to have you here my dear friend. Today in this post, I have discussed about my understanding of blockchain technolgy in business and finance. Let's take a look at what u have discussed below.

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Explain in your own words, how the blockchain can be used in business and finance?

Blockchain can be used in business and finance to Foster a lot of transactions and boost international payment. Business and finance is recognizing the transformative impact of blockchain to generate revenue stream, improve end-users experience, deliver process more efficiently and reduce risk in performing business operations.

Blockchain can be used in business and finance through the following ways:

• Improve international payments
• Improve capital market
• Improve peer to peer transactions
• Improve trade and finance.

Firstly blockchain can be used in business and finance to improve international payments because its can provide a more secure and efficiently payment system that is highly secure. With this someone in another country can pay for goods and services without the use of third party.

Also blockchain can be used in business and finance to decrease the cost of high transfers betweens banks users and third parties. With blockchain a users will be the one to settle for transactions.

Improve Capital Markets

The used of blockchain in business and finance can also improve capital markets, because it is going to offer capital market the potential to; foster clearing, settlement, consolidated audit trail, improve operational of the capital markets and many more.

Improve Trade Finance

The used of block in business and finance has the potential to streamline trade finance deals and simplify the process of payment across border. With blockchain a lot of business can carryout their transaction so easily with each other beyond geography boundaries.

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Explain in you own words the applications of blockchain in business and finance?

In my own words, the application of blockchain in business and finance will change the way business is run from days to day which includes the following five applications;

• Smart Contract
• Cloud Storage
• Supply-Chain Communications & Proof-of-Provenance
• Paying Employees
• Record Management

Smart Contract

Smart Contract is an application that is entirely Decentralized application that runs exactly as it is programmed without the involment of third party. Smart Contract is just like a financial security that is held in escrow by a network that is routed to recipient base on future events of which it will definitely boost business and finance sector if it is used.

With the used of smart contract application in business and finance a lot of businesses can be able to use he application to allow their customers to rent goods by unlocking a smart Lock once the both parties has agreed with each order terms and conditions.

Cloud Storage

With cloud storage application business and finance can take advantage of Storj which is one of the most secure cloud storage for saving things.

Supply-Chain Communications & Proof-of-Provenance

Using application of blockchain in business and finance, there would be permanently audit recorded that will show the holding of shareholders and products. With supply chain business and finance can be able to track data and putting in to use of products.

Record Management

The encryption that is central to blockchain application make is very it quite and useful for record management since it prevent fraudulent entered and also prevent duplicates of transaction and many more.

The application of blockchain in business and finance is a very much welcome development in our economic sector as a whole. With these five affomentioned applications of blockchain in business and finance there will be a change in the economic sector since transaction will be huge secure than using centralized payments system.

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What is the goal of blockchain applications in finance and business and how does cryptocurrency affect business?

The goal of blockchain application in finance and business is to help transform business so that people can have greater trust since greater trust is what leads to more productivity and efficiency. Also the goal is to eliminate duplications of effort. Today blockchain is revolutionizing the supply chain, financial services, food distribution, retail service, government sectors etc.

However, the main goal of blockchain applications in finance and business is for the following purposes.

• To ensure safer food.
• To tracks every step that is involve in shipping
• To Spreads trust between people and organizations.
• To make transactions more reliable between people and organizations.

Cryptocurrency can affect business in the following ways:

• It volatility nature can make a business fold up I.e go bankrupt.

• Since it is not regulated by government authority like central bank a business can be affected once government give a law concerning the use of cryptocurrency like banning cryptocurrency.

• Business owners can loss their private key and once such a thing happens they have automatically loss their money.

• It is not widely accepted yet in the world.

• Once a business start accepting crypto payment the business will start facing cybercrime.

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What is the future of cryptocurrency in business and finance sector. Also give some examples of blockchain applications that are being used in business and finance?

The future of cryptocurrency in business and Finance is still what people are looking at for since cryptocurrency is still facing some restriction from government. Despite the restriction that is in the crypto market, I still see a brighter future for cryptocurrency as the future of money that will be use for payments of goods and services.

When discussing about the good things that blockchain technolgy has done in the area of finance, healthcare, gaming and several others it is of doubts to for me to say that cryptocurrency is truly the future of money.

Blockchain technology has provide a trustworthy service to our financial institutions through the use of DeFi which has also prove to the world that with cryptocurrency the fund of everyone is safe and at the person disposal.

Blockchain Applications That Are Being Used in Business and Finance

There are several blockchain application that are being used in business and finance, which I will like to briefly discuss about the two affomentioned applications below:

• DeFi Applications
• Justland

DeFi Applications

DeFi Applications are blockchain applications that are currently sharping our financial institutions. Honestly DeFi Applications are emerging financial blockchain application that are based on secure distributed ledger that are similar to those that are used by cryptocurrencies.

Source

DeFi eliminates the control financial institutions (banks) have on people money. The main aim of DeFi Applications are detail below.

• To remove the fees that financial institutions charge when using their services.

• To make sure that everyone is incharge of his or her money in a secure digital wallet.

• To enable users transfer their funds in a seconds or minutes without third party involment.

Justland

Source

Justland is a dApp powered by TRON. Justland allow crypto traders and Investors to borrow and lend different crypto assets. In Justland users are been offer with multiple different cryptocurrencies and token as a form of collateral. The platform is decentralized and very transparent for lending and borrow. With Justland businesses can be able to borrow or lend crypto and still remain anonymous in the platform while doing so.

Conclusion

Friend, blockchain was first created as a technology that will enable cryptocurrency function well. Today the uses of blockchain has grown so wide due to the potential of how the technolgy is transforming the world and change both the sectors of business and finance. Today we are hearing of DeFi Metaverse and several blockchain services. Thank you for reading my post....

Written by
@jasminemary