Benefits of using Blockchain Technology in Business

When we hear about Blockchain or Smart Contracts, many times they come associated with Bitcoin and news about payments with this cryptocurrency. And in a way, it is correct and logical. Bitcoin was born to be a digital currency that is not controlled by any entity and whose transactions are safe and proof of manipulation attempts.

An operating model was defined, supported by a series of concepts and technologies that enable these objectives to be achieved. But the base that supports Bitcoin and the rest of cryptocurrencies has transcended its initial objective, and its application to other fields is revolutionizing the usual transactions of our day-to-day are going to be carried out. As an app developer, we are sharing some essential information about the blockchain history and its uses in every other Business.

History of Blockchain

Since the appearance of personal computers and later the Internet, a series of independent technologies have been developed that, adequately combined, will give rise to the origin of a model that solves the previous problem:

1. Public key cryptography
2. Blockchain or Blockchain
3. Peer-to-peer or P2P networks
4. Timestamping

In the 90s of the last century, different works appeared on decentralized solutions for making electronic payments that do not depend on the intervention of any central supervisory or regulatory entity. It is based on the use of Blockchain to record transactions on a peer-to-peer network. Then we will explain how the model works and is considered a significant step in the history of Blockchain.

• On January 3, 2009, Bitcoin came into operation with the first open-source program, that is, whose code is accessible to any programmer and therefore valid in design, and the first bitcoins are created. From here, the development of the node network and the use of Bitcoin to make payments without intermediating any entity or regulator grows to the current level of madness, with Bitcoin valued at more than $ 4,500. In parallel, other cryptocurrencies based on the same concept and with different objectives were appearing. There are currently over 1,000 cryptocurrencies that can be bought and sold.
• In 2013, a programmer involved in the development of Bitcoin called Vitalik Buterin proposed to incorporate the possibility of managing not only money transactions in bitcoins but also taking advantage of the model to run applications in distributed mode, again, which do not depend on a server. Or of an entity, to execute contracts in a decentralized way.
• The community did not accept his proposal, so in 2014 a group of developers decided to launch the Ethereum project for the development of a public, open-source, blockchain-based platform for the execution of Smart Contracts, The word has already appeared!
• It manages the execution of the Smart contracts as the uses of Blockchain, the compensation to the nodes that execute them and finance, of course, a token or cryptocurrency was issued, the Ether that, infected by the same enthusiasm, has triggered its price in recent months.
• In July 2015, after several prototypes, the first version of the Ethereum platform was launched with an evolution plan to provide it with all the expected functionalities.

And at this point, we find a pioneering cryptocurrency, Bitcoin, the star of many news; a technology, the Blockchain, which makes it possible to exchange money without the intervention of any entity. Its applications, Smart Contracts, that with the same scheme of cryptocurrencies, allow the execution of contracts without intermediaries that govern them.

What is The Role of Blockchain in Business Transformation?

Uses of Blockchain in Business

Smart Contracts

As we said in one of our previous posts, smart contracts allow us to make agreements automatically when certain conditions are met using Blockchain in 2020. These agreements may include stock transactions and real estate transactions. Since smart contracts are carried out automatically, there is no need for a broker to handle the transaction.

The use of Blockchain in Business requires automation. We have produced many Zazz mobile apps that offer features like issuing smart contracts. Smart contracts are the key to making it scalable and secure.

International Transactions with Blockchain

Thanks to cryptography, we can use Blockchain in monetary transactions using Blockchain in 2020. It makes it useful for international transactions. It enables payments to be made much faster, more accurately, and at less expense. Furthermore, banks would not be required to carry out transactions.

Supply Chain Management

Companies are now considering what this technology can do about improving transparency and efficiency in supply chains. From product origin to retail shelves, Blockchain can provide a transparent and immutable record that manufacturers can remember. This level of transparency provides an opportunity to find any inefficiencies that can lead to a host of improvements in the supply chain.

Retail Loyalty Programs

Blockchain is the perfect technology to make loyalty plans more efficient. Today they often rely on coupons that are easy to lose. Blockchain could allow retailers to create or use a digital currency that can be awarded to consumers with their purchases. Using Blockchain for this would mean that there is no chance of fraud or waste. It is one of the most sought out uses of Blockchain in businesses.

Commercial Contracts

The information secured in a contract using Blockchain cannot be changed in any way using the professional services of Blockchain in 2020. It could be handy for companies that have to deal with a large volume of contracts. Some examples of this are retailers and real estate agents.

We are a digital agency having the expertise to integrate blockchain technology in your Business. As a Blockchain Developer, we have devised the most cost-effective method to use this technology to provide maximum benefits to our clients.You can avail these benefits of blockchain technology by investing now, however, you need to hire a professional and expert agency. We guarantee best results and provide full-fledge services. Contact us now!

Also Read:

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What is The Role of Blockchain in Business Transformation?

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