Now consider the benefits of having such a currency.
Benefits like being able to complete instantaneous transactions that are free of taxes and have less processing fees. Or having a currency possessing an economic value that remains unaffected by a country s economic status.
Seems almost too good to be true, right?
But it s not!
Enter: blockchain and bitcoin.
These two buzzwords have been floating around recently in an era filled with other data sharing innovations like cryptocurrency and cloud software.
And these two small words have the potential of creating an enormous impact that would affect our world s economic and social infrastructure.
Blockchain is a safe, secure data system that can move and store blocks of cryptographically validated data that is impossible to corrupt. This foundational technology can be applied to virtually any industry, including the financial industry.
No longer will there be a need for a ‘middle man such as a bank or a credit card company to help process a transaction. Blockchain s ability to validate transactions and encrypt data ensures that transactions remain fair, public and distributed. The elimination of this middle man means that lower costs will become associated with commerce transactions, and sales will be processed much more quickly.
Blockchain s Transparency is Guaranteed by Its System. Blockchains ability to remain transparent due to its public, distributed ledger system makes it possible to see the entire chain of information.
When used to buy and sell in commerce, each party can see right away who they are dealing with which creates confidence throughout the sale transaction. If, by chance, a customer receives falsified goods, the transaction can be tracked and future business with untrustworthy sellers could be avoided.
Bitcoin and Blockchain; A Partnership with Huge Potential Impact. Bitcoin, a decentralized currency that runs on Blockchain, has the potential to seriously shake things up in the world as we know it today.
No longer would there be a need for banking institutions, as money would be tracked digitally and easily made available to process payments using a phone or an app.
In third world countries where many people do not have banking services, wire transfer services like Western Union (which takes a portion of the money as a processing fee) would no longer be needed. And currency would be able to hold its value regardless of a country's economic condition. The Potential Impact of Blockchain is Limitless
Not only does blockchain have the potential to conduct fair trade, but it can also improve business and help democratize the global economy. Is your business ready for it?
Saigal Media Knows How to Integrate Blockchain into Your Business
For help with integrating blockchain into your mobile app, call the experts at Saigal Media today.
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That in turn will leave you free to focus on your core business activity.