Steemit Crypto Academy Contest / S4W3 - Understanding Blockchain Technology In Business And Finance by @starrchris
Explain in your own words, how the blockchain can be used in business and finance?
Explain in you own words the applications of blockchain in business and finance?
What is the goal of blockchain applications in finance and business and how does cryptocurrency affect business?
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?
Good day lovely steemians,
It's really awesome to organize such lovely contest topic because Blockchain is the fundamental of every crypto project, this contest would help in enlightening steemians about you crypto world. This would be helpful because when more knowledge is gotten more people get enlightened, making the world a better place. With this knowledge a lot more people would be enlightened and interested in partaking in crypto projects like Steemit.
Blockchain is part of a very awesome technology because it has made alot of improvement in different aspects or fields of life, Blockchain has been very important most especially in the business and financial part of the world. Before I continue I want to talk a little about Blockchain, so many people usually get confused when the hear the term Blockchain while others mistakenly interchanged it with P2P network.
Blockchain don't encrypt data or make a project become decentralized, instead Blockchain technology is a new age storage medium that's save data and information on a project, just as the SQL database work but the only difference is that when data or information are saved, the information or data can't be modified, deleted or altered. That's to say a Blockchain is a storage that helps preserve any data or information from any alterations or modification therefore helps retain the data or information originality.
So therefore developers loved it attributes and effectiveness then the decided to include it, cryptography, p2p networking and smart Contact into the decentralized crypto project also Known as Blockchain technology or Decentralized technology which everyone is currently enjoying.
The Blockchain technology helps in so many ways when talking about business and financial by
° Improving data security
° improving the trust and transparency of any data
° Improve availability
° Improved accountability in the financial and business sector
The Blockchain technology is known for its awesome that really helps keep data safe and secured from Theft or corrupted personals, because of it awesome features whenever a data of information is stored it can't be deleted, that's is to say such data and information are always kept as the were stored.
Even if there is a fire outbreak or your device get stolen or spoilt, you should not be scared because your data and information is in the safest store for now, because it very hard to hear a Blockchain lost its data and information because of evil or corrupt actions. Blockchain is very helpful to business or finance because Blockchain technology helps secure business and financial related data and information.
Because of the cool features that comes with Blockchain technology that makes it almost impossible to break through users and patronizers of the business and financial institutions have gained much more trust for project built in a Blockchain technology, this I prove that Blockchain technology gains more trust compared to other storage medium like the famous type of database like SQL etc.
Due to the fact that people rarely experience unknown or unexplained debit that occurs in the banks or other storage medium, people keeps trusting the Blockchain based business and financial services because the are always aware of what the are debited for.
The Blockchain technology is a software that runs on the internet, that's is to say it's not physical and Blockchain don't have static node or center. So therefore because the Blockchain and always run online, any user who have a good internet connection can interact with the Blockchain from the comfort of their house without stress or unnecessary charges.
You don't need to travel or go anywhere to use a Blockchain technology because it's every where at anytime of the day.
The Blockchain technology is an awesome technology because it makes users understand and know everything that went on during their transaction without hiding any information or detail to any party that participated in the transactions, this is really awesome and makes it better than other storage medium which hides a lot to the users
Supply chains, which are often complex networks that can cover the entire world, are the organizational and logistical systems that move products from a manufacturer, extractor, or grower to the consumer. Additionally, as the import and export of raw materials and finished commodities have expanded globally, it has become much more difficult to maintain a careful eye on supply chains. The majority of these systems are made up of separate databases with centralized record keeping. For the person responsible for supply chain management, this can make obtaining verified information about shipments and processes extremely challenging because fragmentation and opacity can undermine any unity they attempt to establish throughout the supply chain linkages.
Since the blockchain is a single, decentralized ledger, all parties involved in a supply chain could enter their data there as long as they have the necessary permissions. This would make it possible to have a solitary, secure system via which every unit in the chain, particularly the overseer, could view information in real time, such as how the items are being handled and processed while being transported to their ultimate destination. As a result, there would be more accountability for lost, harmed, or fraudulent items entering the supply while transparency would also rise.
This would be especially useful in the pharmaceutical and food supply chains, as tainted goods and contaminated food can contaminate the entire supply.
Because of the awesome features of Blockchain technology, it has proven to provide reliable results especially in difficult competition like election between opposing parties.
Whatever your field, voting probably has some bearing on it. Boards, stockholders, and employees are just three of the segments that occasionally
Votes can be issued safely using the blockchain and linked to an individual's distinctive identity metadata. Results from blockchain held elections are very much reliable and trustworthy, so many organizations uses this medium to elect new office holders in the organization.
This category focuses more on public systems, however even in a tangential way, the corporate world is impacted by these record-keeping and law enforcement systems.
As we all know in the business and finance sector, a lot of record sharing and record keeping is necessary and essential for the organization. For any organization to be top in the business and financial sector, they have to make sure the method of if record sharing and storing should be outstanding and reliable at any period of time. So therefore Blockchain is the best technology to satisfy this need because it cannot be reversed or altered by anyone, record sharing or storing on a Blockchain technology would also be so secured and trustworthy to all users.
From marriage licenses to criminal records and corporate filings, physical record-keeping systems take up space, are challenging to manage and traverse, and typically serve little value beyond formality.
Actually Blockchain technology came to resolve a lot of flaws in the financial sector in different organization starting from federal government organizations to privately owned organization, the most important flaw which it have come to settle is that of corruption.
