Ever since oncoming of Bitcoin in 2009, cryptocurrency has indeed had several ups and downs. Many have found it very controversial and it has been made use of for illegal activities.
The blockchain is now considered to be an exciting and viable new alternative to the traditional currency, centralized banking as well as transaction methods that are impacting the financial transactions and has proved to be the successful alternative. Blockchain has distributed ledger that does maintain a continuously-growing list of almost every transaction across every network that has been distributed over tens of thousands of computers. This does make it almost impossible to hack or change the way banking is carried out.
1. Smart Contracts
The term ‘smart contract’ was initially coined in 1993. It is a decentralized platform that does run on smart contracts: applications that do run exactly as programmed without of course any possibility of downtime, censorship, fraud or even third party interference.”
Businesses will indeed be able to use ‘smart contracts’ to bypass regulations and also lower the costs for a subset of our most common financial transactions.
2. Cloud Storage
Cloud storage is another application that businesses can take required advantage of.
3. Supply-Chain Communications & Proof-of-Provenance
Most of the things that we usually purchase are not made by a single entity, but rather by a chain of suppliers who sell their components (e.g., graphite for pencils) to a company that does assemble and market the final product.
4. Paying Employees
As blockchain has its roots in cryptocurrency, it only does make sense that it can be made use of as an application to compensate employees. In case a company regularly pays wages to international workers, then incorporating Bitcoin into its respective payroll process could indeed be a major cost saver.
5. Electronic Voting
This is reflective of a globally distributed database, states as Delegated Proof of Stake (DPOS) is the fastest and most efficient as well as decentralized, and most flexible consensus model available.