Steemit Crypto Academy Contest / S4W3 - Understanding Blockchain Technology In Business And Finance by @steemdoctor1
Hello everybody.
Welcome to this post. I hope that all of you will be good and happy and enjoying your precious health with the grace and blessings of Almighty Allah. Today, I am here to be a part of the engagement contest in SteemitCryptoAcademy and the topic of discussion is Understanding Blockchain Technology In Business And Finance. So, let's start the discussion without any wastage of time.
Explain in your own words, how the blockchain can be used in business and finance.
This is the modern era of technology and the blockchain technology is the latest product of this growing technical era. The blockchain technology has entered almost all the fields if the daily life and it has lot of impact on various sectors of life.
It is not an exception that the Blockchain technology has also entered the business and finance field. Blockchains use the implementation of the cryptographic elements that can be used for various important features. Some important features of the blockchain technology that allows its extensive uses in the business and finance are as follow.
The most important feature of the Blockchain technology that is the cause of its great use in business and finance fields is the decentralized nature of this system. The data and transactions that are related to the blockchain technology are irrespective of the involvement of the central authority or any controlling unit.
The users can freely enjoy their transactions and make their own discussion without any permission or order of the governance. This is one of the most important factors that are the reason behind the adoption of blockchain technology in the business and finance.
Another importnat feature of the blockchain technology is the strong and powerful security system. This is all due to the implementation of various cryptographic elements in the Blockchain technology. The transactions and data that is present in the blocks is highly secured with the cryptographic techniques.
This is a great advantage for the business and finance field as the data is highly secured and not editable. This type of system is also very difficult to hack as the data is distributed among the various nodes from different geographical areas. So, the adoption of blockchain technology in business and finance can make these sectors much more secure and private.
Another important feature of the blockchain technology is that the data stored in the blocks are visible and accessible for all users provides a very transparent system. Every user on the chain can easily approach this data at the time of need, but not edit it as it has been stored and secured permanently. This feature also add worth to the business of finance systems.
The products of the blockchain technology can be adopted by the business and finance system to improve the effectiveness of the payments that are related to the particular business. Cryptocurrency is a product of the blockchain technology and it can be accepted by the businesses for the improvement of their payments.
If a company adopt the cryptocurrencies payments then it would be very easy for the customers, as well as, business owners to verify and confirm the deals among each other. Also, cross-border transactions are also possible in this way so it can provide more success to the businesses.
Explain in your own words the applications of blockchain in business and finance.
As I have discussed earlier that the Blockchain technology has been greatly implemented in the business and finance field to take advantage of it's great and impressive features. So, I will discuss some of the important applications of the Blockchain technology in the business and finance.
As we know that the Blockchain technology is a system in which the transactions and data of the users are stores in the form of blocks. It is general fact that the most important factor that can play a very important part in the success of a business is its record keeping mechanism.
In past, different mechanisms like record registers, computers, etc were used for keeping the daily records. But now, this record keeping mechanism has been turned on to the blockchain. The daily data and progress of the business can be recorded on the blockchain.
Another important application of the blockchain technology in the business and finance industry is that it allows the businessman as well as the customers to make easy and cheaper transactions as compared to the traditional mechanisms for making payments.
We now that in past, the transactions were carried out through banks or the business accounts and it takes much time. But now these transactions can be easily and timely carried out through the blockchain technology. This is a great application of the Blockchain technology.
Another very important application of the Blockchain technology in the businesses is that the users can keep their assets in the digital forms. Traditionally, the assets are kept in the form of the physical commodities like lands, gold, and various metals. But with the involvement of blockchain technology, the assets could be kept in the digital formats.
The assets can now be kept in the form of digital tokens, digital lands (i.e, DecentraLand), NFTs that can be easily transacted and transferred from one place to another without a few clicks. This is a very important application of the blocks in technology in the business and finance industry.
The business and finance industry always need improvements in needs working and mechanism. This can only be done by proper discussion and exchange of thoughts between various identities that manage the business or company, in simple words the business meetings.
The blockchain technology can play a very vital role in this regard as a very transparent and effective voting system is introduced by the blockchain technology. Knowing the interest of various identities linked to the company, the managers can make profitable changings. So, this is also an important implementation of blockchain technology in business and finance.
With the implementation of the blockchain technology by a company or a business will allow the customers to contact the company from different geographical areas. This will surely enhance the business on the international levels.
Also, the blocks in technology can help to trace and check and balance of all the products that are offered by a particular company or organisation. This is the best way to make the product services more effective and transparent.
What is the goal of blockchain applications in finance and business and how does cryptocurrency affect business?
As I have already discussed that the blockchain technology is actually a decentralized system that has its unique features. The main reason behind the implementation of the blockchain technology in the business and finance industry is to solve the problems that are created by the traditional system.
The main concern of the adoption of blockchain Technology in business and finance is to develop more secure, efficient, transparent and more profitable system. The business and finance industry has been improved very much due to the innovation of the blocks and technology.