Since the birth of financial sector or institute, there have be so so many results of fraud, scam, theft and corruption, but the birth of Blockchain technology brought this corrupt acts and practice to an end. The Blockchain technology which is made up of other technology like the smart Contact and peer-to-peer network make it very difficult for any corruption on a Blockchain developed Finance because the transactions are carried out with the help of an Artificial Intelligent program know as " Smart Contact", also the peer-to-peer network causes the act of corruption to fail because there is no central node to all users in the platform.
Blockchain technology also help improve the speed of which transactions are verified in a platform, as I have said before transactions are verified by Artificial Intelligence which would definitely work faster the humans. Speed of Smart Contact are really lovely and fast because the work in mini seconds unlike humans who will always get tired and work slower as work continue.
Cryptocurrency have so many features that would positively improve any business and finance of any organization, unlike fiat currency crypto currencies can be used to perform transaction to all customers despite their location or country because cryptocurrencies are not controlled by any government or nation.
Cryptocurrency is also known to be have a lower transaction fee because it don't have to go through any third party who would add extra charges for their service, crypto currencies uses a decentralized technology which makes it free from any center node or administrator.
Because Cryptocurrency are built on Blockchain, so therefore details and data gotten from business activities can be stored permanently. That is to say data and business information would never ever get lost, stolen, modified or altered by any person whether authorized or not.
Cryptocurrency would also help properly secure asset and commodities of any business owners from criminals wherether cyber or physical, because of the encryption and decryption of cryptography Algorithm, only users who have private keys would successfully access funds and data stored.
I strongly believe that the future of cryptocurrencies, would become greater and better in the nearest future, although not all existing crypto project might survive till them. In the nearest future every one would hurriedly adapt to crypto and Blockchain technology.
Infact some countries have started formal adaption of crypto and Blockchain technology, in the nearest future the Blockchain would be formally embedder in every sector of our various countries most especially the business and financial sectors of the country.
To me I believe most of the Centralized finance and business organization would collapse if the don't adapt to this fast growing Blockchain technology that is taking over the would in speed
Smart Contact
As long as you are not new to crypto world, you would fully understand what Smart Contact is. Smart Contact would help improve the time required for transaction to occur and also it would help reduce operation cost in an organization because with Smart Contact humans are not needed to verify or process transactions in the business or finance sector.
Advanced trading
With the help of awesome Blockchain application like Pionex and Bybit users can easily place trades and get awesome results and profits, this application work so smart and fast. There have really been an easier way to perform, predict and place transactions and orders from the comfort of your house
Gaming and game development
Blockchain technology has also taken the game world into a more advanced source of business and finance, Blockchain technology has made it possible for users and gamers to earn Cryptocurrencies like steem. An example of such game is steemit very own 'drugwar" game.
NFT
With the help of Blockchain technology the buying and selling of art content have taken a new dimensions, with the aid of software like "Opensea" artist sell their creative content in a Decentralized manner. Ntf market also help protect the art of artist from thief because each art registered by the author has a unique code or number which makes it unique and save, because Blockchain saves data permanently all art work would be stored permanently.
Investment
Due to volatility of crypto asset, it cool buy asset at small price and sell when the price of the asset goes bullish, this could produce so much profit in the business making it the an awesome Blockchain application for business and financial activities
Thank you very much for going this awesome post hope you learnt more about Blockchain technology and some of it's future.
I am inviting @temitopef @beckie @rosz
As always, I am not surprised of your ability in the world of cryptocurrency.
You have done a great job by explaining to a high level of understanding how blockchain technology can be used in business and finance.
Its applications of blockchain in business and finance, the purpose of blockchain applications in finance and business.
It is stunning how you diligently put in your ideas into this marvellous work.
Congratulations 🎉 brother..
You are really smart thank you very much.
You have written a good and excellent presentation about blockchain and cryptocurrency in business and finance.
I agree with you that if all these documents are kept virtually on the blockchain, there would be transparency, even the worker would be saved from the stress of searching endlessly for a document, and fraud would be greatly reduced.
Thank you for sharing.
Yea that's basic duty.
You managed this contest very well with perfect explanation about smart contract and other blockhain apps, thank you
Thank you very much for the compliment
Hello brother.
You have explained the positive sides of the Blockchain technology if it is implemented in the business and finance space. No doubt, there are lot of advantages and we take took advantage of its impressive features.
Yes brother, you are very right here. The complete and proper storage of data of a company or organization is very important for the growth of that company. And the blockchain technology plays a very important role in this regard.
The data that is stored in the Blockchain, in the form of blocks is permanent, immutable, non-editable, and the most importantly, it is very much secured by the involvement of the cryptographic elements.
Thank you very much for sharing with us. I wish a very good luck for you in this contest. 😊
Yea thanks for understanding
You have written well sir and I most say that I enjoy reading your post. Smart Contract and NFT are good blockchain applications.
Thank you for the compliment
Upvoted! Thank you for supporting witness @jswit.
Thank you
Thank you for this post sir. I have learnt alot of things about blockchain that i didn't know
Ok, you are welcome man
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Besides pharmaceutical industry , blockchain would do wonders for patient caring esp in maintaining records in the for ELECTRONIC M DICAL RECORDS that would be accessible throighiu the globe.
Forging of Electronic voting machines (EVM) is common these days . So if blockchain in introduced into polls then we can expect transparency in the system of electioneering.
The perfection with which smart contracts execute the preprogrammed task is actually adorable .
Good luck
It adorable indeed.