Blockchain: Since past few months, Blockchain has been taking the market by storm. As Bitcoin and few other cryptocurrencies have set the market on fire, the ultimate limelight has turned to Blockchain, the fundamental technology which is empowering these digital currencies. Blockchain technology has several other potential applications than only fuelling digital currencies or platforms. Here are top 5 uses of Blockchain which can completely revolutionize the way you are doing your day-to-day business.
“Smart Contract” is a Blockchain technology or computer protocol helps you exchanging your property, money, or market shares in an utterly conflict-free way without requiring any legal representative or middleman. It can be used for defining the rules and norms of an agreement and also for automatically implementing those obligations without needing an attorney. Smart contracts are programmed for uploading codes to a ledger instead of following central passive data entries. It can be used for generating instructions to downstream applications like payment commands or moving security.
Blockchain technology can also be used for the high-tech and multi-factor authentication processes. Without requiring any username, passkey, third-party identification or hardware token, this technique can be used for encrypted and secure credentials purpose also. Its super-advanced encryption technologies enable the optimum level of security and obscurity of highly-sensitive information in a shared access setting.
Applicable for Capital Markets
The potential applicability of Blockchain-based systems for perking up capital markets is vast. Application of this technology in corporate banking and capital markets can enable participants to instantaneously work from shared datasets, where the supporting functionalities are either aerodynamic or made outmoded. Moreover, this distributed computing technology is applicable for an innovative record-keeping purpose for industries like insurance, diamond, shipping, and finance.
The application of Blockchain allows the participants to store the distributed records as the most secured source of information. From tracking port to maintaining the records of holdings and retrieving the transactions, this underlying smart technology lets users exploit centralized databases and ensures removal of data alignment. It allows users to identify the ownership details of the assets, the contractual debts as well as the credit exposures or static records.
Universal Data Sources
The application of this new computing technology allows independent parties to work together work with universal data sources, which automatically bring all participants together. The technology also has enabled entrepreneurs to put back the paper documentation procedure with a Blockchain ledger which eventually reduces the possibility of tampering with product labels and even accelerates shipping times. The application of Blockchain technology can proactively offer digitally eternal and auditable records which explain stakeholders the status of the assets in each value-added stage.
Concluding, apart from these five essential business applications, Blockchain also can be used for handling impartiality in private securities, for syndicated loan agreements, for repurchasing contracts, and clearing of cash equities. The demands for Blockchain applications are considerably skyrocketing, and in the coming years, we can find every kind of business enjoying an accurate and fraud-free record-keeping.