The most important and the most successful product of the blocks and technology is the cryptocurrency. Cryptocurrency are digital assets that cannot be physically assumed but can be used for the payment purposes and marketing purchase as well. The main effects of the adoption of cryptocurrency on the business are as follow.
Security is the main concern of everyone mainly when it is about the business, so the cryptocurrency provides a very secure and safe system to the business and finance fields. The Crypto transactions are secured with the help of cryptographic elements.
Another important advantage of the adoption of cryptocurrency in business is that it can be used to boost up business internationally. Customers can contact and purchase various products through the use of cryptocurrency from different geographical areas.
Conventionally, whenever we have to make a transaction for some purchase, we have to go to bank and in this way a lot of time is wasted. Show the cryptocurrencies can be used to conserve the time.
The customers can make transactions without any restriction of place or area with the help of the cryptocurrency. That's how the cross border transactions are also improved effectively.
The most important thing that can be considered here is the innovation of Mattered. This innovation of Technology provide a digital word where we can make our property and accomplish the real life achievement, visually and digitally.
Staking of the cryptocurrency is much more better than those of the Fiat currency in the banks. So, this is also a very important advantage of the cryptocurrencies on the finance industry.
What is the future of cryptocurrency in the business and finance sector? Also, give some examples of blockchain applications that are being used in business and finance.
If we talk about the future of the cryptocurrency in the business and finance industry, then I would like to say that it's future is very very bright in not only business and finance but also all the other fields of the daily life. I believe in the very successful future of cryptocurrencies because of its wide uses.
The innovations that are brought up by the cryptocurrencies in the business and finance industry are really appreciated. It has solved various problems and drawbacks that were present in the traditional financial system. Altho there are some limitations of cryptocurrency but still the advantages are much more than the drawbacks.
If we talk about the traditional finance system, there were many problems that were solved by cryptocurrencies. To overcome the drawbacks of cryptocurrencies and implement the advantages of cryptocurrencies, the concept of Central Banks Digital Currency was introduced. But still, there are many limitations of these currencies. So, cryptocurrencies are still advantageous than all other financial systems.
The unique features of the Blockchain technology has found many applications in the business and finance industry. Some common examples of the application of blockchain are as follow.
The most important application of the blockchain technology is the concept of visual words, Metaverse. In the Metaverse projects, the users can make different deals, grow up their businesses, perform various activities but through digital avatar. This has a great contribution in the business and finance.
The Loan and Lend Services that are offered by the blockchain technology are much more effective than those that are offered by the banks. For example, people can easily borrow the assets from various platforms without any documentation, all they have to do is to provide some collateral funds. This is also a great application of blockchain technology.
Games have always been an important part of many people but they were mostly the wastage of time before the concept of Blockchain Gaming. Now we can play games and in return we can earn awesome earning. Wow, this is also a very impressive application of blockchain technology.
Conclusions
The blockchain technology has been implemented in various fields of life and hence the business and finance is also impressively affected by the unique features of the blockchain technology. There are many impressive examples of the application of blockchain Technology in the business and finance industry.
High security, Transparency, Storage of data, scalability, add many more advantages and unique features were introduced by the innovation of blockchain technology. The future of the cryptocurrencies and Blockchain technology is very bright and I strongly believe on it.
I would like to invite my friends @alihussain07, @cryptobitcoins, and @chant to take part in this impressive contest.
Writer: @steemdoctor1
I think Blockchain will have a bright future for the business and financial sectors, like smart contracts which currently have made many dapps successful, becoming an example of the success of Blockchain and Cryptocurrencies.
Thanks for everything
Yes friend, future of blockchain technology in the finance system is really successful.
@tipu curate
;) Holisss...
--
This is a manual curation from the @tipU Curation Project.
Blockchain has the ability to streamline trade finance deals and simplify the process across borders. Blockchain increase the trust security, transparency across the business network. Indeed good addition in this blockchain. Thanks for your excellent explanation and entry best of luck for the contest
Thank you very much brother for your valuable comment.
You have absolutely written well and explained everything in details. I most say that I learn a lot from your post. I wish you best of luck.
Thank you so much friend.
That's true because of distributed ledger technology of blockchain .
You are right . Besides storage other features like non-editablity and single click accessiblity of records further add to beauty of blockchain as a record keeping ledger .
You are right . We can also check the storage conditions and expiry etc so as to ensure quality service delivery.
Absolutely true . Anytime and anywhere transaction at lower transactions fee would defnitely boost the Bussiness.
Good luck.
Thank you so much brother for your valuable addition here.
Hello bro,
This is one of the best feature of the crypto currency that makes me love it, in poor and low standard countries like mine you might spend more than 9 hours in the bank, just because you want to perform a transaction.
This is lovely because it's not controlled by a center node or administrator who might restrict transaction because of location.
Thank you very much for sharing please check out my post my entry
wishing you success
Thank you very much brother for your valuable addition here. I have already engaged your post. All the best ❤️
Ok bro you are the best