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Computers and Technology

5 APPLICATIONS FOR BLOCKCHAIN IN YOUR BUSINESS

Ever since Satoshi Nakamoto published an invention he called bitcoin in 2009, the cryptocurrency has had its ups and downs. More recently, however, people have looked beyond bitcoin as a controversial currency used for nefarious black market activity and the endless possibilities it presents. At the forefront is the public ledger that records every bitcoin transaction known as a blockchain.

Blockchain is now an exciting new alternative to traditional currency, centralized banking, and transaction methods that is not only changing the way we handle financial transactions, but also world-changing alternative uses. In short, blockchain is a distributed ledger that maintains a continuously growing list of every transaction on every network spread across tens of thousands of computers. This makes hacking nearly impossible, changing the way banking is done.

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In my opinion, it will even change the way you run your business day to day, which includes the following five applications.

  1. Smart contracts

The term “smart contract” was first coined in 1993, but has recently become a buzzword thanks to the 2013 launch of the Ethereum Project. The Project “is a decentralized platform that executes smart contracts – applications that run exactly as scheduled without any possibility of downtime, censorship, fraud, or third-party interference.”

Chris DeRose further explains in American Banker that “smart contracts” are “automated computer programs that can carry out the terms of any contract.” In essence, “it is a financial security held in custody by a network that is routed to recipients based on future events and computer code.” Businesses will be able to use “smart contracts” to circumvent regulations and “lower the costs of a subset of our most common financial transactions.” Best of all? These contracts will be unbreakable.

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Companies like Slock, which is an Ethereum-enabled Internet of Things platform, use this app to allow the customer to rent bikes on which they can unlock a smart lock after both parties agreed on the terms of the contract.

  1. Cloud storage

Cloud storage will be another application that companies can take advantage of. Storj, which at the time of this article is still in beta testing, is one of those companies that offers secure cloud storage while reducing dependency. Storj founder Shawn Wilkinson told VentureBeat that “just by using excess hard drive space, users could store the traditional cloud 300 times,” much like how you can rent your house or room on Airbnb. Wilkinson also said: “Considering that the world spends more than $ 22 billion on cloud storage alone, this could open up a revenue stream for average users, while significantly reducing the cost of storing data for businesses and personal users “.

  1. Supply chain communications and proof of provenance

Phil Gomes says in Edelman Digital: “Most of the things we buy are not manufactured by a single entity, but by a chain of suppliers who sell their components (eg graphite for pencils) to a company that assembles and markets the final product. The problem with this system is that if one of these components fails, ‘the brand gets the brunt of the reaction.’ The use of blockchain technology “would proactively provide permanent digital and auditable records that show interested parties the status of the product at each value-added step.”

Provenance and SkuChain are just two examples of companies trying to solve this problem.

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  1. Pay employees

Since the blockchain has its roots in cryptocurrencies, it makes sense that it can be used as an application to compensate employees. Geoff Weiss adds to Entrepreneur that “if your company regularly pays salaries to international workers, then incorporating Bitcoin into the payroll process could be a huge cost saving.”

Bitwage, which claims to be the world’s first Bitcoin-based payroll service, “will avoid the expensive fees associated with transferring money internationally, as well as the time it takes for those funds to move from one bank to another, payments made. through Bitcoin they can save both money and time for employers and employees. ” Bitwage Founder and COO Jonathan Chester says that by using a public ledger for all transactions e schedules to block intervals and transaction sizes, can be tuned via elected delegates. Deterministic selection of block producers allows transactions to be confirmed in an average of just 1 second. Perhaps most importantly, the consensus protocol is designed to protect all participants against unwanted regulatory interference. ”

The future of blockchain will be growing in the coming years. Over the past six months I’ve filed over 6 patents in this space. To my surprise there had been over 1200 patents files with blockchain as a part. It’s only going to grow.

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